Marketing Chapter 1

Marketing Chapter 1
Review for TEST
Why Study Marketing?
 Effective marketing leads to satisfied
customers and a successful,
profitable business
 Businesses, individuals consumers,
and our economy benefit
Where does Marketing
Take Place
 You see it everyday
 Includes advertisements in all types of
media Ex- TV, Radio, Newspaper,
 Ex- Lebron James and Tiger Woods
 You are involved in the marketing
process with every purchase you make
Marketing Functions
Market Planning- Identifying and
understanding the markets a company
wants to serve and developing
strategies for each
Product & Service Management –
Assisting in the design and
development of products
Marketing Functions
Distribution – determine the best
methods and procedures to use so
customers are able to locate and obtain
products and services
Pricing – Establishing and
communicating the value of products to
potential customers
Marketing Functions
Promotion – Communicating
information to prospective customers
through advertising to encourage them
to purchase your product
Selling – Direct, personal
communications with customer in order
to assess needs
Marketing Functions
Marketing Information Management –
Obtaining information to improve
decision making
Financing – Budgeting for financing
and providing financial assistance to
Marketing Functions
Risk Management – Providing security
for products and reducing the risk
associated with marketing decisions
and activities
Marketing Functions
 Apple used product/ service management by
combining the i-pod, cell phone, and internet to
produce the i-phone
 Hertz improved airport car rentals through the
distribution strategy by being able to rent
through the internet or telephone
 Major car companies unitize financing when
they maintain their own financing organizations
for loans or leases
Marketing Functions
 List all of the marketing activities
that take place before you buy a
popular product or service that
you use often. You must include
at least one activity from each of
the 9 marketing functions
Elements of the Marketing
 Marketing Concept- Using the needs of
customers as the primary focus during
the planning, production, pricing,
distribution, and promotion of a product
of service
Elements of the Marketing
Concept (On your test)
 3 Elements of the marketing concept
 1. Identify the needs of customers
 2. Develop & market products
 3. Operate a business profitably
Implementing the Marketing
 There are 2 Steps
 First step Identify the market the company wants to serve.
 Second Step Developing a marketing mix that will meet the
needs of the market and be profitable
4 P’s (On your test)
Product- anything offered to a market by the
business to satisfy needs
Distribution- or place includes the locations and
methods used
4 P’s
 Price- Is the amount that customers pay
and the methods of increasing the value
of the product to the customers
 Promotion- Includes the methods used
and information communicated to
encourage customers to purchase and to
increase their satisfaction
 With a partner create your own
product, use the four p’s and
determine who your target
market is
 Marketing has changed drastically over
the last 100 years
 Every time a product or service is
developed or purchased each of the nine
marketing functions has occurred