Upload
godwin-matthews
View
222
Download
1
Tags:
Embed Size (px)
Citation preview
Objectives
Define marketing.
Identify the functions of marketing.
List the elements of the marketing mix.
The Main Idea
To sell their products or
services, businesses engage
in marketing activities.
They find and analyze
potential customers and
then try to meet their wants
and needs.
The Basics of Marketing
To market a product
successfully a company
must understand:
What people want to buy
Why they want to buy it
The Basics of Marketing
A company must know
the market.
In the global
marketplace, many
countries can make up
a market.
The Basics of Marketing
Marketing includes studying
what people want and
designing a product’s
packaging.
The Functions of Marketing
The seven functions of marketing define all the aspects that are part of marketing.
Distribution
Pricing
Financing
MarketingInformationManagement
Product/Service
Management
Promotion
Selling
1
2
3
45
6
7
The Seven Marketing Functions
1 Distribution is the process of getting goods and services to customers.
2Financing is getting the money that is necessary for setting up and running a business.
3Marketing information management is gathering and analyzing information about consumers, trends, and competitors’ products
4Pricing is deciding how much to charge for a product or service so the business can make a profit.
5
Product/service management is obtaining, developing, maintaining, and improving a product or product mix in response to the market.
6Promotion is any effort to inform, persuade, or remind potential customers about a business’s products or services
7Selling is providing customers with the goods and services they choose to buy.
The Seven Marketing Functions
The Functions of Marketing
Relationship marketing
is part of the selling
function of marketing.
It is used to build and
maintain relationships
with their customers.
The Marketing Mix
P P P P
Product Place Price Promotion
In recent years, many people have begun to include a fifth P for
people.
The marketing mix consists of four basic marketing strategies.
Product
First, marketing is used to find out if there a
demand for a product.
Marketing is then concerned with how to
make the product appeal to consumers.
Graphic Organizer
Establish demand
Make the product appealing Packaging design
Design
Color
Size
Brand name
Place
Marketers have to decide
how and where customers
will buy their goods and
services.
Then, marketers have to
consider in what kind of
location to sell their
product.
Place
To make place decisions, marketers select
the right channel of distribution.
Distribution decisions affect the price of
products.
Marketers can use direct distribution or
indirect distribution.
Price
Questions to Ask When Determining
the Price of a ProductHow much are customers willing to pay?
Is the price competitive with other products?
Can the company make a profit?
1 2 3
A marketer must consider the break-even point.
Promotion
Promotion involves
making customers aware
of a product.
Advertising and offering
discounts are two popular
methods of promotion.