Marketing Principles Introduction

What is Marketing? Write your definition of what you think marketing is based on your knowledge & experience.

Definition of Marketing The process of developing, promoting, and distributing products, or goods & services, to satisfy customer’s needs & wants.

My 5 Wants List any 5 wants you have that are current or future

Next to each want: Put an “E” next to any that cost money to attain & a “N” next to any that do not cost money to attain.

Everyone has wants Economic Wants: Unfulfilled desires that cost money to attain Noneconomic Wants: Unfullfilled desires that do not cost money to attain.

Marketing focuses on people’s economic wants! Why? Because the goal of any business is to make a profit.

Goods & Services satisfy consumer’s needs & wants Goods – Tangible(touch) products Services – Intangible(Can’t touch) Producers – Create or provide goods & services to sell for profit. Consumers – Consume goods & services to satisfy their needs & wants.

Marketing’s main function is to provide a bridge between producers & consumers so exchange of goods & services can occur Marketing Process

Marketing is a Process Marketing is not just one thing but a process of many activities that starts with a Producer & ends with the Consumer.

Think of any Product List at least 15 different activities that may have gone into the process of marketing a product from producer to the ultimate consumer.

The 7 Marketing Functions All marketing activities within the marketing process can be categorized into 1 of 7 purposes or functions.

The 7 Marketing Functions that make up the marketing process Distribution: Physical movement & storage Financing: How & where funds are used in business Marketing-info- management: Collecting, disseminating, & using info. To make sound business decisions Pricing: Decisions dictating how much to charge for goods & services Product/Service management: What products & services will be offered Promotion: Activities that inform & persuade Selling: Personalized communication that influences purchasing decisions

This class will focus on the factors & principles of each of these 7 functions that make up the marketing process for goods & services.

Next to your list of Marketing Activities write next to each which of the 7 marketing functions each would be categorized as.