Marketing is All Around Us Introduction to Marketing

What is Marketing? The process of developing, promoting, and distributing products to satisfy customers’ needs and wants. Helps connect businesses to their customers.

Products Goods and services Has a monetary value Satisfies a customers’ needs and wants.

Goods Can tough or hold in your hand. What are some examples?

Services Can’t physically touch them. Tasks performed for a customer. Examples: Oil change Manicure Any ideas?

What’s included with Marketing? Product planning and packaging Advertising Personal selling Distribution Marketing research Surveys Questionaires

Seven Functions of Marketing Distribution Financing Marketing information Management Pricing Product/Service Management Promotion Selling

Distribution Deciding where and to whom products need to be sold in order to reach the final user.

Financing Getting the money needed to pay for the operation of a business. Bank loans Extending credit to customers

Marketing Information Management Getting needed information to make sound business decisions Results of your marketing research. Obtained through marketing research. Examples: Questionnaire Surveys

Pricing How much to charge for goods and services in order to maximize profits. Decisions based on competitive pricing How much customers are willing to pay.

Product/Service Management Is obtaining, developing, maintaining, and improving a product

Promotion Form of advertising Using radio, TV, print to inform, persuade, or remind them about a business’s products.

Selling Provides customers with goods and services they want.

Functions of Marketing Distribution Selling Marketing information management Financing Pricing Promotion Product/service management