1. Marketing and Business LAP 1 Marketing! What’s it all about?

2. Marketing and Business LAP 1 Marketing u “The process of planning, pricing, promoting, selling and distributing ideas, goods, and services to create exchanges that satisfy consumers.”

3. Marketing and Business LAP 1 It is a process. It involves... Planning u Begins with what goods, services, and ideas to produce or sell in order to satisfy consumers’ needs and wants. u Analyzing potential consumers to determine who they are and what items to produce or sell in order to satisfy them.

4. Marketing and Business LAP 1 It is a process. It involves... Pricing u Items must be priced so that consumers want to buy them. u Price indicates quality and/or value to consumers. u Price must be set to enable businesses to make a profit, but still be able to compete with others.

5. Marketing and Business LAP 1 It is a process. It involves... Promoting u Marketing helps to create and stimulate demand for products by informing people about them. u Advertising, Sales promotion, Publicity, and Personal Selling are forms of promotion.

6. Marketing and Business LAP 1 It is a process. It involves... Distributing u Involves shipping, handling, and storing of items on the way from the producers to the consumer. u Ensures that items are available when and where they are needed.

7. Marketing and Business LAP 1 What is Marketed? u Durable Goods - desks, computers, houses u Nondurable Goods - food, cosmetics, gasoline u Services - banking, health care, job placement u People - Athletes, Musicians, Political Candidates u Places - Honeymoon locations, vacations u Organizations - NCAA, Labor unions, Art museums u Ideas - “Pitch in”, “Buckle up for Safety”

8. Marketing and Business LAP 1 Benefits of Marketing u Raises the standard of living. u Adds utility to goods and services. u Makes buying convenient. u Maintains reasonable prices.

9. Marketing and Business LAP 1 Benefits of Marketing u Improves the quality of life. u Provides a variety of goods and services. u Increases production.

10. Marketing and Business LAP 1 Where does Marketing occur? Marketing is all around us! u All types of businesses use marketing: Producers Wholesalers Retailers Consumer

11. Marketing and Business LAP 1 Where does Marketing occur? u It occurs in service-selling businesses. Examples: Banks, Real estate agencies, Hospitals, Dentists, Hotels/Motels, etc... u It occurs in nonprofit organizations. Examples: Churches, Universities, Labor unions

12. Marketing and Business LAP 1 Marketing Concept u Doing everything possible to satisfy— and delight—the customer….. u While making a PROFIT

13. Marketing and Business LAP 1 Elements of the Marketing Concept Customer Orientation u Businesses must determine how they can produce items people want and how can they do that more effectively. u Base decision-making about products on customer’s needs and wants.

14. Marketing and Business LAP 1 Elements of the Marketing Concept Company Commitment u An organization that applies the marketing concept must focus all of its efforts on satisfying customer needs. u The marketing concept must become a part of the entire organization.

15. Marketing and Business LAP 1 Elements of the Marketing Concept Company Goals u A company should achieve its goals by giving customers what they want. u Companies exist by achieving their long term goals- not by making quick sales and not achieving customer needs and wants.

16. Marketing and Business LAP 1 Why is Marketing Important? u Increased production capacity. u Increased buying power of consumers. u Need for coordinating production and consumption.

17. Marketing and Business LAP 1 Why is Marketing Important? u One-third of all workers are in marketing jobs. u Majority of businesses in the US are marketing-type businesses. u Fifty cents of every sales dollar goes to cover the costs of marketing.

18. Marketing and Business LAP 1 Without Marketing... u Increased personal contact with businesses. u Less variety in products. u Fewer product improvements. u Fewer products developed. u Increased stock shortages or overages.