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UNIT 2 What Is MarketingUNIT 2 What Is Marketing What You'll LearnWhat You'll Learn
The meaning of marketing The foundations of marketing The functions of marketing
KEY TERMS Marketing – Products - Exchange -
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What Is MarketingWhat Is Marketing
Marketing is the process of developing, promoting, and distributing products to satisfy customers' wants and needs.
What Is Marketing
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What Is MarketingWhat Is Marketing
Goods: Hammers, automobiles, soda pop, clothing, and computers
Services: Dry cleaners, amusement parks, attorneys, and movie theaters
Ideas: Political Campaigns, education
Products = Goods, Services, or ideas
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What Is MarketingWhat Is Marketing
Marketplace: Where goods and services are made available for exchange
Exchange: Buying or selling of a good or service (product)
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Graphic OrganizerGraphic Organizer
Marketing Functions
ProducersProducers ConsumersConsumers
FinancingPricingMarketing-Information ManagementProduct/Service ManagementPromotionDistributionSelling
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What Is MarketingWhat Is Marketing
Distribution
where and to whom products need to be sold in order to reach the final users.
Financing
getting the money needed to pay for the operation of a business.
Functions of Marketing
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What Is MarketingWhat Is Marketing
Marketing-Information Management getting the necessary information to make sound business decisions.
Pricing
dictates how much to charge for goods and services.
Functions of Marketing
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What Is MarketingWhat Is Marketing
Product/Service Management
obtaining, developing, maintaining, and improving a product.
Functions of Marketing
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What Is MarketingWhat Is Marketing
Promotion
communicating with potential customers to inform, persuade, or remind
Selling
is providing customers with goods and services they want.
Functions of Marketing
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What Is MarketingWhat Is Marketing
These functions define marketing as it is applied in business operations.
Functions of Marketing
Distribution Financing Marketing-Information Management Pricing Product/Service Management Promotion Selling
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What Is MarketingWhat Is Marketing
Why It's ImportantWhy It's Important
To be successful in business requires being marketing oriented. Learning how businesses and people operate from a marketing point of view will help you in all your future endeavors. You will also get a good idea of whether marketing is a potential career for you.
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What Is MarketingWhat Is Marketing
Building on these four foundations helps you to acquire marketing skills that are relevant to your own career development.
Foundations of Marketing
Business, Management, and Entrepreneurship
Communication and Interpersonal Skills Economics Professional Development
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What Is MarketingWhat Is Marketing
Business, Management, and Entrepreneurship Understanding the basics of business, management, and entrepreneurial concepts that affect business decision making.
Communication and Interpersonal Skills Understanding concepts, strategies, and systems needed to interact effectively with others.
Foundations of Marketing
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What Is MarketingWhat Is Marketing
Economics Understanding the economic principles and concepts that are basic to marketing.
Professional DevelopmentUnderstanding concepts and strategies needed for career exploration, development, and growth.
Foundations of Marketing
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Economic UtilitiesEconomic Utilities
Bridges the gap between you and the maker or seller of an item.
Makes buying easy for customers.
Creates new and improved products at lower prices.
Economic Benefits of Marketing