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Marketing Chapter 1 Review for TEST PLEASE PAY ATTENTION
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Why Study Marketing? Effective marketing leads to satisfied customers and a successful, profitable business Businesses, individuals consumers, and our economy benefit
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Where does Marketing Take Place You see it everyday Includes advertisements in all types of media Ex- TV, Radio, Newspaper, magazine Ex- Lebron James and Tiger Woods commercials You are involved in the marketing process with every purchase you make
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Marketing Functions Market Planning- Identifying and understanding the markets a company wants to serve and developing strategies for each Product & Service Management – Assisting in the design and development of products
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Marketing Functions Distribution – determine the best methods and procedures to use so customers are able to locate and obtain products and services Pricing – Establishing and communicating the value of products to potential customers
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Marketing Functions Promotion – Communicating information to prospective customers through advertising to encourage them to purchase your product Selling – Direct, personal communications with customer in order to assess needs
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Marketing Functions Marketing Information Management – Obtaining information to improve decision making Financing – Budgeting for financing and providing financial assistance to customers
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Marketing Functions Risk Management – Providing security for products and reducing the risk associated with marketing decisions and activities
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Marketing Functions Examples Apple used product/ service management by combining the i-pod, cell phone, and internet to produce the i-phone i-phone Hertz improved airport car rentals through the distribution strategy by being able to rent through the internet or telephone Hertz Major car companies unitize financing when they maintain their own financing organizations for loans or leases car companiescar companies
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Marketing Functions HINT HINT HINT HINT List all of the marketing activities that take place before you buy a popular product or service that you use often. You must include at least one activity from each of the 9 marketing functions
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Elements of the Marketing Concept Marketing Concept- Using the needs of customers as the primary focus during the planning, production, pricing, distribution, and promotion of a product of service
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Elements of the Marketing Concept (On your test) 3 Elements of the marketing concept 1. Identify the needs of customers 2. Develop & market products 3. Operate a business profitably
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Implementing the Marketing Concept There are 2 Steps First step- Identify the market the company wants to serve. Second Step- Developing a marketing mix that will meet the needs of the market and be profitable
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4 P’s (On your test) Product- anything offered to a market by the business to satisfy needs Distribution- or place includes the locations and methods used
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4 P’s Price- Is the amount that customers pay and the methods of increasing the value of the product to the customers Promotion- Includes the methods used and information communicated to encourage customers to purchase and to increase their satisfaction
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HINT HINT HINT HINT With a partner create your own product, use the four p’s and determine who your target market is
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Miscellaneous Marketing has changed drastically over the last 100 years Every time a product or service is developed or purchased each of the nine marketing functions has occurred
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