The Reality…
You have been marketed to since you were very young.
You probably know a lot about marketing from the viewpoint of the potential customer.
Think/Discuss…
Think of something you have bought Think of something that was bought
for you Discuss why you wanted these
particular things
Change Your Thinking…
This class will encourage you to look at the world through a different lens…
Stop thinking like a consumer, and start thinking like a marketer!
Marketing
Definition: Process of planning, pricing, promoting,
selling, and distributing ideas, goods, or services to create exchanges that satisfy customers.
Must keep up with trends and consumer attitudes
All functions of marketing support this effort
Goods
Definition: Tangible items that have monetary value
and satisfy your needs and wants
Examples: Cars Toys Furniture Clothing
Services
Definition: Intangible items that have monetary
value and satisfy your needs and wants (i.e., you cannot physically touch them)
Examples: Cooking a meal Cutting and styling hair
Foundations of Marketing
Business, management, entrepreneurship
Communication and interpersonal skills
Economics Professional development
Seven Functions of Marketing
Channel Management- Distribution Market Planning Marketing Information Management Pricing Product/Service Management Promotion Selling
Channel Management-Distribution Process of deciding how to physically get
the goods to the customer
Main methods are truck, rail, ship, air
Large retail chains store products in warehouses and distribute later
Tracking products (inventory) is also a component of the process
Marketing Information Management
Process of gathering information, storing it, and analyzing it
Companies continually collect said info through market research studies
The better your information, the better decisions you can make!
Market Planning
Understanding concepts and strategies used to develop specific target market strategies.
Involves: Customer’s needs/wants Data collection process, analyzing data,
and using data to create a market plan.
Pricing How much to charge for goods and services
in order to make a profit
Based on costs and what competition charge for the same product or service
Determine how much are customers willing to pay Escort versus Lexus
Product/Service Management
Obtaining, developing, maintaining, and improving a product in response to market opportunities
Market research guides this
http://www.gatorade.com/#/products/g2
Promotion Effort to inform, persuade, or remind
potential customers about a business’s products or services
Examples: Radio and TV commercials (advertising = type of promotion)
Used to improve company’s public image
Selling
Provides customers with the goods and services they want
Two markets Selling to you the customer = Retail
market Selling to a business = Business to
Business (B2B) (i.e, wholesalers, retailers, manufacturers)
Selling, continued
Needs and wants of the client determine HOW you sell (techniques & activities)
Selling requires personalized, planned communication
Strong selling can influence purchase decisions and enhance future business opportunities
Marketing Concept Idea that a business should strive to
satisfy customers’ needs and wants while generating a profit
Focus is on the customer!
Relationship building is key, as repeat customers keep a company in business
Customer Relationship Management (CRM)
Combines customer information (through database and computer technology) with customer service and marketing communications
Try to create more meaningful one-on-one communication
Homework: 15 points Please type
Identify a business that believes in the marketing concept
What products do they market? Who is their competition? What makes them stand out? Who is the intended target market? How do they promote? Use specific
examples. 15 points
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