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What is Marketing?. What is Marketing?. It is the sum of all the activities involved in planning , pricing , promoting , distributing , and selling of goods and services to satisfy the consumers’ NEEDS and WANTS. Everybody is selling something. Manufacturers -----> consumers
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What is Marketing? • It is the sum of all the activities involved in planning, pricing, promoting, distributing, and selling of goods and services to satisfy the consumers’ NEEDS and WANTS.
Everybody is selling something • Manufacturers -----> consumers • Politicians -----> ideas to voters • Services ----> expertise to buyers • Non-Profits ----> donors • Individuals ----> themselves to potential employers
The Goods & The Services • The Object of marketing is to distribute the goods and services. • 2 types of Goods & Services • Industrial • Consumer
Industrial Products that are used in business to make other products. • Raw Materials: logging, mining, farming, fishing, etc • Processed Goods: these are goods that have been altered from their original state – trees into lumber • Finished Goods: products that no longer require processing and are used to make another product. Think of a coffee machine at Starbucks making coffee for consumers.
Consumer Goods • Non-Industrial Goods intended for use by the public. • Baseball bats • Hockey Sticks • Cars • Companies often have two marketing plans: one for Joe Public and one for companies.
Industrial Services& Consumer Services • Services are activities performed for others.
You have to know your market! • Marketing Concept: businesses must consider their markets and competitors in every important business decision. • 3 basic steps: • Indentify an opportunity in a specific consumer or industrial market. • Ensure that the opportunity has not already been met in the competitive market. • Use appropriate marketing strategies to organize marketing plans and to sell its product or service successfully.
Supply & Demand • Low Supply = High Demand • When demand is high the product sells itself so there is no need for a huge marketing campaign. • High Supply = Low Demand • Marketing becomes key to the success of the company.
Marking Concept Today • Supply has become so readily available that consumers have become selective. • You don’t need to buy Coca-Cola – What about Pepsi, RC Cola, Jolt, Presidents Choice etc. CHOICE! • Because of this choice, companies now have to produce and market goods that consumers WANT. • Safer Cars • Green Products • Healthy Choices
