1. Mrs. Welsh April 11, 2014 M ARKETING

2. (M ARKETING IS HAVING...) ‘T HE RIGHT PRODUCT, IN THE RIGHT PLACE, AT THE RIGHT TIME, AND AT THE RIGHT PRICE.’ A DDOCK ET AL Definitions of Marketing

3. T HE M ARKETING M IX ( AKA THE 4 P ’ S )  Product  Price  Place (Distribution)  Promotion

4. I MPLICATIONS OF M ARKETING  Who are our existing / potential customers?  What are their current / future needs?  How can we satisfy these needs? Can we offer a product/ service that the customer would value? Can we communicate with our customers? Can we deliver a competitive product or service?  Why should customers buy from us?

5. M ARKETING F UNCTIONS

6. T HE C ONSUMER D ECISION - M AKING P ROCESS Steps in the Consumer Decision- Making Process 1. Recognize a need. 2. Gather Information. 3. Select and evaluate alternatives. 4. Make a purchase decision. 5. Determine the effectiveness of the decision.