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Introduction To Marketing . Marketing Functions Utility Marketing Concept. The process of developing, promoting, and distributing products to satisfy customers’ needs and wants. . What Is Marketing?. Products – goods and services that have monetary value.

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introduction to marketing

Introduction To Marketing

Marketing Functions

Utility

Marketing Concept

the process of developing promoting and distributing products to satisfy customers needs and wants
The process of developing, promoting, and distributing products to satisfy customers’ needs and wants.

What Is Marketing?

marketing is based on exchange
Marketing is based on Exchange
  • Marketing connects business’ to their customers.
exchange
Exchange
  • An exchange takes place every time something is sold in the marketplace.
exchange1

EXCHANGE

When the producer is someone other than the consumer, some form of exchange takes place.

foundations of marketing
Foundations of Marketing
  • Business, Management, Entrepreneurship
  • Communication and Interpersonal Skills
  • Economics
  • Professional Development
functions of marketing
Functions of Marketing
  • Activities that work together to get goods and services from producers to consumers
  • Each is essential
slide13
Marketing Information ManagementGetting information to make sound business decisions. Usually obtained through marketing research
slide14
For example, after a stay at a luxury hotel, you fill out a form rating the service and accommodations.
product service management
Product Service Management
  • Obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities.
slide17
Promotion Communicating with potential customers to inform, persuade, or remind them about a business’s products
the marketing concept

The Marketing Concept

Businesses must satisfy customers’ needs and wants in order to make a profit

slide20

When Henry Ford first created the Model T, he was the only one mass producing cars. He didn’t have to think about “The Marketing Concept.” But, as more and more producers started making cars, they had to think about what customers need and want in order to stay in business.

Click on the Model T Ford to see Henry Ford’s thoughts about car color in the early 1900’s.

slide21

Imagine if, in today’s world, you could only buy black. Many customers would not be very happy!

the marketing concept1
The Marketing Concept
  • If automobile manufactures do not give their customers a choice (what they want), they will not stay in business.
  • That concept is true for all businesses.
  • You must give the customer what they need and want.
the marketing concept2

The Marketing Concept

That is what we mean by The Marketing Concept

Businesses must know their customers . . .

Businesses must satisfy customers’ needs and wants in order to make a profit

economic benefits of marketing
Economic Benefits of Marketing
  • Marketing bridges the gap between you and the maker or seller of an item
slide25

Economic Benefits of Marketing

New and Improved Products --businesses look for opportunities to please the customer

slide26

Economic Benefits of Marketing

Lower Prices – marketing activities add value and increase demand. When demand is high, manufacturers can produce at a lower price. They can sell at a lower price but increase the quantity sold. Thus, profits are higher even though prices are low.

added value utility
Added Value = Utility

In economic terms, utility does not mean your closet or the electric company.

there are five types of utility

Added Value = Utility

Attributes of a product or service that make it capable of satisfying consumers’ wants and needs.

There are five types of Utility:
form utility
Form Utility

Changing raw materials or putting parts together to make them more useful – making and producing things.

  • Sand into glass
  • Wood into paper
  • Silk into fabric
place utility

Place Utility

Having a product where customers can buy it.

it involves
It Involves
  • Location – may be through a catalog or at a retailer (actual store) – or, Internet.
  • Transporting the product to the location.
time utility

Time Utility

  • Planning and ordering
  • Time of day and week
  • Time of year: holidays and seasons

Having a product available at a certain time of year or a convenient time of day.

slide34

Possession Utility

The exchange of a product for some monetary value.

payment may be made by
Payment may be made by
  • Cash
  • Personal checks
  • Credit cards
  • Installments

(layaway)

slide36

Information Utility

Involves communication with the consumer.

  • ads
  • packaging
  • signs
  • displays
  • owner’s manuals
which types of utility are related to marketing
Which types of utility are related to marketing?

Form utility is a function of production, NOT marketing

consumer markets
Consumer Markets
  • Consist of consumers who purchase goods and services for personal use.
industrial markets
Industrial Markets
  • Business-to-business (B-to B) markets include all businesses that buy products for use in their operations.
market share
Market Share
  • A company’s percentage of the total sales volume generated by all companies that compete in a given market.
target marketing

Target Marketing

Focusing all decisions on a very specific group of people who you want to reach.

customer profile
Customer Profile
  • To develop a clear picture of their target market, businesses create a customer profile.
  • It lists information about the target market, such as age, income level, occupation, attitudes, lifestyle, and geographic residence
slide45

Customers – people who buy the product

  • Consumers – people who actually use the product

Is mom the customer or the consumer? The kids?

product strategies
Product Strategies
  • What product to make
  • How to package it
  • What brand name to use
  • What image to project
place strategies
Place Strategies
  • How and where a product will be distributed.
price strategies
Price Strategies
  • Reflect what customers are willing and able to pay.
promotion strategies
Promotion Strategies
  • How potential customers will be told about the new product
  • What the message will be
  • When and where it will be delivered
  • What inducements are there to buy
the marketing mix the 4 p s
The Marketing Mix – The 4 P’s
  • Contains countless alternatives.
  • Management must select a combination of marketing mix decisions that will satisfy target markets and achieve organizational goals.
analyzing markets

Analyzing Markets

Market segmentation is a way of analyzing a market by specific characteristics in order to create a target market

types of segmentation
Types of Segmentation:
  • Demographics
  • Psychographics
  • Geographics
  • Behavioral
demographics statistics that describe a population in terms of personal characteristics
Demographics – statistics that describe a population in terms of personal characteristics.
  • Age
    • Baby Boom Generation
    • Generation X
    • Generation Y
  • Gender
slide56

Income

    • Disposable income – money left after taking out taxes
    • Discretionary income – money left after paying for basic living necessities such as food, shelter, and clothing
psychographics
Psychographics
  • Involves grouping people with similar lifestyles, as well as shared attitudes, values, and opinions.
    • Activities
    • Attitudes
    • Personality & Values
behavioral segmentation
Behavioral Segmentation
  • Looking at the benefits desired by consumers, shopping patterns, and usage rate. Market benefits, not just the physical characteristics of a product
behavioral segmentation1
Behavioral Segmentation
  • Many businesses find that the 80/20 rule applies.
  • 80 % of a company’s sales are generated by 20 % of its loyal customers.
mass marketing vs segmentation
Mass Marketing Vs Segmentation
  • Mass marketing not as popular as it once was.
  • Niche marketing (the current trend) – markets are narrowed down and defined with extreme precision.