1. Journal About…
Last class, you presented your “You on You” campaign. Based on that experience, take a few minutes to journal about the question below:
What was the hardest part about “breaking through the clutter”?
Note: We will come back to this later in our discussion!

2. Marketing Is All Around Us
Chapter 1.1
EQ – How does marketing affect a business’ success or failure?

3. 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.

4. Think/Discuss…
Please discuss what you wrote down with what you found with the person seated at your table.
We will report out on these findings in a bit.

5. Change Your Thinking…
This class will encourage you to look at the world through a different lens…
It’s time to start thinking like a marketer!

6. Key terms:
marketing
goods
services
marketing concept

7. 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

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

9. 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

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

11. Foundations 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

12. Seven Functions of Marketing
Distribution
Financing
Marketing Information Management
Pricing
Product/Service Management
Promotion
Selling

13. 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

14. Financing
Getting the money that is necessary to pay for setting up and running a business
Often in the form of a bank loan and/or forming a corporation and selling shares (or stock) of the business
Also includes decisions about whether or not to offer customers credit

15. 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!

16. 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

17. 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

18. 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

19. 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)

20. Selling, continued
Needs and wants of the client determine HOW you sell (techniques & activities)
Selling requires personalized, planned communication
Strong selling can influence purchase decisions and enhance future business opportunities

21. Marketing Concept
Idea that a business should strive to satisfy customers’ needs and wants while generating a profit
Focus is on the customer!
Relationship building is key, as repeat customers keep a company in business

22. Customer Relationship Management (CRM)
Combines customer information (through database and computer technology) with customer service and marketing communications
Try to create more meaningful one-on-one communication