marketing principles introduction what is marketing? write your definition of what you think...

Marketing Principles

Introduction

What is Marketing?

Write your definition of what you think marketing is based on your

knowledge & experience.

Definition of Marketing

The process of developing, promoting, and distributing products, or goods & services,

to satisfy customer’s needs & wants.

My 5 Wants

List any 5 wants you have that are current or future

Next to each want:

Put an “E” next to any that cost money to attain & a “N” next to any

that do not cost money to attain.

Everyone has wants

• Economic Wants: Unfulfilled desires that cost money to attain

• Noneconomic Wants: Unfullfilled desires that do not cost money to attain.

Marketing focuses on people’s economic wants!

Why? Because the goal of any business is to make a profit.

Goods & Services satisfy consumer’s needs & wants

• Goods – Tangible(touch) products

• Services – Intangible(Can’t touch)

• Producers – Create or provide goods & services to sell for profit.

• Consumers – Consume goods & services to satisfy their needs & wants.

Marketing’s main function is to provide a bridge between producers & consumers

so exchange of goods & services can occur

Marketing Process

Marketing is a Process

Marketing is not just one thing but a process of many activities that starts

with a Producer & ends with the Consumer.

Think of any Product

List at least 15 different activities that may have gone into the process of

marketing a product from producer to the ultimate consumer.

The 7 Marketing Functions

All marketing activities within the marketing process can be categorized into 1 of 7

purposes or functions.

The 7 Marketing Functions that make up the marketing process

• Distribution: Physical movement & storage

• Financing: How & where funds are used in business

• Marketing-info-management: Collecting, disseminating, & using info. To make sound business decisions

• Pricing: Decisions dictating how much to charge for goods & services

• Product/Service management: What products & services will be offered

• Promotion: Activities that inform & persuade

• Selling: Personalized communication that influences purchasing decisions

This class will focus on the factors & principles of each of these 7

functions that make up the marketing process for goods & services.

Next to your list of Marketing Activities write next to each which of the 7 marketing functions each

would be categorized as.