Marketing Basics

1
Marketing Basics

• Marketing-the creation and maintenance of
  satisfying exchange relationships
• Creation-product development
• Maintenance-continues even after the consumer
  buys the product
• Satisfaction-meets the needs of both parties
• Exchange Relationships-both parties get something
  of value

2
Marketing Mix

• Four Ps
• Product
• Placement (Distribution)
• Price
• Promotion

3
Product

• Is what the business offers customers to satisfy
  needs.
• Athletic shoes, games, video rentals

4
Placement (Distribution)

• Involves how we make the product available to the
  consumer

5
Price

• The amount the customer is willing to pay for a
  product

6
Promotion

• Involves the ways to encourage customers to
  purchase products and increase customer
  satisfaction
• Advertising, publicity, personal selling, and
  public relations

7
Key Marketing Functions

• Product/Service Management
• Distribution
• Selling
• Marketing-Information Management
• Financing
• Pricing
• Promotion

8
Product/Service Management

• Designing, developing, maintaining, improving,
  and acquiring products or services so they meet
  customer needs.

9
Distribution

• Determining the best way to get the product to
  the consumer
• Personal selling
• In store
• On line
• Mail order

10
Selling

• Direct and personal communication with customer
• Satisfy current needs and anticipate future needs

11
Marketing-Information Management

• Gathering info about customers
• Surveys
• On-line forms
• Warranty registrations
• Those annoying people in the mall

12
Financing

• The budget to sell the item
• The ways to assist customers in purchasing your
  product
• 0 financing

13
Pricing

• Communicating the value or cost of goods
• High price and quality
• Low price and high volume
• High price with low volume

14
Promotion

• Using advertising and other forms of
  communication to inform about products
• Commercials
• Cubs Floppy Hat Day
• McDonalds Beanies