Marketing Today

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Marketing Today

• Marketing
• Chapter 1

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Warm-Up

• What type of marketing activities do you see
  everyday?
• Are you involved in marketing? If so, how? If
  not, why not?

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Why Study Marketing?

• To learn how businesses use marketing to increase
  their effectiveness and profits
• Improve personal marketing skills

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All Businesses Use Marketing
Businesses Directly Involved in Marketing Businesses with Major Marketing Activity Businesses with Limited Marketing Roles
Advertising Agencies Retailers Law Offices
Sales Reps. Manufacturers Physicians
Marketing Research Firms Banks Government Agencies
Trucking Companies Auto dealers Universities
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Marketing Functions
Promotions
Product
Distribution
Pricing
Selling
Financing
Info. Mgt.
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Seven Functions of Marketing

• Product Management
• Design/development of products
• Distribution
• Getting product from manufacturer to final
  customer
• Selling
• Direct personal communication with customer
• Information Management
• Obtaining information to improve performance

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Seven Marketing Functions

• Financing
• Budgeting for marketing activities or providing
  financing to customers
• Pricing
• Communicating the value of products
• Promotion
• Communicating information about product to
  consumers through advertising or other
  promotional methods

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Warm - Up

• Use complete sentences to answer the following
• What does it mean to be self sufficient?
• What is bartering? Give an example.

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What is Marketing?

• The creation and maintenance of satisfying
  exchange relationships

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The Marketing Concept

• Using the needs of customers as the primary focus
  during the planning, production, distribution,
  and promotion of a product

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The Marketing Concept

• Elements of the Marketing Concept
• Identify customer needs
• Develop and market products or services
• Operate a business profitability

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Warm-Up

• Read the definition of marketing on page 9, then
  answer the following
• What is the key attribute of the exchange
  relationship that marketers seek to create and
  maintain?

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The Need for Marketing

• First businesses developed marketing to improve
  exchange
• What if a company has a great product? Is there a
  need for marketing?
• Yes if customers do not know about the product
  then they cannot buy the product

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Marketing and the Development of Business

• Self Sufficient
• Do not rely on others for the things needed in
  order to survive
• Bartering
• Exchanging products
• Specialization of Labor
• Concentrating on one or a few activities

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Marketing and the Development of Business

• Money Systems
• Use of currency as a recognized medium for
  exchange
• Central Markets
• Location where people bring products to be
  conveniently exchanged

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Warm-Up

• Write an example of a business implementing the
  marketing concept.

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The Functions of Business

• Production
• Creates or obtains products for sale
• Raw Materials
• Processing
• Merchandising
• Offering products produced by others for sale to
  customers
• Wholesalers
• Retailers

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The Functions of Business

• Operations
• Makes sure that business is running
• Takes care of the facility
• Accounting/Finance
• Creates budget and maintains financial well-being
  of company

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The Functions of Business

• Management/Administration
• Sets objectives and goals for business
• Marketing
• Ensures effective exchange
• Coordination of Business Functions
• You must have all functions working together to
  have a profitable and successful business

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Warm-Up

• For the following Business functions give an
  examples of specific businesses using each
  function
• Production
• Operations
• Accounting/finance

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Warm-Up

• If a business is the sole producer of a product
  that its customers need, why should it bother
  with implementing the marketing concept?

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Implementing the Marketing Concept

• Identify the Market
• Develop a Marketing Mix
• Product
• Distribution
• Price
• Promotion

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Warm-Up

• Answer questions 1 8 pages 26 27 in the
  Marketing Textbook

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Activity

• In groups of 2 - 3
• Select a product or service that you buy
  frequently (select one for your group)
• Write down ways to improve the product or
  services marketing mix
• Explain how the suggested improvements would
  increase the satisfaction of both the consumers
  and business (or businesses that market the
  product/service)

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Warm-Up