World of Marketing CHAPTER 1

 With a partner, come up with a definition of marketing that you would see in a textbook  Please don’t use any resources, create the definition on your own  We will share as a group BELL RINGER

 Marketing- the process of developing, promoting, and distributing products, or goods and services, to satisfy customers’ needs and wants.  In order to market something, it must either be a good or service  Goods- tangible (touchable) products. Ex – basketball, computer, chair  Services- intangible (not touchable). Ex – Doctor, lawyer, healthcare WHAT IS MARKETING?

THE MARKETING PROCESS Develop Promote Distribute

 Involves studying consumers to determine what they want  Design the products that will satisfy their needs and wants  Market research  Questionnaires  Surveys DEVELOP

 What are forms of promotion?  Helps to:  Educate consumers  Create interest and desire  Make sales  Create an image for a company and its products  Play Logo/Slogan games on my wiki under Chapter 1 PROMOTION

 "You can have the best product in the world, but if nobody knows about it, what good is it?“ – Phil Knight, Chairman of Nike  You need to get the product into the hands of customer!  Buying and selling are also involved with distribution  Some companies sell directly to the consumer  Direct mail  Telephone solicitation (We love telemarketers!)  Internet  Most use intermediaries (middle-man):  Wholesalers  Retailers DISTRIBUTION

INTERMEDIARIES Producer Intermediary: Wholesaler Retailer Intermediary: Wholesaler Retailer Consumer

 Wholesaler- reseller who buy goods, store them, and sell them in smaller quantities to retailers or directly to organizations.  A manufacturer or sporting goods may sell its products to wholesalers  That wholesaler then sells the product to different retailers or directly to a sports organization  NASGW – go to my wiki and see if you recognize any sporting good wholesalers NASGW  Hard to give examples because we don’t really hear about the companies! WHOLESALER

 Retailer- Sell their goods directly to the consumer.  They are resellers too, but they sell their goods directly to the consumer  A lot easier to give examples because we see them everyday! RETAILERS

 Successful organizations recognize the importance of their customers  Marketing concept- the idea that organizations need to satisfy their customers while also trying to reach their organizations’ goals.  To be profitable, businesses must focus their efforts on our needs and wants! THE MARKETING CONCEPT