Marketing & The Marketing concept

MARKETING &

THE MARKETING CONCEPT

Chapter 1, Section 1

MARKETING The activity, set of institutions, and

processes for creating, communicating, delivering, and exchanging offerings that have value for customers.

It involves the process of planning, pricing, promoting, selling, and distributing ideas, goods and services.

MARKETING Marketing is ongoing, and it changes.

As a marketer you need to keep up with trends and consumer attitudes.

What trends have you noticed in your experience as a teenager?

GOODS Tangible items that have monetary value

and satisfy your needs and wants.

SERVICES Intangible items that have monetary

value and satisfy your needs and wants.

IDEAS A thought, suggestion, concept, or

movement

7 CORE FUNCTIONS

ofMARKETING

CHANNEL MANAGEMENT Channel Management is the process of

deciding HOW to get goods into customer’s hands.

Physically moving and storing goods is part of distribution planning. (truck, rail, ship, or air)

GOAL: to find the best way to get the product into the customer’s hands based on his or her purchasing methods.

INFORMATION MANAGEMENT A well thought out marketing decision is

based on information about customers, trends, and competing products.

Gathering, Storing, and Analyzing are all part of marketing information management.

Used to create a marketing plan

MARKET PLANNING Understanding the concepts and

strategies used to develop and target specific marketing strategies to a select audience.

Determining information needs, designing date-collection processes, collecting data, analyzing data, presenting data, and using the data to create a marketing plan.

PRICING Pricing decisions dictate how much to

charge for goods and services in order to make a profit

Based on:Production & Distribution CostsCompetitorsHow much customers are willing to pay

PRODUCT/SERVICE MANAGEMENT Obtaining, developing, maintaining, and

improving a product or a product mix in response to market opportunities

New technology and trends influence product/service management

PROMOTION The effort to inform, persuade, or remind

current and potential customers about a business’s products or services

AKA Advertising

Also used to improve a company’s public image (“Going Green”)

SELLING Selling in the retail market, the

customer, and B2B to wholesalers, retailers, or manufacturers.

Techniques and activities include determining client needs and wantsResponding with planned, personalized

communication.