Marketing is All Around Us — Ch 1

Marketing is All Around Us - Ch. 1

What is Marketing? l The process of developing, promoting, and distributing products in order to satisfy customers’ needs and wants. Marketing is All Around Us - Ch. 1

Marketing is. . . l Products – Goods and services. l Goods – Material items you can touch. l Services – A series of tasks performed for a customer. Marketing is All Around Us - Ch. 1

Marketing. . . Connecting businesses to their customers. l Marketing provides the means for the exchange process. – An exchange takes place every time something is sold in the marketplace. Marketing is All Around Us - Ch. 1

In what ways does marketing affect you every day? Marketing is All Around Us - Ch. 1

Functions of Marketing l Marketing Information Management – Gathering, recording, analyzing and disseminating information to aid in making marketing decisions. Marketing is All Around Us - Ch. 1

It is a process. It involves. . . Pricing l Items must be priced so that consumers want to buy them. l Price indicates quality and/or value to consumers. l Price must be set to enable businesses to make a profit, but still be able to compete with others. Marketing is All Around Us - Ch. 1

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

Why study marketing? l l l . . . to understand business. . . to learn interpersonal skills. . . to perfect communication skills. Marketing is All Around Us - Ch. 1