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Marketing Overview

Ms. Alexander-Harrison. Marketing Overview. Marketing Essentials. The marketing concept is a focus on customers’ needs and wants while generating a profit The three benefits of marketing are: New and improved products Lower prices Added value (utility). Goods and Services.

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Marketing Overview

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  1. Ms. Alexander-Harrison Marketing Overview

  2. Marketing Essentials • The marketing concept is a focus on customers’ needs and wants while generating a profit • The three benefits of marketing are: • New and improved products • Lower prices • Added value (utility)

  3. Goods and Services • Goods are tangible items that have a monetary value and satisfy customers’ needs and wants • Examples of goods: cars, furniture, electronics, clothing • Services are intangible items that have a monetary value and satisfy customers’ needs and wants • Examples of services: banks, movie theaters, cleaning business

  4. Marketing Essentials • Marketing is an on-going process. Marketers must keep up with trends and consumer attitudes

  5. Utilities • The five economic utilities are: • Form • Place • Time • Possession • Information

  6. Core Functions of Marketing • Channel Management • Decides how to get goods to customers • Marketing Information Management • Gathers, stores, and analyzes customer trends and competition • Market planning • Targets specific marketing strategies

  7. Core Functions of Marketing • Pricing • Based on costs and on what competitors charge for the same product or service • Product/Service Management • Maintains and improves product mix in response to market opportunities

  8. Core Functions of Marketing • Promotion • Informs current and potential customers about a business’s products or services • Selling • Customers receive the goods they want

  9. Economic Benefits of Marketing Form utility is not directly related to marketing: when form utility involves changing / putting parts together to make a product useful, individual parts are not marketed as the final products

  10. Market Identification • All people who share a similar needs and wants and have the ability to purchase a product/service are a market. • Consumer market consists consumers who purchase goods and services for personal use • Organizational market or business to business (B2B) market includes all business that buy products for their operations.

  11. Market Share • Market share is its percentage of the total sales volume generated by all companies that compete in a given market • Target market is a group of consumers who are identified for a given market. • Market segmentation is breaking down the market into smaller groups with characteristics.

  12. Customer Profile • Age • Gender • Income level • Marital status • Ethnic background • Geographic residence • Attitudes • Lifestyle • Behavior

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