Marketing and the Marketing concept

• ​Describe the scope of marketing

• Describe each marketing core function

• Explain the marketing concept

• Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

​What is marketing? (cont.)

• Marketing involves the process of planning, pricing, promoting, selling, and distributing ideas, goods, or services to create exchanges that satisfy customers.

• Marketing is ongoing so that means it often changes.

  • to keep up with trends

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​Ideas, Goods, & Services

• Goods: physical products

  • Example: cars, tv, phone

• Services: ​tasks that businesses perform for customers.

  • Example: ​getting haircuts, getting oil changed on car

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​7 Marketing Core Functions

• Channel Management

• Marketing Information Management

• Market Planning

• Pricing

• Product/Service Management

• Promotion

• Selling

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• The process of deciding how to get goods into customer's hands.

• How will you move and store goods?

• The goal is to find the best way to get the product into the customer's hands based on his/her purchasing methods.​

• Good businesses and marketing decisions rely on good information about customers, trends, and competing products.

• Gathering that information, storing it, and analyzing it are all part of marketing information management

• Research must be conducted.

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• Involves understanding the concepts and strategies used to develop and target specific marketing strategies to a select audience.

• Plan should include methods for reaching different types of customers.

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​Promotion

• Pricing is based on costs and what competitors charge for the same product/service.

  • It is also depending on how much customers are willing to pay

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• Promotion is the effort to inform, persuade, or remind current and potential customers about a business's products or services.

  • Advertising is a type of promotion.

​The Marketing Concept

• The idea that a business should strive to satisfy customers' needs and wants while generating a profile for the business

• Focus is on the customer

• People who are responsible for the marketing core functions must understand the marketing concept and reach for the same goal to send a consistent message

  • The message: Customer satisfaction is MOST important

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