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Published byLaureen Griffith Modified over 9 years ago
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Chapter 1 Marketing is All Around Us
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From the time that you woke up this morning how many products have you used? Activity #1
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4 P’s of Marketing Product Place Promotion Price
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What is Marketing? Marketing is the process of developing, promoting, and distributing products in order to satisfy customers’ needs and wants. The Four P’s of Marketing (product, place, price, promotion)
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Products GoodsServices
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Product Planning Information Mgmt. PurchasingPricing Promotion Selling Risk Mgmt. Distribution Financing 9 Functions of Marketing
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Benefits of Marketing Making a product more useful is called Utility. There are five economic utilities involved with all products: – Form Utility – Place Utility – Time Utility – Possession Utility – Information Utility
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Economic Utilities Form Utility: changing raw materials to make them more useful. Place Utility : offering convenient locations to purchase products.
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Economic Utilities Time Utility: having a product available at a certain time of year or convenient time of the day. Possession Utility: allowing customers to purchase goods easier such as using cash, credit, checks etc…
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Economic Utilities Information Utility : involves communicating with the consumer. –Salespeople –Advertising (magazines, newspapers, etc….) –Packaging & Labeling
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Other Benefits of Marketing Lower Prices – since marketing encourages customers to purchase products it increases demand. When demand is high, manufacturers can make products in larger quantities, which reduces the cost of each product. New & Improved Products – as businesses continue to look for opportunities to better satisfy needs and wants, the result is a higher variety of goods and services.
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Activity #2 Critical Thinking Can you think of some products whose prices have dropped significantly over the years as a result of popularity and increasing competition in the marketplace?
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