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Marketing is All Around Us. Ch. 1 ME. Section 1.1. Marketing and the Marketing Concept . The Scope of Marketing. Marketing – is the process of planning, pricing, promotion, selling, and distributing ideas, goods, or services to create exchanges to satisfy customers.

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the scope of marketing
The Scope of Marketing
  • Marketing – is the process of planning, pricing, promotion, selling, and distributing ideas, goods, or services to create exchanges to satisfy customers.
    • Is a process; is ongoing and it changes
    • Needs to keeps up with trends and consumer attitudes
ideas goods services
Ideas, Goods & Services
  • Ideas - is a concept or techniques that can be bough or sold
  • Goods - are tangible items that have monetary value and satisfy your needs and wants
  • Services – intangible items that have monetary value and satisfy your needs and wants
  • Marketplace– where the exchange takes place, every time someone sells or buys something
    • Usually a commercial environment
foundations of marketing
Foundations of Marketing

Business, management & entrepreneurship

Communication and interpersonal skills

Economics

Professional development

seven functions of marketing
Seven Functions of Marketing
  • Distribution – is the process of deciding hot to get goods in customers’ hands
    • Main methods – truck, rail, ship or air
    • Also involves systems that track products
  • Financing – is getting the money that is necessary to pay for setting up and running a business
seven functions of marketing1
Seven Functions of Marketing
  • Marketing Information Management – in which all marketing decisions rely on good information about customers, trends and competing products
    • Must gather information, store it and analyze it
    • Is done on continual basis and through special marketing research studies
  • Pricing – dictates how much to charge for goods and services in order to make a profit
    • Based on costs and on what competitors charge for the same product or service
    • Determines how much a customer is willing to pay
seven functions of marketing2
Seven Functions of Marketing
  • Product/Service Management – is obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities
  • Promotion – is the effort to inform, persuade, and remind potential customers about a business’s products or services
    • Used for advertising
    • Also used to improve a company’s public image
seven functions of marketing3
Seven Functions of Marketing
  • Selling – provides customers with the goods and services they want
    • Includes selling in the retail market to customers, and business-to-business to wholesales, retailers, or manufacturers
    • Selling techniques include determining client needs and wants, and responding through planned, personalized communication
the marketing concept
The Marketing Concept
  • Marketing Concept – is the ides that a business should strive to satisfy customers’ needs and wants while generating a profit for the firm
    • Responsible personnel of the firm must understand the marketing concept, and provide the best possible service to its customers
    • Repeat customers keep a company in business
customer relationship management crm
Customer Relationship Management (CRM)

Customer Relationship Management (CRM)- is an aspect of the marketing that combines customer information with customer service and marketing communications

benefits of marketing
Benefits of Marketing
  • New and Improved Products
    • Marketing generates competition
  • Lower Prices
    • Marketing increases demand
  • Added Value and Utility
    • Utility– is added value in economic terms
      • Are the attributes of a product or service that make it capable of satisfying consumers’ needs and wants
added value and utility
Added Value and Utility
  • Form Utility- involves changing raw materials or putting parts together to make them more useful
    • Manufacturing of products involves taking things of little value by themselves and putting them together to create more value
    • Special features or ingredients add value and increase form utility value
      • Examples: zippers and electronic controls in a steering wheel
added value and utility1
Added Value and Utility
  • Place Utility – involves having a product where customers can buy it
    • Customer shopping habits determine the most convenient and efficient locations
    • Direct approach by selling through catalogs, others business or internet
  • Time Utility– is having a product available at a certain time of year or a convenient time of day
added value and utility2
Added Value and Utility
  • Possession Utility– the exchange of a product for money
    • Involves every time legal ownership of a product changes hands
  • Information Utility – involves communication with customers
    • Examples: sales people, displays, packaging and labeling, advertising, owners’ manuals & Web sites
market identification
Market Identification

Market – all people who share similar needs and wants and who have the ability to purchase a given product

consumer vs industrial
Consumer vs. Industrial
  • Consumer Market – consists of consumers who purchase goods and services for personal use
    • Needs and wants address lifestyle categories
  • Industrial Market (Business to Business) – includes all businesses that buy products for use in their operations
    • Most relate to improving profits
market share target markets
Market Share & Target Markets
  • Market Share – is its percentage of the total sales volume generated by all companies that compete in a given market
    • Change all the time as new competitors enter the market and as the size of the market increases or decreases in volume
  • Market Segmentation – is the process of clarifying customers by needs and wants
  • Target Market – the group that is identified for a specific marketing program
    • All marketing strategies are directed at the target market
    • Is the key to a successful marketing plan
consumers vs consumers
Consumers vs. Consumers
  • A product may have more than one target market
  • Customer Profile – develops a clear picture of a target market
    • Lists information, such as: age, income level, ethnic background, occupation, attitudes, lifestyle, and geographic residence
marketing mix
Marketing Mix
  • Product
    • Decisions begin with what to make and sell
    • Product feature’s include: brand name, packaging, service, and warranty
    • What to do with current products; updating, improving or discontinue
  • Place
    • The means of getting the product into the consumer’s hands
    • Know where target markets shop
    • Determines how and where a product will be distributed, transportation methods and stock levels
marketing mix1
Marketing Mix
  • Price
    • Is what is exchanged for the product
    • Should reflect what customers are willing and able to pay
    • Take into account prices that competition charges for comparable products
  • Promotion
    • Refers to the decisions about advertising, personal selling, sales promotion, and publicity
    • Deal with how customers will be told about a company’s products
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