Download - Marketing in Today’s World
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CHAPTER 13 .1INTRODUCTION TO BUSINESS AND
MARKETING
Marketing in Today’s World
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Objectives
Define marketing.
Identify the functions of marketing.
List the elements of the marketing mix.
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The Main Idea
To sell their products or services, businesses engage in marketing activities.
They find and analyze potential customers and then try to meet their wants and needs.
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The Basics of Marketing
To market a product successfully a company must understand:
What people want to buyWhy they want to buy it
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The Basics of Marketing
A company must know the market.
In the global marketplace, many countries can make up a market.
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The Basics of Marketing
Marketing includes studying what people want and designing a product’s packaging.
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The Functions of Marketing
The seven functions of marketing define all the aspects that are part of marketing.
Distribution
Pricing
Financing
MarketingInformationManagement
Product/Service
Management
Promotion
Selling
1
2
3
45
6
7
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The Seven Marketing Functions
1 Distribution is the process of getting goods and services to customers.
2 Financing is getting the money that is necessary for setting up and running a business.
3Marketing information management is gathering and analyzing information about consumers, trends, and competitors’ products
4Pricing is deciding how much to charge for a product or service so the business can make a profit.
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5Product/service management is obtaining, developing, maintaining, and improving a product or product mix in response to the market.
6Promotion is any effort to inform, persuade, or remind potential customers about a business’s products or services
7 Selling is providing customers with the goods and services they choose to buy.
The Seven Marketing Functions
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The Functions of Marketing
Relationship marketing is part of the selling function of marketing.
It is used to build and maintain relationships with their customers.
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The Marketing Mix
P P P PProduct Place Price Promotion
In recent years, many people have begun to include a fifth P for
people.
The marketing mix consists of four basic marketing strategies.
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ProductFirst, marketing is used to find out if there a demand for a product.
Marketing is then concerned with how to make the product appeal to consumers.
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Graphic Organizer
Establish demand
Make the product appealing Packaging design
Design
Color
Size
Brand name
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Place
Marketers have to decide how and where customers will buy their goods and services.
Then, marketers have to consider in what kind of location to sell their product.
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PlaceTo make place decisions, marketers select the right channel of distribution.
Distribution decisions affect the price of products.
Marketers can use direct distribution or indirect distribution.
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Price
Questions to Ask When Determining
the Price of a ProductHow much are customers willing to pay?
Is the price competitive with other products?
Can the company make a profit?
1 2 3
A marketer must consider the break-even point.
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Promotion
Promotion involves making customers aware of a product.
Advertising and offering discounts are two popular methods of promotion.
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Promotion: Celebrity Endorsements
Many big companies hire celebrities to endorse what they sell. A celebrity endorsement is public support from a well-known person for a product or services. Companies put celebrities in their TV commercials and print ads.