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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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Marketing and the marketing concept

Section 1.1

Marketing and the Marketing Concept

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


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

The importance of marketing

Section 1.2

The Importance of Marketing

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

Fundamentals of marketing

Section 1.3

Fundamentals of Marketing

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