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.
▫ Products include goods 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.
Marketing and You
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Product planning
Packaging
Advertising
Displays
Promotional techniques
Selling
Distributing
Target audience
Marketing research
Foundations of Marketing
4 Basic Foundations
1.
Business, Management, and
Entrepreneurship – understanding the concepts
that affect business decision making
2. Communication and Interpersonal Skills –
understanding concepts, strategies and systems
needed to interact effectively with others
3. Economics – understanding the economic
principles and concepts that are basic to marketing
4. Professional Development – understanding
concepts and strategies needed for career
exploration, development, and growth
7 Functions of Marketing
1. Distribution – deciding where and to whom
products need to be sold in order to reach the
final users.
2. Financing – getting the money that is
necessary to pay for the operation of a business.
3. Marketing Information Management –
getting the necessary information to make sound
business decisions.
4. Pricing – how much to charge for goods and
services in order to maximize profits.
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
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?