Chapter 1: Marketing Is All Around Us

Section 1.1

The Meaning of Marketing• Marketing - the process of developing, promoting, and

distributing products to satisfy customers’ needs and wants.

▫ Products include goods and services, with of which have monetary value and satisfy customers’ needs and wants.

▫ Goods are the kinds of things you can touch or hold in your hand (hammers, cars, soft drinks, clothing and computers care goods).

▫ Services are the kinds of things you can’t physically touch (dry cleaners, amusement parks, income tax prepares, and movie theaters provide services).

▫ An exchange takes place every time something is sold in the marketplace.

Marketing and You

•Product planning•Packaging •Advertising •Displays•Promotional techniques•Selling •Distributing •Target audience•Marketing research

Foundations of Marketing

4 Basic Foundations1. Business, Management, and

Entrepreneurship – understanding the concepts that affect business decision making

2. Communication and Interpersonal Skills – understanding concepts, strategies and systems needed to interact effectively with others

3. Economics – understanding the economic principles and concepts that are basic to marketing

4. Professional Development – understanding concepts and strategies needed for career exploration, development, and growth

7 Functions of Marketing1. Distribution – deciding where and to whom

products need to be sold in order to reach the final users.

2. Financing – getting the money that is necessary to pay for the operation of a business.

3. Marketing Information Management – getting the necessary information to make sound business decisions.

4. Pricing – how much to charge for goods and services in order to maximize profits.

7 Functions of Marketing Continue…

5. Product/Service Management – obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities

6. Promotion – communicating with potential customers to inform, persuade, or remind them about a business’s products makes up

7. Selling – providing customers with goods and services they want

Quiz

• What is the definition of marketing?

• Where does an exchange take place?

• True/False A good is the same thing as a service.

• True/False There are 7 functions of marketing.

• What is the definition of pricing?