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.