TLC Marketing What is Marketing Dale M Stephens

TLC Marketing What is Marketing? Dale M. Stephens, Specialist Utah State Office of Education

Definition of Marketing is the process of developing, promoting, and distributing products in order to satisfy customers’ needs and wants. Dale M. Stephens, Specialist

Develop Promote Distribute Products Dale M. Stephens, Specialist

What are Products? Dale M. Stephens, Specialist

Products Are Goods Car Food Home Clothes Dale M. Stephens, Specialist

Products Are Services Hospital TV Repair Auto Mechanics Carpet Cleaning Dale M. Stephens, Specialist

Products are Ideas Internet Computers Training Printed Material Dale M. Stephens, Specialist

4 - P’s of Marketing Product Price Promotion Place Dale M. Stephens, Specialist

Product A tangible object or service provided to customers. Any goods, services, or ideas that we wish to sell. Dale M. Stephens, Specialist

Marketing the Product Research n Defining Target Markets Product Design or Content Quantities Quality: Standard/Deluxe Guarantees or Warranties Dale M. Stephens, Specialist

Place The distribution of the product or service in the most advantageous way possible. Distribution is getting the right product to the right place at the right time in the right amount and in the right condition. Dale M. Stephens, Specialist

For Example: You don’t want parkas delivered to a service station in Las Vegas! Dale M. Stephens, Specialist

Placing the Product Distribution Storage and Warehousing Transporting Dale M. Stephens, Specialist

Price Determining what to charge for the product or service. Determining a dollar amount at which we can sell the product. Dale M. Stephens, Specialist

Pricing the Product Costs n n Production Wholesale The price you charge the store n Retail The price you charge the customer Dale M. Stephens, Specialist

Pricing the Product Compare to Competition n Store brands vs. Name brands Profit Margin n How much you make after all of your costs Value n Does you product offer something other similar products don’t. For example: Larger size for less money! Dale M. Stephens, Specialist

Promotion The actual “marketing” of the product or service, the image portrayed. Making potential customers aware of a product in a positive way so they will want to buy it. Dale M. Stephens, Specialist

Promoting the Product Packaging Advertising Personal Selling Sales Promotion: Coupons, Discounts Dale M. Stephens, Specialist

Careers in Marketing Advertising Customer Service E-Commerce Entrepreneur Fashion Merchandising Financial Services Food Marketing Dale M. Stephens, Specialist

Careers in Marketing l Real Estate l Restaurant Management l Retail Management l Sales Management l Service Marketing l Sports Marketing l Travel/Tourism Marketing Dale M. Stephens, Specialist

Careers in Marketing l Hospitality Marketing l Importing/Exporting l International Marketing Research l Product Management l Professional Sales l Public Relations Dale M. Stephens, Specialist