marketing and business lap 1 marketing! what’s it all about?

Marketing and Business LAP 1

Marketing!

What’s it all about?


Marketing

“The process of planning, pricing, promoting, selling and distributing ideas, goods, and services to create exchanges that satisfy consumers.”


It is a process. It involves. . .

Planning Begins with what goods, services, and

ideas to produce or sell in order to satisfy consumers’ needs and wants.

Analyzing potential consumers to determine who they are and what items to produce or sell in order to satisfy them.



Pricing Items must be priced so that consumers

want to buy them. Price indicates quality and/or value to

consumers. Price must be set to enable businesses

to make a profit, but still be able to compete with others.



Promoting Marketing helps to create and stimulate

demand for products by informing people about them.

Advertising, Sales promotion, Publicity, and Personal Selling are forms of promotion.



Distributing Involves shipping, handling, and storing

of items on the way from the producers to the consumer.

Ensures that items are available when and where they are needed.


What is Marketed?

Durable Goods - desks, computers, houses

Nondurable Goods - food, cosmetics, gasoline

Services - banking, health care, job placement

People - Athletes, Musicians, Political Candidates

Places - Honeymoon locations, vacations

Organizations - NCAA, Labor unions, Art museums

Ideas - “Pitch in”, “Buckle up for Safety”


Benefits of Marketing

Raises the standard of living. Adds utility to goods and

services. Makes buying convenient. Maintains reasonable prices.


Benefits of Marketing

Improves the quality of life. Provides a variety of goods and

services. Increases production.


Where does Marketing occur?

Marketing is all around us! All types of businesses use marketing:

Producers

Wholesalers

Retailers

Consumer


Where does Marketing occur?

It occurs in service-selling businesses.

Examples:

Banks, Real estate agencies, Hospitals, Dentists, Hotels/Motels, etc...

It occurs in nonprofit organizations.

Examples:

Churches, Universities, Labor unions


Marketing Concept

Doing everything possible to satisfy—and delight—the customer…..

While making a PROFIT


Elements of the Marketing Concept

Customer Orientation Businesses must determine how they

can produce items people want and how can they do that more effectively.

Base decision-making about products on customer’s needs and wants.



Company Commitment An organization that applies the

marketing concept must focus all of its efforts on satisfying customer needs.

The marketing concept must become a part of the entire organization.



Company Goals A company should achieve its goals by

giving customers what they want. Companies exist by achieving their long

term goals- not by making quick sales and not achieving customer needs and wants.


Why is Marketing Important?

Increased production capacity. Increased buying power of

consumers. Need for coordinating production

and consumption.


Why is Marketing Important?

One-third of all workers are in marketing jobs.

Majority of businesses in the US are marketing-type businesses.

Fifty cents of every sales dollar goes to cover the costs of marketing.


Without Marketing. . .

Increased personal contact with businesses.

Less variety in products. Fewer product improvements. Fewer products developed. Increased stock shortages or overages.

marketing and business lap 1 marketing! what’s it all about?

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