1. Marketing Is All Around Us
Chapter 1.1
You will need some way to take a few notes today. You can use a notebook or your chrome book.

2. The Reality… You have been marketed to since you were very young.
You probably know a lot about marketing from the viewpoint of the potential customer.

3. Think/Discuss… Think of something you have bought
Think of something that was bought for you
Discuss why you wanted these particular things

4. Change Your Thinking…
This class will encourage you to look at the world through a different lens…
Stop thinking like a consumer, and start thinking like a marketer!

5. Key terms:
marketing
goods
services
marketing concept

6. Marketing Definition: Must keep up with trends and consumer attitudes
Process of planning, pricing, promoting, selling, and distributing ideas, goods, or services to create exchanges that satisfy customers.
Must keep up with trends and consumer attitudes
All functions of marketing support this effort

7. Goods Definition: Examples:
Tangible items that have monetary value and satisfy your needs and wants
Examples:
Cars
Toys
Furniture
Clothing

8. Services Definition: Examples:
Intangible items that have monetary value and satisfy your needs and wants (i.e., you cannot physically touch them)
Examples:
Cooking a meal
Cutting and styling hair

9. Exchange
Definition:
Any time someone sells or buys something in the marketplace

10. Four Sections of Marketing
Business, management, entrepreneurship
Communication and interpersonal skills
Economics
Professional development
Bullet 1: Understand the basics and how they will affect business decision making
Bullet 3: Basic economic principles and concepts
Bullet 4: Career exploration, development, and growth

11. Seven Functions of Marketing
Channel Management- Distribution
Market Planning
Marketing Information Management
Pricing
Product/Service Management
Promotion
Selling

12. Channel Management-Distribution
Process of deciding how to physically get the goods to the customer
Main methods are truck, rail, ship, air
Large retail chains store products in warehouses and distribute later
Tracking products (inventory) is also a component of the process

13. Marketing Information Management
Process of gathering information, storing it, and analyzing it
Companies continually collect said info through market research studies
The better your information, the better decisions you can make!
Useful info includes data on customers, trends, and competing products
Ask the class if they have ever been asked to complete a questionnaire about restaurant service or other store? If yes, you’ve participated in marketing research!

14. Market Planning
Understanding concepts and strategies used to develop specific target market strategies.
Involves:
Customer’s needs/wants
Data collection process, analyzing data, and using data to create a market plan.

15. Pricing
How much to charge for goods and services in order to make a profit
Based on costs and what competition charge for the same product or service
Determine how much are customers willing to pay
Escort versus Lexus

16. Product/Service Management
Obtaining, developing, maintaining, and improving a product in response to market opportunities
Market research guides this
All images and links are from companies or products that have underwent recent change due to market opportunities in different areas

17. Promotion
Effort to inform, persuade, or remind potential customers about a business’s products or services
Examples: Radio and TV commercials (advertising = type of promotion)
Used to improve company’s public image

18. Selling Provides customers with the goods and services they want
Two markets
Selling to you the customer = Retail market
Selling to a business = Business to Business (B2B) (i.e, wholesalers, retailers, manufacturers)

19. Lets Practice Marketing Products
How would you convince a customer to buy the following items?
How would you promote the Goods/Service?
Why does a customer want/need the good?