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Marketing is All Around Us

Learn the essential functions of marketing, from purchasing to distribution, and how it impacts your daily life. Discover the added value marketing brings through product planning and promotion. Study the importance of utilities like time and information in marketing strategies.

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Marketing is All Around Us

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  1. Marketing is AllAround Us

  2. What is Marketing? • The process of developing, promoting, and distributing products in order to satisfy customers’ needs and wants.

  3. Marketing is. . . • Products • Goods and services. • Goods • Material items you can touch. • Services • A series of tasks performed for a customer.

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

  5. In what ways does marketing affect you every day?

  6. Functions of Marketing • Purchasing • Obtaining goods and services for use in the operation of a business or for resale.

  7. Functions of Marketing • Pricing • The determination of an exchange price at which the buyer and seller perceive optimum value for a good or service.

  8. Functions of Marketing • Product Planning • The process of creating a product in response to market opportunities.

  9. Functions of Marketing • Marketing Information Management • Gathering, recording, analyzing and disseminating information to aid in making marketing decisions.

  10. Functions of Marketing • Promotion • Communicates information about products, services, images or ideas to customers or clients to influence their purchase behavior.

  11. Functions of Marketing • Financing • Determining the need for and availability of financial resources to aid in marketing activities.

  12. Functions of Marketing • Distribution • The physical movement or the transfer of ownership of a good or service form the producer to the consumer.

  13. Added Value • Utility is the usefulness of a product. There are five types of utilities. . . .

  14. Form Utility • Making or producing things • For example, how is wheat changed to a more useful product?

  15. Place 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?

  16. Time 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.

  17. Possession Utility • The ability to aid customers in owning goods. • Does the store offer credit cards or take checks?

  18. Information Utility • Usefulness added to the product through communication. • Packages, labels, advertisements, displays, signs . . .

  19. Why study marketing? • . . . to understand business • . . . to learn interpersonal skills • . . . to perfect communication skills.

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