What Is Marketing?

Marketing Marketing is defined as the process of developing, promoting, and distributing products, or goods and services, to satisfy customers’ needs and wants. Goods are tangible products, such as sports equipment Services are intangible products, such as theater tickets (provides entrance to the play)

The Marketing Process Developing products involves studying consumers to determine what they want, and then designing the product that will satisfy their needs and wants. Promotional activities help to educate consumers, create interest and desire, make a sale, and create an image for a company and its product. “Just Do It” “The Breakfast of Champions” Distribution is the means of getting the product into the hands of the consumer.

The Marketing Concept Is the idea that organizations need to satisfy their customers while also trying to reach their organizations’ goals. To be profitable, businesses must focus their efforts on customers’ needs and wants.

The Market A marketing concept involves identifying customers. A market consists of potential customers with shared needs who have the desire and ability to buy a product. Needs and Wants - organizations spend lots of money to learn about their customers’ needs and wants. - needs occur when people experience a lack of basic necessities such as food, clothing, or shelter. - wants are things that people desire based on personality, experiences, or information about a product.

Target Market - is a specific group of consumers that an organization selects as the focus of its marketing plan. - having a clear picture about the target market makes developing a marketing plan easier to accomplish.

Mass Marketing vs. Market Identification Mass marketing involves promoting products with one key message that is directed to everyone. Today marketing efforts are much more sophisticated due to availability of information and computer technology. Market-research companies provide clients with data to determine consumers’ lifestyle characteristics. Demographics are statistics that describe a population in terms of personal characteristics (age, income, occupation, gender, ethnic background, education level).

The Marketing Mix The marketing mix is a combination of four basic marketing strategies, known as the 4 P’s – product, price, place, and promotion. They must all focus on the target market. Product Decisions involves the goods, services, or ideas used to satisfy consumer needs. designing, naming, and packaging a product are major considerations.

Price Decisions influences customers’ buying decision. involves the exchange process between the customer and the seller. businesses must ask how much should be charged for the good or service. the cost of making or buying a product for resale expenses related to marketing the product, competition, and what the consumer is willing to pay.

Place Decisions Promotion Decisions involves making the product available to the customer. marketers must determine how and where their target market shops. also known as channel of distribution – the path a product takes from the producer to the consumer. Promotion Decisions involves how the goods or services are communicated to the consumer. it may use any combination of advertising, sales promotion, publicity, and personal selling. involves selection of media