What Is Marketing? Simple Definition: How? By accomplishing the following: Attracting ___________________ customers by promising superior value. _____________ and _______________ current customers by delivering satisfaction.

7 Functions of Marketing The set of that the firm blends to produce the response it wants in the target market

7 Key Marketing Functions

7 Functions of Marketing Defined Pricing- Balancing the consumer's perception of value while maximizing product return. Tickets to the Super Bowl are very expensive because demand is high. Distribution- Making the product available at the right time, place, and in the form the customer wants EA Sports sells their video games in GAMESTOP stores, because they know their target consumers shop at those stores for video games and entertainment Promotion- Mass communication with customer to encourage product purchase & increase satisfaction “When the Knicks Score 90, You Win at Papa John's!" Yes! Even if they lose, you win! "All season long the day after the Knicks score 90 or more points you get 50% OFF your regular menu price online order."

7 Functions of Marketing Defined Financing- Obtaining the necessary capital to run your business/helping customers afford your product Like many professional sports franchises, the NHL’s Carolina Hurricanes offer payment plans for their customers purchasing ticket packages Selling- Direct one to one personal communication to match consumers’ needs with company offerings Many professional sports teams utilize a call center to generate ticket sales

7 Functions of Marketing Defined Marketing information-management- Obtaining, managing, and using consumer data to improve decision-making & marketing activities After a stay at a luxury hotel, you fill out a form rating the service and accommodations. Product and service management- Assisting in the design and development of a product/service to meet customer needs One of Nike’s product management efforts includes the “Nike Kids Field Tester Program” in which selected applicants will wear Nike shoes for typically 4-8 weeks.

Needs, Wants, and Demands Name some specific examples of each need type.

Needs, Wants, and Demands Types of Needs: Physical: Food, clothing, shelter, safety Social: Belonging, affection Individual: Self-expression, learning, knowledge

Needs, Wants, and Demands

Needs and wants are fulfilled through a marketing offer. Marketing Offers Some combination of products, services, information, or experiences offered to a market to satisfy a need or want. Needs and wants are fulfilled through a marketing offer.

Markets What is a Market? A market is the ____________________________________a business wants to serve and the location of those customers.

Markets There are 2 types of Markets The ___________________ Market markets for products and services bought by individuals for their own or family use. The ______________________Market these markets involve the sale of goods between businesses. These are goods that are not aimed directly at consumers

What is Exchanged ___________________ – physical merchandise offered for sale _______________________ - work done by one person or group that benefits another

Marketing Management Demand Management Demarketing: Finding & increasing demand Also changing or reducing demand, such as in demarketing. Demarketing:

The Marketing Mix The set of that the firm blends to produce the response it wants in the target market.

The Marketing Mix (aka: the 4 P’s) This transforms the marketing strategy into action. The 4 P’s: Product Price Buyer Needs Place Promotion

Figure 2-5 The Four “Ps” of the Marketing Mix

What about the 4Cs?

Customer Equity Customer equity

The Mission Statement

Marketing Management: Analysis Once you have a market for your product, you need to conduct a SWOT analysis.

SWOT Analysis

SWOT Analysis