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Marketing is All Around Us! How does society benefit from marketing?
What is Marketing? u Marketing is the process of planning, pricing, promoting, selling and distributing ideas, goods or services to create exchanges that satisfy customers u Products – both goods and services. – Goods – things you can touch. (pen) – Services – things you can’t touch. (dry cleaning.
Foundations of Marketing u Business/Management/Entrepreneur ship-understanding the basics of business, common management and entrepreneurial concepts that affect business decision making u Communication and Interpersonal skills-understanding concepts, strategies and systems needed to interact effectively with others
Foundations of Marketing u Economics-understanding the economic principles and concepts that are basic to marketing u Professional Developmentunderstanding concepts and strategies needed for career exploration, development and growth
7 Functions of Marketing How are markets used to determine a business’ marketing mix? 1. Selling – providing customers with goods and services they want to buy. Ex. Retail and industrial 2. Pricing – deciding how much to charge for goods and services in order to make a profit. Ex. How much people are willing to pay
7 Functions of Marketing Cont. . 3. Marketing Information Management – gathering, storing and analyzing information about customers, trends and competing products Ex. Research 4. Product/Service Management-obtaining, developing, maintaining, and improving a product/product mix in response to market opportunities Ex. E-commerce
Functions of Marketing cont… 5. Promotion – any form of communication used to inform, persuade, or remind potential customers about a businesses products. Give away toys at Mc. D’s, advertisements 6. Financing – Getting the money necessary to pay for setting up and running a business Bank loans 7. Distribution-deciding how to get goods in customers hands -truck, rail, etc.
How does society benefit from marketing? New and Improved Products u Lower Prices u Added Value and Utility u
Economic Benefits u Utility – adding value to a product to make it more useful. u 5 Types of Economic Utility u Form Utility – involves changing raw materials or putting parts together to make them more useful. Producing the final product. – Ex. Lead, wood, rubber, metal – pencil
Utilities Continued u Place Utility – involves having a product where customers can buy it. – Ex. Office Depot, catalogs, internet u Time Utility – having a product available a certain time of year. – Ex. Open 24 hours, holiday items u Possession Utility – value added by exchanging a product for some monetary value – Ex. variety of ways to pay for product, value added by becoming “yours”
Utilities cont… u Information Utility – involves communication with the consumer. – Ex. Salesperson, displays, packaging and labels.