The World of Marketing

Chapter 1, Section 1

The process of planning, pricing, promoting, selling, and distributing goods, services, or ideas to create exchanges that satisfy customers.

What is marketing?

Goods

Services

Ideas

MARKETING

connects

Exchange

Seven Functions of Marketing

• Distribution• Financing• Marketing

Information Management

• Pricing

• Product/Service Management

• Promotion• Selling

Find the other members of your group

Use the textbook and online resources to find out about the function of marketing you selected

Create a 2-3 minute presentation to teach the class about that function

Distribution

deciding how and to whom products need to be sold to reach consumers

Financing

getting the money necessary to pay for setting up and running a business

Marketing Information Management

getting information about customers, trends, and competing products to make sound marketing decisions usually obtained

through research using questionnaires or other surveys

Pricing

how much to charge for goods and services to

maximize profit

Product/Service Management

Obtaining, developing, maintaining, and improving a product or product mix in

response to market opportunities.

Promotion

the effort to inform, persuade or remind potential customers about a business’s

products or services

Selling

Planned, personalized communication that influences purchase decisions.

The Marketing Concept

Businesses must satisfy customers’ needs and wants in order to make a profit.

Select two products you use in your everyday life.

In a one-page, typed report, explain the following:

• To whom do you believe the product is marketed

• How do you think pricing decisions are made for this product

Print the report and turn it in to the basket