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Transcript of Chapter 10-1. What is Marketing? Marketing is the process of planning and executing the conception,...
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Marketing BasicsChapter 10-1
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What is Marketing?Marketing is the process of planning and
executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
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Obvious Marketing Activities That You Take Part In:
See or hear advertisementsSee the brand names of
productsRead product description
on websiteInteract with salespeople
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Not So Obvious Marketing Activities:Storing products in warehouses Distributing productsEstablishing and accepting creditArranging for online paymentGathering of data on consumer needs
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Marketing BusinessesAdvertising agenciesMarketing research firmsTransportation companiesShipping and delivery companiesFinancial services companies
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Marketing Functions
Marketing Functions
Marketing Information
Management
Financing
Pricing
PromotionProduct/Service Management
Distribution
Selling
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Product/Service ManagementDesigning, developing, maintaining,
improving, and acquiring products and services that meet consumer needs.
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DistributionDetermining the best ways for customers to
locate, obtain, and use the products and services of an organization
Careful shipping, handling, and storing of products are needed for effective distribution
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SellingCommunicating
directly with potential customers to determine and satisfy their needs.
Selling can be face to face or by using a telephone or other technology
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Marketing- Information ManagementObtaining, managing, and using market
information to improve business decision-making and the performance of marketing activities.
Includes marketing research and the development of databases with information about products, customers, and competitors.
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FinancingBudgeting for
marketing activities, obtaining the necessary funds needed for operations, and providing financial assistance to customers so they can purchase the product.
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PricingThe setting and communicating of the value
of products and services.Prices must be set low enough that
customers are willing to pay but high enough that the business makes a profit.
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PromotionThe communicating of information about
products and services to potential customers.
Advertising and other promotional methods are used to encourage consumers to buy.
Advertising may occur in a variety of ways:TelevisionNewspaperMagazineRadioDirect Mailinternet
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Marketing Strategy
Marketing strategy is a company’s plan that identifies how it will use marketing to satisfy customer needs better than competitors do, resulting in sales and profit.
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Marketing Strategy: A 2-Step ProcessIdentify Target Market
Create a Marketing Mix
A specific group of consumers that have similar wants and needs
Focusing on a target market makes it easier to develop products and services that those customers want
A blend of four marketing elements:
1. Product2. Price3. Promotion4. Place
**A successful marketing mix satisfies the wants and needs of the target market and provides a profit for the company****
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Marketing OrientationBusinesses do not assume they know what
customers want.Use research to study customers and their
needsResults in marketing mix designed to satisfy
customer needs
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Two Types of CustomersFinal Customer Business Customer
Persons who buy products and services for their own use
Persons, companies, and organizations that buy products for the operation of a business, for incorporation into other products and services, or for resale to their customers.
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Consumer Decision Making Process1. Recognize a need2. Gather information3. Select and evaluate alternatives4. Make a purchase decision5. Determine the effectiveness of the decision
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Buying MotivesEmotional buying
motiveRational buying
motiveReasons to purchase
based on feelings, beliefs, and attitudes.
Ex: buying a Valentine’s Day card or a security system for you home
Guided by facts and logic
Ex: Choosing a college or buying the most cost effective car