Transcript Explain Marketing

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Marketing I
Explain the
basic
concepts of
marketing.
Marketing

The process of developing,
promoting, pricing and distributing
products in order to satisfy
customers’ needs and wants.
Marketing involves all the activities
necessary in getting a product from
the producer to the consumer.
Marketing Concept


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Businesses become successful by
directing all of their efforts to
satisfying the needs and wants of the
customers.
Businesses make a profit by offering
the goods and services that the
consumer wants.
Recognizes the importance of the
consumer in the buying process.
The Customer is ALWAYS RIGHT!
The Seven Functions of
Marketing
1.Marketing Information
Management
2.Product/Service Management
3.Financing
4.Pricing
5.Promotion
6.Selling
7.Distribution
Marketing-Information
Management
Obtaining information needed
to make sound business
decisions. Example: Taste
tests and surveys.
Product/Service
Management

Concepts and
procedures
necessary to
obtain, develop,
maintain, and
improve a product
or service mix in
response to
market
opportunities.

A. Risk Management:
preventing or
reducing business
loss.

B. Purchasing:
Buying goods and
services for use in
the day-to-day about
where a product is
sold.
Financing
Obtaining money needed to finance
the operation of a business. This
includes bank loans and offering
credit to customers.
Pricing
Determining a value to charge for
goods and services. It is important
to consider competition and what
consumers are willing and able to
pay.
Promotion
Communication used to inform or
remind people about a business’s
products. Promotion also involves
persuading customers to purchase a
product.
Your AD here!
Selling
Determining customer needs and
wants through planned, personalized
communication intended to influence
purchase decisions and ensure
satisfaction.
Distribution
The transporting, storing and handling
of goods on their way from the
manufacturer to the consumer. This
includes the decisions about where
to sell a product.
The Four P’s of
Marketing
The marketing mix, known
as the four P’s, is a
combination of decisions a
business must make in
order to best reach its
target market
PRODUCT

The goods and services a business
will offer to its customers
A. Choice of product: Will the business
offer a variety of products?
 B. Packaging: Does the packaging
protect the product and provide
necessary information about the
product?

PRODUCT continued . . .
C. Level of quality: What level of
quality will the business ensure?
 D. Brand name: What brand name
products will the business offer?
 E. Warranty: Will the business offer a
warranty to its customers to ensure
satisfaction?
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PRICE

The amount a business charges
customers for their products
A. Price setting. Price will be set based
on product demand, cost, and
competitors’ actions.
 B. Terms. Will the company only
accept cash? Will the company extend
credit? What type of credit will the
company extend?

PRICE continued . . .

Discounts. Will the business offer
discounts to employees? Locals? Will
the business discount merchandise at
certain times of the year?
PROMOTION

Informing, reminding, and
persuading customers of the goods
and services available to them.
A. What will the message be?
 B. When will the message be delivered?
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PROMOTION continued . . .
C. Where will the message be
delivered?
 D. What inducements will be used to
encourage customers to purchase the
product?
 E. How will the message be delivered?
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PLACE (distribution)

Making products available at the
right time and location.
A. Channels of Distribution: the path a
product takes to get from the producer
to the consumer
 B. What specific stores will offer the
products? (wholesaler, retailer,

department, discount, etc.)
PLACE continued . . .

C. What method of transportation will
be used to get the product from the
producer to the consumer? (truck,
train, plane, boat, pipeline)
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D. How will inventory be handled and
controlled? (methods- physical,
storing, checking, or receiving)