What is Marketing

1. What is Marketing

2. Marketing Definition “Marketing” is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy customer and organizational objectives.

3. Core Marketing Concepts Core Marketing Concepts

4. Needs, Wants & Demands • Need - are part of the human makeup. • Physical needs such as food, water, shelter; social needs for belonging and affection and individual needs for knowledge and self-expression • Think – Maslow’s Hierarchy of Needs • Want - are formed by culture and individual personality • e.g., you may need food, but you want a hamburger and fries. But a person who lives in China may need food, but wants mango, rice and noodles. • Demand - are human wants that are backed by buying power. • pick products that provide value and satisfaction for their money.

5. Create Product or Service To design a Product or Service • Understanding customers needs, wants & demands through: • market research, • samples, • observations, • polls, • databases, • customer inquiries, and • Customer service data

6. Defining Products • Tangible Product- something you can hold, feel, taste and play. Examples – desk, chair, iPhone, etc. • Intangible Products - can include items such as experiences, persons, places, organizations, information, and ideas. As consumers we might have our haircut, we pay for that service, but we don’t actually go around carrying it in a bag. • You actually leave the store with less than when you came in!!!

7. Exchange, Transaction & Relationship • Exchange - is the trading of something of value between a buyer and seller so that each is better off after the trade. Marketers must offer value, satisfaction and quality in their product or service to create an exchange. • Relationship - Organizations must also create a relationship with that customer to create a transaction or exchange that will develop a market for that particular product or service.