Activity- To be a successful “marketer”, one needs many different skills and a lot of knowledge. With a partner create a list of all of these skills and knowledge necessary to be successful.

Marketing Is All Around Us Chapter 1

Marketing – the process of planning, pricing, promoting, selling, and distributing ideas, goods or services to create exchanges that satisfy customers

Goods – tangible items that have monetary value and satisfy your wants and needs Services – intangible items that have monetary value and satisfy your wants and needs

7 Marketing Functions Channel Management (Distribution) – deciding how to get goods into the customer’s hands Market Planning – selecting an audience Marketing Info. Management – gathering and analyzing info about customers, trends, and competing products

7 Marketing Functions Pricing – how much to charge for goods and services in order to make a profit Product/Service Management – obtaining, developing, maintaining, or improving a product in response to the market Promotion – an effort to inform, persuade or remind potential customers about products or services Selling – provides customers with the goods and services they want

Marketing Concept – the idea that a business should strive to satisfy a customer’s wants and needs while generating a profit for the firm

Foundations of Marketing 1. Business Management & Entrepreneurship – understanding operations & problem solving 2. Communications & Interpersonal Skills – understanding concepts & strategies 3. Economics 4. Professional Development – career exploration & growth

PART 2 -Marketing is important and impacts us all on a daily basis. -Marketing plays a big role in our economy because it provides the means for competition to occur. Let’s look at the economic BENEFITS of marketing…

Benefits to Marketing New/Improved Products Lower Prices Added Value/Utility

(another way to say added value) Utility – an attribute of a product or service that makes it capable of satisfying consumers’ wants and needs (another way to say added value)

STOP! In your text book, chapter one. There are 5 different utilities mentioned. In your group, take the utility you are assigned, learn it, understand it, and explain it to your classmates in 2 sentences MAX.

5 Economic Utilities Form – what raw materials were used to form (make) this product? Special features or ingredients that add value (electronic devices on a steering wheel). Place – having it where customers can buy it Convenient/efficient locations Time – When this product would be sold Availability, store hours (daily and seasonal) Possession – How the product would be paid for Cash, personal checks, debit/credit, installment, layaway Information – Communication with consumer Manuals, salesperson, labels on packaging

How do you think marketers decide where to advertise their products? Let’s Predict… How do you think marketers decide where to advertise their products?

Market – all people who share similar needs & wants and who have the ability to purchase a given product or service MARKET TYPES Consumer Market – people who purchase goods and services for personal use Industrial Market – businesses who buy products for use in their operations (Business-to-Business)

Market Share – a percentage of total sales volume generated by all companies that compete in a given market Target Market – a group that is identified for a specific marketing program Customer Profile – lists info about target market (age, income level, occupation, etc.)

Marketing Mix – 4 P’s Product Place Price Promotion What? Where? How Much? Promotion How?