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Chapter 1: Marketing Is All Around Us

Chapter 1: Marketing Is All Around Us. Section 1.1. The Meaning of Marketing. Marketing - the process of developing, promoting, and distributing products to satisfy customers’ needs and wants.

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Chapter 1: Marketing Is All Around Us

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  1. Chapter 1: Marketing Is All Around Us Section 1.1

  2. The Meaning of Marketing • Marketing - the process of developing, promoting, and distributing products to satisfy customers’ needs and wants. • Products includegoods and services, with of which have monetary value and satisfy customers’ needs and wants. • Goods are the kinds of things you can touch or hold in your hand (hammers, cars, soft drinks, clothing and computers care goods). • Services are the kinds of things you can’t physically touch (dry cleaners, amusement parks, income tax prepares, and movie theaters provide services). • An exchange takes place every time something is sold in the marketplace.

  3. Marketing and You • Product planning • Packaging • Advertising • Displays • Promotional techniques • Selling • Distributing • Target audience • Marketing research

  4. Foundations of Marketing 4 Basic Foundations • Business, Management, and Entrepreneurship – understanding the concepts that affect business decision making • Communication and Interpersonal Skills – understanding concepts, strategies and systems needed to interact effectively with others • Economics – understanding the economic principles and concepts that are basic to marketing • Professional Development – understanding concepts and strategies needed for career exploration, development, and growth

  5. 7 Functions of Marketing • Distribution – deciding where and to whom products need to be sold in order to reach the final users. • Financing – getting the money that is necessary to pay for the operation of a business. • Marketing Information Management – getting the necessary information to make sound business decisions. • Pricing – how much to charge for goods and services in order to maximize profits.

  6. 7 Functions of Marketing Continue… 5. Product/Service Management – obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities 6. Promotion – communicating with potential customers to inform, persuade, or remind them about a business’s products makes up 7. Selling – providing customers with goods and services they want

  7. Quiz • What is the definition of marketing? • Where does an exchange take place? • True/False A good is the same thing as a service. • True/False There are 7 functions of marketing. • What is the definition of pricing?

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