World of MarketingCHAPTER 1

With a partner, come up with a definition of marketing that you would see in a textbook

Please don’t use any resources, create the definition on your own

We will share as a group

BELL RINGER

Marketing- the process of developing, promoting, and distributing products, or goods and services, to satisfy customers’ needs and wants.

In order to market something, it must either be a good or service

Goods- tangible (touchable) products. Ex – basketball, computer, chair

Services- intangible (not touchable). Ex – Doctor, lawyer, healthcare

WHAT IS MARKETING?

THE MARKETING PROCESS

Develop

Promote

Distribute

Involves studying consumers to determine what they want

Design the products that will satisfy their needs and wants

Market researchQuestionnairesSurveys

DEVELOP

What are forms of promotion?Helps to:

Educate consumersCreate interest and desireMake salesCreate an image for a company and its products

Play Logo/Slogan games on my wiki under Chapter 1

PROMOTION

"You can have the best product in the world, but if nobody knows about it, what good is it?“ – Phil Knight, Chairman of Nike

You need to get the product into the hands of customer!

Buying and selling are also involved with distribution

Some companies sell directly to the consumer Direct mail Telephone solicitation (We love telemarketers!) Internet

Most use intermediaries (middle-man): Wholesalers Retailers

DISTRIBUTION

INTERMEDIARIES

Producer

Intermediary:

WholesalerRetailer

Consumer

Wholesaler- reseller who buy goods, store them, and sell them in smaller quantities to retailers or directly to organizations.A manufacturer or sporting goods may sell its products to wholesalers

That wholesaler then sells the product to different retailers or directly to a sports organization

NASGW – go to my wiki and see if you recognize any sporting good wholesalers

Hard to give examples because we don’t really hear about the companies!

WHOLESALER

Retailer- Sell their goods directly to the consumer.They are resellers too, but they sell their goods directly to the consumer

A lot easier to give examples because we see them everyday!

RETAILERS

Successful organizations recognize the importance of their customers

Marketing concept- the idea that organizations need to satisfy their customers while also trying to reach their organizations’ goals.

To be profitable, businesses must focus their efforts on our needs and wants!

THE MARKETING CONCEPT