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 planning, pricing, promoting,
selling, and distributing ideas, goods, or
services to create exchanges that satisfy
customers.
 Must keep up with trends and
consumer attitudes
 All functions of marketing support this
effort
Goods
 Definition:
 Tangible items that have monetary value
and satisfy your needs and wants
 Examples:
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Cars
Toys
Furniture
Clothing
Services
 Definition:
 Intangible items that have monetary
value and satisfy your needs and wants
(i.e., you cannot physically touch them)
 Examples:
 Cooking a meal
 Cutting and styling hair
Exchange
 Definition:
 Any time someone sells or buys
something in the marketplace
Foundations of Marketing
 Business, management,
entrepreneurship
 Communication and interpersonal
skills
 Economics
 Professional development
Seven Functions of Marketing
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Distribution
Financing
Marketing Information Management
Pricing
Product/Service Management
Promotion
Selling
Distribution
 Process of deciding how to physically get
the goods to the customer
 Main methods are truck, rail, ship, air
 Large retail chains store products in
warehouses and distribute later
 Tracking products (inventory) is also a
component of the process
Financing
 Getting the money 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 credit
Marketing Information Management
 Process of gathering information,
storing it, and analyzing it
 Companies continually collect said
info through market research studies
 The better your information, the
better decisions you can make!
Pricing
 How much to charge for goods and services
in order to make a profit
 Based on costs and what competition
charge for the same product or service
 Determine how much are customers willing
to pay
 Escort versus Lexus
Product/Service Management
 Obtaining, developing, maintaining,
and improving a product in response
to market opportunities
 Market research guides this
http://www.gatorade.com/#/products/g2
Promotion
 Effort to inform, persuade, or remind
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 customers with the goods
and services they want
 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 HOW you
sell (techniques & activities)
 Selling requires personalized, planned communication
 Strong selling can influence purchase decisions and
enhance future business opportunities
Marketing Concept
 Idea that a business should strive to
satisfy customers’ needs and wants
while generating a profit
 Focus is on the customer!
 Relationship building is key, as repeat
customers keep a company in
business
Customer Relationship
Management (CRM)
 Combines customer information
(through database 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