ms. smith marketing. marketing is the process of planning, pricing, promoting, selling, and...

Ms. Smith

MarketingMarketing

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.

So…what is Marketing anyway?

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…

1. Distribution: the process of deciding how to get goods in customers’ hands.

What stores will sell your merchandise?2. Financing: getting the money that is necessary

to pay for set-up. Where will you get this money from?

3. Marketing Information Management: to gather, store, and analyze information about customers, trends and competing products.

How will they get this information?4. Pricing: based on costs and what competitors

charge for the same product. How much customers are willing to pay?

The 7 Functions of Marketing

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 the product or service that has been given to you: Distribution Financing Marketing Information Management Pricing Product/ service management Promotion Selling

Include the information you gather into a poster, depicting each function!

All people who share similar needs and wants and who have the ability to purchase a given product are called a market.

Consumer Market: consists of consumers who purchase goods and services for personal use.

For the most part, consumers are 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 business firms 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.

Marketing Mix: includes the four basic marketing strategies called the 4 P’s: Product: a product’s feature, brand name,

packaging, service, and warranty are all part of the development.

Place: the means of getting the product into the customer’s hands. Knowing where one’s customers shop helps to make place decision.

Price: what is exchanged for a product. Promotion: deal with how potential

customers will be told about a company’s products, including the message, the media selected, special offers, and the timing of the promotional campaigns.