Marketing overview

Marketing overview

• 1.
  Marketing I OverviewMarketing Is All Around Us
• 2.
   
• 3.
  Objectives… Define Marketing Identify the Seven Functions of Marketing Describe the Economic Benefits of Marketing Define the Marketing Concept. Describe the difference between a customer and a consumer. Identify the Marketing Mix. Describe the two Types of Marketing .
• 4.
  Marketing is theprocess of developing, promoting, and distributing products in order to satisfy customers’ needs and wants.
• 5.
  Seven Functions ofMarketing Selling Promotion Pricing Financing Distribution Marketing Information Management Product/Service Management
• 6.
  Economic Benefits ofMarketing Bridges the gap between you and the maker or seller of an item. Makes products more useful. Allows you to purchase products when you want. Makes buying easy for consumers. Helps create new and improved products. Increases demand - increased quantities reduce the unit cost. Increases competition - lowers prices.
• 7.
  Marketing Concept Tomake a profit a business must focus all of its efforts on satisfying the needs and wants of its customers.
• 8.
  But who arethe CUSTOMERS? In order to respond to customers’ needs and preferences, businesses must know who their customers are. Customers buy a product, consumers use a product. I.E. – A father buys a box of cereal for his child to eat. Is the father a customer? Consumer? How would this complicate the cereal marketer’s task?
• 9.
  Marketing Mix TheMarketing Mix is made up of four basic marketing strategies known as the Four P’s: PROMOTION PLACE PRICE PRODUCT
• 10.
  Types of Marketing…Mass-Marketing – Use a single marketing plan to reach all consumers. It is n ot used very often. For example: Gum is mass-marketed. It has universal appeal, and there are few features to differentiate it from a competitor. Market Segmentation – dividing the total market into smaller groups of people who share specific needs and characteristics so they can customize their product.