1. Marketing All Around Us! 2nd Period Marketing Principles

2. What is Marketing? The process of developing, promoting, and distributing products to satisfy customers’ needs and wants.

3. Products, Goods, Services, & Exchange Products –Include goods and services Have monetary value & satisfy customers’ needs & wants Goods –Items you touch or hold in your hands Ex. Automobile, hammers, soft drinks

4. Products, Goods, Services, & Exchange, Etc. Services –You cannot physically touch Ex. Dry cleaners, amusement parks Exchange –Takes place every time something is sold in the marketplace

5. Marketing Helps connect businesses to their customers Goods are created and sent to the marketplace where they are made available to the public

6. Marketing and You Marketing principles and techniques used daily –Ex. Breakfast you eat, shampoo, soap, toothpaste Created to meet your needs

7. Parts of Marketing Product Planning Packaging Advertising Displays and Promotional Techniques Personal Selling Selling and Distribution Marketing Research

8. Foundations of Marketing Business, Management, Entrepreneurship –Understanding the basics of business, management, and entrepreneurial concepts that affect business decision making

9. Foundations of Marketing Communication and Interpersonal Skills –Understanding concepts, strategies, and systems needed to interact effectively with others Economics –Understanding the economics principles and concepts that are basic to marketing

10. Foundations of Marketing Professional Development –Understanding concepts and strategies needed for career exploration, development, and growth

11. Functions of Marketing Distribution –Decides where and to whom products need to be sold in order to reach the final users –Moving and storing Ex. Truck, rail, ship, and/or air Ex. Warehouses

12. Functions of Marketing Financing –Getting money that is necessary to pay for the operation of a business Ex. Bank Loans, Sell shares –What payment options to offer customers Ex. Credit Card, Store credit

13. Functions of Marketing Marketing Information Management –Obtained through research Ex. Questionnaires –Want to learn how to better serve their customers and to better market their products

14. Functions of Marketing Pricing –How much to charge for goods and services to maximize profits –Based on competitive prices and to determine what customers are willing to pay –What to gain marketing share and achieving a certain return on an investment

15. Functions of Marketing Product/Service Management –Obtaining, developing, maintaining, and improving a product or product mix in response to marketing opportunities –Made on the basis of market research, which highlights consumer needs and wants

16. Functions of Marketing Promotion –Communicating with potential customers to inform, persuade, or remind them about a business’s products Ex. Television, Radio (advertising), Print and online –Improve a companies public image Ex. Socially Responsible – cleaning up community – Public Relations –Communicate information about products, services, images, and/or ideas to achieve a desired income

17. Functions of Marketing Selling –Provides customers with goods and services they want –Includes selling in retail market to you, the customer, and selling in the business-to-business market to industrial users –Used to determine clients needs and wants and response through planned, personalized communications that influences purchasing decisions and enhances future business opportunities –Includes selling in a business-to-business –Purchasing for use in a business operations

18. Marketing Concept Idea that a business should strive to satisfy customers’ needs & wants while generating a profit for the firm. Focus is on customers All 7 functions need to support this idea

19. Customer Relationship Management Combines customer information with customer service and marketing communications Through database & computer technology