Transcript What is Marketing?

Marketing
Marketing
Ms. Smith
So…what is Marketing anyway?


Marketing is the process of
planning, pricing, promoting,
selling, and distributing ideas
to create exchanges that
satisfy customers.
Broken into 2 categories:
 Goods: tangible items that satisfy
your needs and wants.
 Services: intangible items that
satisfy your needs and wants.
Take a look around this room.
What is being marketed to you?
Every product brand just wants to be recognized
by consumers, whether it be through design,
colors, or price.
The 7 Functions of Marketing
Distribution: the process of deciding how to get
goods in customers’ hands.
1.

What stores will sell your merchandise?
Financing: getting the money that is necessary to
pay for set-up.
2.

Where will you get this money from?
Marketing Information Management: to gather,
store, and analyze information about customers,
trends and competing products.
3.

How will they get this information?
Pricing: based on costs and what competitors
charge for the same product.
4.

How much customers are willing to pay?
functions continued…
5. Product/Service Management: maintaining and
improving a product or a product mix in response to
market opportunities.
 Are we keeping up-to-date with trends?
6. Promotion: the effort to inform, persuade, or remind
potential customers about a business’s products.
 How will we advertise?
7. Selling: determining client needs and wants and
responding through planned, personalized
communication.
 Who and how will we sell our products?

With a partner, you are to identify the 7 functions of
marketing for a product or service of your choice.
Then, research its:







Distribution
Financing*
Marketing Information Management*
Pricing
Product/ service management
Promotion
Selling
 Include the information you gather into
a poster, depicting each function! Use
bullet points within boxes to organize information.
You MUST have at least 5 bullet points for each!

All people who share similar needs and wants and who have
the ability to purchase a given product.


Consumer Market: consists of consumers who
purchase goods/services for personal use.
This market is interested in products that will:






Save them money
Make their life easier
Improve their appearance
Create status in the community
Industrial Market: business-to-business (B-to-B)
market includes all businesses that buy
products for use in their operations.
Goals & objectives of this market relate to:
 Improve productivity
 Increase sales
 Decrease expenses

Market Share: a
company’s percentage
of the total sales volume
generated by all
companies that
compete in a given
market.

Target Market: the group
of people most likely to
become customers of a
product or service.

Customer Profile: lists
information about the
target market, such as
age, income level,
ethnic background,
occupation, attitudes,
lifestyle, and geographic
residence.

Includes the four basic marketing
strategies called the 4 P’s:
 Product: features, brand name, packaging,
service, and warranty are all part of the
development of a product.
 Place: getting the product into the
customer’s hands. Knowing where one’s
customers shop.
 Price: the amount of which to charge
customers.
 Promotion: how potential customers will be
informed of a company’s products, including
the message, the media selected, special
offers, and the timing of the promotional
campaigns.