Ms. Smith Marketing

 Marketing is the process of planning, pricing, promoting, selling, and distributing ideas to create exchanges that satisfy customers.  Broken into 2 categories:  Goods: tangible items that satisfy your needs and wants.  Services: intangible items that satisfy your needs and wants. So…what is Marketing anyway?

Take a look around this room. What is being marketed to you? Every product brand just wants to be recognized by consumers, whether it be through design, colors, or price…

1. Distribution: the process of deciding how to get goods in customers’ hands.  What stores will sell your merchandise? 2. Financing: getting the money that is necessary to pay for set-up.  Where will you get this money from? 3. Marketing Information Management: to gather, store, and analyze information about customers, trends and competing products.  How will they get this information? 4. Pricing: based on costs and what competitors charge for the same product.  How much customers are willing to pay? The 7 Functions of Marketing

5.Product/Service Management: maintaining and improving a product or a product mix in response to market opportunities.  Are we keeping up-to-date with trends? 6.Promotion: the effort to inform, persuade, or remind potential customers about a business’s products.  How will we advertise? 7.Selling: determining client needs and wants and responding through planned, personalized communication.  Who and how will we sell our products?

 With a partner, you are to identify the 7 functions of marketing for the product or service that has been given to you:  Distribution  Financing  Marketing Information Management  Pricing  Product/ service management  Promotion  Selling  Include the information you gather into a poster, depicting each function!

 All people who share similar needs and wants and who have the ability to purchase a given product are called a market.

 Consumer Market: consists of consumers who purchase goods and services for personal use.  For the most part, consumers are interested in products that will:  Save them money  Make their life easier  Improve their appearance  Create status in the community  Industrial Market: business-to-business (B-to- B) market includes all businesses that buy products for use in their operations.  Goals & objectives of business firms relate to:  Improve productivity  Increase sales  Decrease expenses

 Market Share: a company’s percentage of the total sales volume generated by all companies that compete in a given market.  Target Market: the group of people most likely to become customers of a product or service.  Customer Profile: lists information about the target market, such as age, income level, ethnic background, occupation, attitudes, lifestyle, and geographic residence.

 Marketing Mix: includes the four basic marketing strategies called the 4 P’s :  Product: a product’s feature, brand name, packaging, service, and warranty are all part of the development.  Place: the means of getting the product into the customer’s hands. Knowing where one’s customers shop helps to make place decision.  Price: what is exchanged for a product.  Promotion: deal with how potential customers will be told about a company’s products, including the message, the media selected, special offers, and the timing of the promotional campaigns.