Marketing’s Role and Function in Business Have It Your Way!

Why Learn About Marketing? Have you ever… Bought something because the price just couldn’t be beat? Given feedback on a food sample at WalMart or Target or Sam’s? Searched for a particular brand of jean? Then you’ve been impacted by marketing! ??? ???

Marketing is all around you Everywhere you go you encounter some form of marketing Whether you are at school, the mall or even the doctor’s office You’ve been personally involved if you have… Created posters for homecoming King or Queen Sold candy or donuts or magazines for a club, sports teams or class Priced items for a garage sale

Role of Marketing Marketing matches producers with consumers who want their products Creates exchanges Marketing is: The process of developing, promoting, pricing and distributing products in order to satisfy customers’ needs and wants. In other words…ALL activities needed to get a product from the idea stage to the ultimate consumer Impacts profitability, can raise the standard of living, impacts the economy overall

Marketing Activities Planning how to carry out the marketing process Develop detailed plans Write a clear plan of action, implement the plan, evaluate the plan Finding out about customers Who they are and what they want and need and where they are Research Offering the products customers want and need Develop or purchase products Have the right amounts to satisfy demand

Marketing Activities (con’t) Determining how much to charge for products Based on customer perception of value and business objective to make a profit Prices should be low enough for customers to buy yet high enough to make a profit Communicating with customers through Advertising, personal selling, publicity and sales promotions Putting products where they need to be

The Where and Who of Marketing Where does marketing occur? Wherever customers are present Online, in an office, in a store, at school, at home etc. Businesses devoted to marketing and activities include: Retail stores—sell directly to customers Advertising agencies Marketing research companies Travel agencies Who takes part in marketing? Everyday people including you Almost everyone has marketed something at some time

What can be marketed? Goods (durable and nondurable) Services Durable goods—tangible items that last a long time Mp3 player, coffee cup, cars, computers etc. Nondurable goods—tangible items that are consumed within a short period of time Fruit smoothies, lipstick, gasoline etc. Services Intangible activities that are performed by other people for money Haircut, dental procedures, cell phone service, dry cleaning, yard work etc. Organizations ASPCA, Operation Smile, American Caner Society etc.

What can be marketed? (con’t) Events State Fair, Olympics, Christmas Parade, Tri-County Chili Cook Off etc. Places North Carolina, California, Mexico, The Gulf Coast etc. Ideas “Don’t Drink and Drive” “Click it or Ticket” etc. People Sports figures—LeBron James, Peyton Manning etc. Politicians—President Obama, Governor Perdue, presidential candidates etc.

Marketing Concept: A philosophy of focusing ALL activities on satisfying customers while achieving company goals Consider the customer’s point of view Focus on meeting customer wants and needs

Three elements of the Marketing Concept Customer orientation—businesses focus on building relationships with customers—do it the customer’s way Loyalty, repeat customers, new customers Company commitment—ALL employees are focused on the needs of the customer—do it better Company goals—should be set to meet customer needs—do it with success in mind Happy customers = higher profits

Benefits of Marketing: Marketing makes the world go round Encourages competition which results in: New and improved products Lower prices Makes our lives better Higher standard of living Provides us with a variety of goods and services Encourages trade between nations Different countries have different resources

If marketing didn’t exist… It would be difficult for producers to: Connect with customers Without customers businesses would suffer and possibly close Improve existing products Develop new products Your life would be difficult and very different

Think about a local event you attended recently What part did marketing play? How did you find out about it? How much did you pay to attend? Where did you purchase your ticket? Where did the event take place? Did you enjoy the event? Was the marketing concept applied? Did the marketer for the event do his/her effectively?