The World of Marketing Chapter 1, Section 1

The process of planning, pricing, promoting, selling, and distributing goods, services, or ideas to create exchanges that satisfy customers. What is marketing?

Goods Services Ideas

connects Exchange

Distribution Financing Marketing Information Management Pricing Product/Service Management Promotion Selling

Find the other members of your group Use the textbook and online resources to find out about the function of marketing you selected Create a 2-3 minute presentation to teach the class about that function

Distribution deciding how and to whom products need to be sold to reach consumers

Financing getting the money necessary to pay for setting up and running a business

Marketing Information Management getting information about customers, trends, and competing products to make sound marketing decisions usually obtained through research using questionnaires or other surveys

Pricing how much to charge for goods and services to maximize profit

Product/Service Management Obtaining, developing, maintaining, and improving a product or product mix in response to market opportunities.

Promotion the effort to inform, persuade or remind potential customers about a business’s products or services

Selling Planned, personalized communication that influences purchase decisions.

The Marketing Concept Businesses must satisfy customers’ needs and wants in order to make a profit.

Select two products you use in your everyday life. In a one-page, typed report, explain the following: To whom do you believe the product is marketed How do you think pricing decisions are made for this product Print the report and turn it in to the basket