Marketing! What’s it all about? 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. ” 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. 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. 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. 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. 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” 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. 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. 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 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 Marketing and Business LAP 1
Marketing Concept u Doing everything possible to satisfy— and delight—the customer…. . u While making a PROFIT 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. 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. 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. 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. 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. 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. Marketing and Business LAP 1
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