1 / 24

Marketing is All Around Us

Marketing is All Around Us. Ch. 1 ME. Section 1.1. Marketing and the Marketing Concept . The Scope of Marketing. Marketing – is the process of planning, pricing, promotion, selling, and distributing ideas, goods, or services to create exchanges to satisfy customers.

usoa
Download Presentation

Marketing is All Around Us

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Marketing is All Around Us Ch. 1 ME

  2. Section 1.1 Marketing and the Marketing Concept

  3. The Scope of Marketing • Marketing – is the process of planning, pricing, promotion, selling, and distributing ideas, goods, or services to create exchanges to satisfy customers. • Is a process; is ongoing and it changes • Needs to keeps up with trends and consumer attitudes

  4. Ideas, Goods & Services • Ideas - is a concept or techniques that can be bough or sold • Goods - are tangible items that have monetary value and satisfy your needs and wants • Services – intangible items that have monetary value and satisfy your needs and wants • Marketplace– where the exchange takes place, every time someone sells or buys something • Usually a commercial environment

  5. Foundations of Marketing Business, management & entrepreneurship Communication and interpersonal skills Economics Professional development

  6. Seven Functions of Marketing • Distribution – is the process of deciding hot to get goods in customers’ hands • Main methods – truck, rail, ship or air • Also involves systems that track products • Financing – is getting the money that is necessary to pay for setting up and running a business

  7. Seven Functions of Marketing • Marketing Information Management – in which all marketing decisions rely on good information about customers, trends and competing products • Must gather information, store it and analyze it • Is done on continual basis and through special marketing research studies • Pricing – dictates how much to charge for goods and services in order to make a profit • Based on costs and on what competitors charge for the same product or service • Determines how much a customer is willing to pay

  8. Seven Functions of Marketing • Product/Service Management – is obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities • Promotion – is the effort to inform, persuade, and remind potential customers about a business’s products or services • Used for advertising • Also used to improve a company’s public image

  9. Seven Functions of Marketing • Selling – provides customers with the goods and services they want • Includes selling in the retail market to customers, and business-to-business to wholesales, retailers, or manufacturers • Selling techniques include determining client needs and wants, and responding through planned, personalized communication

  10. The Marketing Concept • Marketing Concept – is the ides that a business should strive to satisfy customers’ needs and wants while generating a profit for the firm • Responsible personnel of the firm must understand the marketing concept, and provide the best possible service to its customers • Repeat customers keep a company in business

  11. Customer Relationship Management (CRM) Customer Relationship Management (CRM)- is an aspect of the marketing that combines customer information with customer service and marketing communications

  12. Section 1.2 The Importance of Marketing

  13. Benefits of Marketing • New and Improved Products • Marketing generates competition • Lower Prices • Marketing increases demand • Added Value and Utility • Utility– is added value in economic terms • Are the attributes of a product or service that make it capable of satisfying consumers’ needs and wants

  14. Added Value and Utility • Form Utility- involves changing raw materials or putting parts together to make them more useful • Manufacturing of products involves taking things of little value by themselves and putting them together to create more value • Special features or ingredients add value and increase form utility value • Examples: zippers and electronic controls in a steering wheel

  15. Added Value and Utility • Place Utility – involves having a product where customers can buy it • Customer shopping habits determine the most convenient and efficient locations • Direct approach by selling through catalogs, others business or internet • Time Utility– is having a product available at a certain time of year or a convenient time of day

  16. Added Value and Utility • Possession Utility– the exchange of a product for money • Involves every time legal ownership of a product changes hands • Information Utility – involves communication with customers • Examples: sales people, displays, packaging and labeling, advertising, owners’ manuals & Web sites

  17. Section 1.3 Fundamentals of Marketing

  18. Market Identification Market – all people who share similar needs and wants and who have the ability to purchase a given product

  19. Consumer vs. Industrial • Consumer Market – consists of consumers who purchase goods and services for personal use • Needs and wants address lifestyle categories • Industrial Market (Business to Business) – includes all businesses that buy products for use in their operations • Most relate to improving profits

  20. Market Share & Target Markets • Market Share – is its percentage of the total sales volume generated by all companies that compete in a given market • Change all the time as new competitors enter the market and as the size of the market increases or decreases in volume • Market Segmentation – is the process of clarifying customers by needs and wants • Target Market – the group that is identified for a specific marketing program • All marketing strategies are directed at the target market • Is the key to a successful marketing plan

  21. Consumers vs. Consumers • A product may have more than one target market • Customer Profile – develops a clear picture of a target market • Lists information, such as: age, income level, ethnic background, occupation, attitudes, lifestyle, and geographic residence

  22. Marketing Mix • Product • Decisions begin with what to make and sell • Product feature’s include: brand name, packaging, service, and warranty • What to do with current products; updating, improving or discontinue • Place • The means of getting the product into the consumer’s hands • Know where target markets shop • Determines how and where a product will be distributed, transportation methods and stock levels

  23. Marketing Mix • Price • Is what is exchanged for the product • Should reflect what customers are willing and able to pay • Take into account prices that competition charges for comparable products • Promotion • Refers to the decisions about advertising, personal selling, sales promotion, and publicity • Deal with how customers will be told about a company’s products

More Related