Chapter 1: Marketing Is All Around Us Section 1.1

The Meaning of Marketing Marketing - the process of developing, promoting, and distributing products to satisfy customers’ needs and wants. Products include goods and services, with of which have monetary value and satisfy customers’ needs and wants. Goods are the kinds of things you can touch or hold in your hand (hammers, cars, soft drinks, clothing and computers care goods). Services are the kinds of things you can’t physically touch (dry cleaners, amusement parks, income tax prepares, and movie theaters provide services). An exchange takes place every time something is sold in the marketplace.

Marketing and You Product planning Packaging Advertising Displays Promotional techniques Selling Distributing Target audience Marketing research

Foundations of Marketing 4 Basic Foundations Business, Management, and Entrepreneurship – understanding the concepts that affect business decision making Communication and Interpersonal Skills – understanding concepts, strategies and systems needed to interact effectively with others Economics – understanding the economic principles and concepts that are basic to marketing Professional Development – understanding concepts and strategies needed for career exploration, development, and growth

7 Functions of Marketing Distribution – deciding where and to whom products need to be sold in order to reach the final users. Financing – getting the money that is necessary to pay for the operation of a business. Marketing Information Management – getting the necessary information to make sound business decisions. Pricing – how much to charge for goods and services in order to maximize profits.

7 Functions of Marketing Continue… 5. Product/Service Management – obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities 6. Promotion – communicating with potential customers to inform, persuade, or remind them about a business’s products makes up 7. Selling – providing customers with goods and services they want

Quiz What is the definition of marketing? Where does an exchange take place? True/False A good is the same thing as a service. True/False There are 7 functions of marketing. What is the definition of pricing?