Transcript Marketing Is All Around Us

Marketing Is All Around Us
Chapter 1.1
The Reality…
 You have been marketed to since you
were very young.
 You probably know a lot about
marketing from the viewpoint of the
potential customer.
Think/Discuss…
 Think of something you have bought
 Think of something that was bought
for you
 Discuss why you wanted these
particular things
Change Your Thinking…
 This class will encourage you to look
at the world through a different lens…
 Stop thinking like a consumer, and
start thinking like a marketer!
Key terms:
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marketing
goods
services
marketing concept
Marketing
 Definition:
 Process of_______, pricing, promoting,
________, and distributing ideas, goods,
or services to create ____________ that
satisfy customers.
 Must keep up with _______and
consumer_____________
 All __________of marketing support
this effort
Goods
 Definition:
 ___________items that have monetary
value and ________ your needs and
wants
 Examples:
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Cars
Toys
Furniture
Clothing
Services
 Definition:
 ___________items that have monetary
value and satisfy your ___________and
wants (i.e., you cannot physically touch
them)
 Examples:
 Cooking a meal
 Cutting and styling hair
Exchange
 Definition:
 Any time someone _____or
_____something in the marketplace
Foundations of Marketing
 Business,_________,
entrepreneurship
 Communication and __________skills
 _____________
 Professional development
Seven Functions of Marketing
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Financing
____________________________
Pricing
Product/Service Management
_________________
Selling
Distribution
 Process of deciding how to ________get
the goods to the customer
 Main methods are ________, rail,
_________, air
 Large retail chains store products in
_________and distribute later
 Tracking products (inventory) is also a
component of the process
Financing
 Getting the___________ that is
necessary to pay for setting up and
running a business
 Often in the form of a bank loan and/or
forming a corporation and selling shares
(or stock) of the business
 Also includes decisions about whether
or not to offer customers _________
Marketing Information Management
 Process of gathering__________,
________it, and ____________ it
 Companies continually collect said
info through market research studies
 The better your information, the
better decisions you can make!
Pricing
 How much to _____________for goods and
services in order to make a___________
 Based on ___________and what
___________________charge for the same
product or service
 Determine how much are customers willing
to ______________
 Escort versus Lexus
Product/Service Management
 ___________,______________,
maintaining, and ________a product
in response to market__________
 Market _______guides this
http://www.gatorade.com/#/products/g2
Promotion
 Effort to_________, _______, or
_____________potential customers
about a business’s products or
services
 Examples: Radio and TV commercials
(advertising = type of promotion)
 Used to improve company’s public
image
Selling
 Provides__________ with
the________ and
_________they___________
 Two markets
 Selling to you the customer = Retail
market
 Selling to a business = Business to
Business (B2B) (i.e, wholesalers,
retailers, manufacturers)
Selling, continued
 Needs and wants of the client determine
__________you sell (techniques & activities)
 Selling requires_________, ____________
communication
 _________________selling can influence
purchase _________________and enhance
future business opportunities
Marketing Concept
 Idea that a business should
_____________to
____________customers’
_________and _____while
generating a_________
 _________is on the customer!
 __________building is key, as repeat
customers keep a company in
business
Customer Relationship
Management (CRM)
 Combines customer
_________(through d_________ and
computer technology) with customer
service and marketing
communications
 Try to create more meaningful oneon-one communication
Homework: 15 points
Please type
 Identify a business that believes in
the marketing concept
 What products do they market?
 Who is their competition?
 What makes them stand out?
 Who is the intended target market?
 How do they promote? Use specific
examples.
15 points
Taco Bell