Marketing All Around Us! 2nd Period Marketing Principles.

Marketing All Around Us!

2nd Period

Marketing Principles

What is Marketing?

The process of developing, promoting, and distributing products to satisfy customers’ needs and wants.

Products, Goods, Services, & Exchange

Products– Include goods and services

• Have monetary value & satisfy customers’ needs & wants

Goods– Items you touch or hold in your hands

• Ex. Automobile, hammers, soft drinks

Products, Goods, Services, & Exchange, Etc.

Services– You cannot physically touch

• Ex. Dry cleaners, amusement parks

Exchange– Takes place every time something is sold

in the marketplace

Marketing

Helps connect businesses to their customers

Goods are created and sent to the marketplace where they are made available to the public

Marketing and You

Marketing principles and techniques used daily– Ex. Breakfast you eat, shampoo, soap,

toothpaste Created to meet your needs

Parts of Marketing

Product Planning Packaging Advertising Displays and Promotional Techniques Personal Selling Selling and Distribution Marketing Research

Foundations of MarketingFoundations of Marketing

Business, Management, Entrepreneurship– Understanding the basics of business,

management, and entrepreneurial concepts that affect business decision making


Communication and Interpersonal Skills– Understanding concepts, strategies, and

systems needed to interact effectively with others

Economics– Understanding the economics principles

and concepts that are basic to marketing


Professional Development– Understanding concepts and strategies

needed for career exploration, development, and growth

Functions of MarketingFunctions of Marketing

Distribution– Decides where and to whom products need

to be sold in order to reach the final users– Moving and storing

• Ex. Truck, rail, ship, and/or air• Ex. Warehouses


Financing– Getting money that is necessary to pay for

the operation of a business• Ex. Bank Loans, Sell shares

– What payment options to offer customers• Ex. Credit Card, Store credit


Marketing Information Management– Obtained through research

• Ex. Questionnaires

– Want to learn how to better serve their customers and to better market their products


Pricing– How much to charge for goods and

services to maximize profits– Based on competitive prices and to

determine what customers are willing to pay

– What to gain marketing share and achieving a certain return on an investment


Product/Service Management– Obtaining, developing, maintaining, and

improving a product or product mix in response to marketing opportunities

– Made on the basis of market research, which highlights consumer needs and wants


Promotion– Communicating with potential customers to inform,

persuade, or remind them about a business’s products

• Ex. Television, Radio (advertising), Print and online

– Improve a companies public image • Ex. Socially Responsible – cleaning up community –

Public Relations

– Communicate information about products, services, images, and/or ideas to achieve a desired income


Selling– Provides customers with goods and services they want– Includes selling in retail market to you, the customer,

and selling in the business-to-business market to industrial users

– Used to determine clients needs and wants and response through planned, personalized communications that influences purchasing decisions and enhances future business opportunities

– Includes selling in a business-to-business– Purchasing for use in a business operations

Marketing ConceptMarketing Concept

Idea that a business should strive to satisfy customers’ needs & wants while generating a profit for the firm.

Focus is on customers All 7 functions need to support this idea

Customer Relationship Management

Combines customer information with customer service and marketing communications

Through database & computer technology

Marketing All Around Us! 2nd Period Marketing Principles.

Documents

Transcript of Marketing All Around Us! 2nd Period Marketing Principles.