Chapter 1: Marketing Is All Around Us
Section 1.1
The Meaning of Marketing• Marketing - the process of developing, promoting, and
distributing products to satisfy customers’ needs and wants.
▫ Products include goods and services, with of which have monetary value and satisfy customers’ needs and wants.
▫ Goods are the kinds of things you can touch or hold in your hand (hammers, cars, soft drinks, clothing and computers care goods).
▫ Services are the kinds of things you can’t physically touch (dry cleaners, amusement parks, income tax prepares, and movie theaters provide services).
▫ An exchange takes place every time something is sold in the marketplace.
Marketing and You
•Product planning•Packaging •Advertising •Displays•Promotional techniques•Selling •Distributing •Target audience•Marketing research
Foundations of Marketing
4 Basic Foundations1. Business, Management, and
Entrepreneurship – understanding the concepts that affect business decision making
2. Communication and Interpersonal Skills – understanding concepts, strategies and systems needed to interact effectively with others
3. Economics – understanding the economic principles and concepts that are basic to marketing
4. Professional Development – understanding concepts and strategies needed for career exploration, development, and growth
7 Functions of Marketing1. Distribution – deciding where and to whom
products need to be sold in order to reach the final users.
2. Financing – getting the money that is necessary to pay for the operation of a business.
3. Marketing Information Management – getting the necessary information to make sound business decisions.
4. Pricing – how much to charge for goods and services in order to maximize profits.
7 Functions of Marketing Continue…
5. Product/Service Management – obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities
6. Promotion – communicating with potential customers to inform, persuade, or remind them about a business’s products makes up
7. Selling – providing customers with goods and services they want
Quiz
• What is the definition of marketing?
• Where does an exchange take place?
• True/False A good is the same thing as a service.
• True/False There are 7 functions of marketing.
• What is the definition of pricing?
Top Related