Marketing
Foundations
What is Marketing?
What is the goal of Marketing?
Definition of Marketing:
• dynamic activities that focus on the customer to generate a
profitable exchange
Goal of Marketing:
• Meet customers’ needs and wants with products that
customers can and will buy
Functions of Marketing
• Marketing consists of hundreds of activities
• Activities are organized around the customer
• Activities are organized around the 4 Ps:
• Product, price, place, and promotion
• Another way to organize activities is by function
Distribution
activities involved in getting products from producers to
consumers
examples........
• transporting
• storing
• finding sources
• timely transporting
• transferring ownership
Product/Service Management
developing products
• new products
• improving an old product
• deciding what products to carry in a store
Financing
act of providing funds for business activities, making purchases
or investing.
• Financial institutions and banks are in the business of
financing as they provide capital to businesses, consumers
and investors to help them achieve their goals.
• Getting investors
• Making revenue
$$$$$
Pricing
Setting prices for products/services that you sell
• Deciding what to sell a product/service for
• Changing the price up or down
Marketing-Information Management
MIM
• marketing research
• gathers, analyzes, and distributes information about markets,
competition, and customers
• one of the main ways a business learns what customers want
• surveys, meeting with customers
Market Planning
• identifying target market
• segmenting the market
• determine strategies based on target market
• conduct market analysis
• develop marketing plan
Promotion
nonpersonal communication with customers to influence them
to purchase products
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Advertising
Public relations
Sales promotion
Publicity
Selling
personal communications with customers
• helping customers in a store
• making sales presentations
• answering questions on phone
• demonstrating how product works
• question customers
Who does this???
Think about the place where you work, your school store, or
another business you know.
Who performs each of these 7 marketing functions?
Work with your neighbor to:
• List the name of the business
• List the 7 functions and who at that business would perform
that function (position of person, not personal name)