Marketing is All Around Us - Ch.1

Marketing is AllMarketing is AllAround UsAround Us

Marketing is All Around Us - Ch.1

What is Marketing?What is Marketing?

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

Marketing is All Around Us - Ch.1

Marketing is. . .Marketing is. . .

Products– Goods and services.

Goods– Material items you can touch.

Services– A series of tasks performed for a

customer.

Marketing is All Around Us - Ch.1

Marketing ... Connecting Marketing ... Connecting businesses to their businesses to their customers.customers.Marketing provides the means for the exchange process.–An exchange takes place every time something is sold in the marketplace.

Marketing is All Around Us - Ch.1

In what ways does In what ways does marketing affect you marketing affect you

every day?every day?

Marketing is All Around Us - Ch.1

Functions of MarketingFunctions of Marketing

Purchasing– Obtaining

goods and services for use in the operation of a business or for resale.

Marketing is All Around Us - Ch.1

Functions of MarketingFunctions of Marketing

Pricing– The

determination of an exchange price at which the buyer and seller perceive optimum value for a good or service.

Marketing is All Around Us - Ch.1

Functions of MarketingFunctions of Marketing

Product Planning– The process of

creating a product in response to market opportunities.

Marketing is All Around Us - Ch.1

Functions of MarketingFunctions of Marketing Marketing

Information Management– Gathering,

recording, analyzing and disseminating information to aid in making marketing decisions.

Marketing is All Around Us - Ch.1

Functions of MarketingFunctions of Marketing

Promotion– Communicates information about

products, services, images or ideas to customers or clients to influence their purchase behavior.

Marketing is All Around Us - Ch.1

Functions of MarketingFunctions of Marketing

Financing– Determining

the need for and availability of financial resources to aid in marketing activities.

Marketing is All Around Us - Ch.1

Functions of MarketingFunctions of Marketing

Distribution– The physical

movement or the transfer of ownership of a good or service form the producer to the consumer.

Marketing is All Around Us - Ch.1

Added ValueAdded Value

Utility is the usefulness of a product.

There are five types of utilities. . . .

Marketing is All Around Us - Ch.1

Form UtilityForm Utility

Making or producing things

For example, how is wheat changed to a more useful product?

Marketing is All Around Us - Ch.1

Place UtilityPlace Utility

The product’s usefulness is increased because of its location.

Where does the various types of food you eat everyday come from? Would you like to go to Florida to get an orange?

Marketing is All Around Us - Ch.1

Time UtilityTime Utility Making a product available at the

right time of year or a convenient time of day.

Ex. Christmas season, Valentine’s Day or stores staying open late in order to attract customers who work during the day.

Marketing is All Around Us - Ch.1

Possession UtilityPossession Utility

The ability to aid customers in owning goods.

Does the store offer credit cards or take checks?

Marketing is All Around Us - Ch.1

Information UtilityInformation Utility

Usefulness added to the product through communication.

Packages, labels, advertisements, displays, signs . . .

Marketing is All Around Us - Ch.1

Why study marketing?Why study marketing?

. . . to understand business

. . . to learn interpersonal skills

. . . to perfect communication skills.