Marketing Indicator 1.01

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Marketing Indicator 1.01

• Identify and evaluate marketings role and
  function in business to facilitate economic
  exchanges with customers.

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What is Marketing?

• Marketing
• All activities to get product from manufacturer
  to consumer that are guided by consumers wants
  and needs

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Products

• Goods and services, both of which have monetary
  value and satisfy a customers needs and wants
• Goods purchases whichcan be physically touched
  (tangible)
• Services purchases which cannot be physically
  touched (intangible)

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Identify marketing activities.

• SWOT Analysis
• 4 Foundations of Marketing
• 7 Functions of Marketing
• Creating a Marketing Plan

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SWOT
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SWOT (cont.)

• Strengths Vs. Weaknesses Opportunities Vs.
  Threats
• The SWOT analysis provides a good framework for
  reviewing strategy, position and direction of a
  company or business proposition, or any other
  idea.

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4 Foundations of Marketing

• Economics - study of allocating resources to
  maximize their uses
• Business, Management, Entrepreneurship - study of
  operating and managing a business all the
  skills and concept necessary
• Communication Skills interacting with people
  and organizations
• Professional Development ongoing growth within
  a career path

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7 Functions of Marketing

• MIM PSM
• Pricing Distribution
• Promotion Selling
• Financing

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Marketing Functions

• Marketing Information Management provides usable
  info. to make business decisions.
• Ex Surveys, prototype for testing, test groups

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Marketing Functions
2. Product Service Management Designing,
producing, maintaining, improving, and obtaining
products to meet customers wants and
needs 3. Pricing Determining a value
tocharge in order to make a profit
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Marketing Functions
4. Distribution - Transporting, storing, and
handling goods from the manufacturer to the
consumer. -affects pricing due to transportation
costs. 5. Promotion - Communication that is
used to inform, persuade, or remind customers
about a businesss products. (Advertising)
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Marketing Functions
6. Selling - Determining and responding to
customers needs and wants through personalized
communication 7. Financing Manage cash needs
of a business on a daily basis for future needs.
Most businesses struggle the first years.
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7 Functions of Marketing

• MIM PSM
• Pricing Distribution
• Promotion Selling
• Financing
• How do they work together?

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Creating a Marketing Plan

• How Are Products Marketed
• Where Will Marketing Occur
• Elements Of Marketing

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Categorizing Marketed Items

• Goods tangible purchases
• Durable vs. Nondurable
• Consumer vs. Industrial

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Categorizing Marketed Items

• Services intangible purchases
• Consumer vs. Industrial

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Categorizing Marketed Items

• Organizations
• Profit vs. Nonprofit
• Places
• Tourist attractions, Cities

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Categorizing Marketed Items

• Ideas- inventions, patents, and concepts
• People

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Where Marketing Occurs

• EVERYWHERE!!!!!!!!!!!

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Elements of the marketing concept

• Customer Orientation Business focus on building
  relationships w/ customers to facilitate loyal,
  repeat customers for life.
• Customer Satisfaction Meet or exceed customers
  expectations
• Customer Needs / Wants Desires of the consumers
  that convert into purchases

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Elements of the marketing concept (Cont.)

• Company Approach Employees working together to
  satisfy their customers to earn profits
• Company Commitment All employees focused on the
  customers
• Company Goals Goals should be focused on
  satisfying customers

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Elements of the marketing concept (Cont.)

• CRM (Customer Relationship Management) combines
  customer information via databases with customer
  service and marketing communication
• Marketing Loyalty Programs Rewards repeat
  customers
• Product business provides items that satisfy
  desires of consumers
• Profits Money business keeps after paying all
  expenses

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Private Enterprise System (MTG)

• Create awareness of product / service
• Have access to product / service
• Multiple channels to purchase product / service

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What if Marketing did not exist?

• Society would remain self-subsistence style of
  living.
• Less competition Higher prices
• Less choices, less improvements, less info.

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Benefits our society (MTG)

• Increased competition Lower prices
• Variety of goods
• Mass communication about items
• Foreign and domestic societies benefit

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Student Response

• Make a 6 products that you have used in the past
  24 hours, and respond to the following questions
  for each product
• Label the Product a good or service.
• How did you come to use these goods/services?
• How did you find out about these goods/services?
• Where did you obtain these goods/services?
• How much did these goods/services cost?
• (You must have at least 1 good or service)

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Student ResponseGroup Mini Project

• Use page 1 of Marketing Essentials textbook
• As a guide
• Create a wheel identify 7 functions of
  marketing and include the 4 foundations of
  Marketing
• Examples can be a computer generated graphic, a
  drawing, or a photo from a magazine
• Choose one of the functions and generate a
  multiple choice question to share with the class