Marketing is All Around Us - Ch.1 Marketing is All Around Us

Marketing is All Around Us - Ch.1 What is Marketing? l The process of developing, promoting, and distributing products in order to satisfy customers’ needs and wants.

Marketing is All Around Us - Ch.1 Marketing is... l Products –Goods and services. l Goods –Material items you can touch. l Services –A series of tasks performed for a customer.

Marketing is All Around Us - Ch.1 Marketing... Connecting businesses to their customers. l Marketing provides the means for the exchange process. –An exchange takes place every time something is sold in the marketplace.

Marketing is All Around Us - Ch.1 In what ways does marketing affect you every day?

Marketing is All Around Us - Ch.1 Functions of Marketing l Selling— Direct, personal communications with prospective customers in order to assess needs and satisfy them with appropriate products

Marketing is All Around Us - Ch.1 Functions of Marketing l Pricing –The determination of an exchange price at which the buyer and seller perceive optimum value for a good or service.

Marketing is All Around Us - Ch.1 Functions of Marketing l Product and Service Management –Assisting in the design & development of products to meet needs of customers

Marketing is All Around Us - Ch.1 Functions of Marketing l Marketing Information Management –Gathering, recording, analyzing and using information to aid in making marketing decisions.

Marketing is All Around Us - Ch.1 Functions of Marketing l Promotion –Communicates information about products, services, images or ideas to customers or clients to influence their purchase behavior. »Inform, persuade, remind

Marketing is All Around Us - Ch.1 Functions of Marketing l Market Planning— Identifying and understanding the markets a company wants to serve and developing effective strategies for each market

Marketing is All Around Us - Ch.1 Functions of Marketing l Distribution –The physical movement or the transfer of ownership of a good or service form the producer to the consumer.

Marketing is All Around Us - Ch.1 Added Value l Utility is the usefulness of a product. There are five types of utilities....

Marketing is All Around Us - Ch.1 Form Utility l Making or producing things l For example, how is wheat changed to a more useful product?

Marketing is All Around Us - Ch.1 Place Utility l The product’s usefulness is increased because of its location. l Where does the various types of food you eat everyday come from? Would you like to go to Florida to get an orange?

Marketing is All Around Us - Ch.1 Time Utility l Making a product available at the right time of year or a convenient time of day. l Ex. Christmas season, Valentine’s Day or stores staying open late in order to attract customers who work during the day.

Marketing is All Around Us - Ch.1 Possession Utility l The ability to aid customers in owning goods. l Does the store offer credit cards or take checks?

Marketing is All Around Us - Ch.1 Information Utility l Usefulness added to the product through communication. l Packages, labels, advertisements, displays, signs...

Marketing is All Around Us - Ch.1 Why study marketing? l... to understand business l... to learn interpersonal skills l... to perfect communication skills.