Ms. Smith

MarketingMarketing

Marketing is the process of planning, pricing, promoting, selling, and distributing ideas to create exchanges that satisfy customers.

Broken into 2 categories: Goods: tangible items that

satisfy your needs and wants. Services: intangible items that

satisfy your needs and wants.

So…what is Marketing anyway?

Take a look around this room. What is being marketed

to you?

Every product brand just wants to be recognized by consumers, whether it be

through design, colors, or price…

1. Distribution: the process of deciding how to get goods in customers’ hands.

What stores will sell your merchandise?2. Financing: getting the money that is necessary

to pay for set-up. Where will you get this money from?

3. Marketing Information Management: to gather, store, and analyze information about customers, trends and competing products.

How will they get this information?4. Pricing: based on costs and what competitors

charge for the same product. How much customers are willing to pay?

The 7 Functions of Marketing

5.Product/Service Management: maintaining and improving a product or a product mix in response to market opportunities. Are we keeping up-to-date with trends?

6.Promotion: the effort to inform, persuade, or remind potential customers about a business’s products. How will we advertise?

7.Selling: determining client needs and wants and responding through planned, personalized communication. Who and how will we sell our products?

With a partner, you are to identify the 7 functions of marketing for the product or service that has been given to you: Distribution Financing Marketing Information Management Pricing Product/ service management Promotion Selling

Include the information you gather into a poster, depicting each function!

All people who share similar needs and wants and who have the ability to purchase a given product are called a market.

Consumer Market: consists of consumers who purchase goods and services for personal use.

For the most part, consumers are interested in products that will: Save them money Make their life easier Improve their appearance Create status in the community

Industrial Market: business-to-business (B-to-B) market includes all businesses that buy products for use in their operations.

Goals & objectives of business firms relate to: Improve productivity Increase sales Decrease expenses

Market Share: a company’s percentage of the total sales volume generated by all companies that compete in a given market.

Target Market: the group of people most likely to become customers of a product or service.

Customer Profile: lists information about the target market, such as age, income level, ethnic background, occupation, attitudes, lifestyle, and geographic residence.

Marketing Mix: includes the four basic marketing strategies called the 4 P’s: Product: a product’s feature, brand name,

packaging, service, and warranty are all part of the development.

Place: the means of getting the product into the customer’s hands. Knowing where one’s customers shop helps to make place decision.

Price: what is exchanged for a product. Promotion: deal with how potential

customers will be told about a company’s products, including the message, the media selected, special offers, and the timing of the promotional campaigns.