Date post: | 17-Jan-2016 |
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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