What is Marketing? The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.

Marketing starts with people

Customer: anyone who buys or rents goods or services

Consumer: the person who uses the goods or services

Market: all the potential customers and consumers for the good or service

II. The Market Place

Commercial environment where we make exchanges. Money is exchanged for goods and services.

Types of Marketing

Micromarketing: how products are conceived, promoted, priced and distributed in individual marketing situations

Macromarketing: the process that directs the flow of goods and services in a community

Types of Organizations

Profit Organizations :businesses that exist to serve customers and thus earn profit (the difference between the amount of money a business brings in and the amount it spends).

Nonprofit Organizations: consists of marketing activities conducted to achieve some goal other than profit.

The Marketing Concept

The idea of fulfilling the wants and needs of customers at a profit (or other gain for nonprofit org.)

A. Ethics and Marketing Concept: Guidelines of behavior designed for organizations and their employees in their role as marketers

The Marketing Mix

a. Product: something produced, manufactured or obtained

b. Price: set amt. of $ for the sale of something

c. Place: location used for special purpose

d. Promotion: attempt to increase sale of something

Functions of Marketing

Product Service Management

Assisting in the design and development of products and services to meet customers needs

Distribution

Best method for customers to locate, obtain and use products and services

Selling

Direct, personal communications to assess needs

Functions of Marketing

Marketing-Information ManagementObtaining, managing and using market information to improve decision making

FinancingBudgeting marketing, obtaining financing, provide financial assistance to customers

Pricing Establishing and communicating value of products or services

PromotionAdvertising other promotional activities

You are a part of Marketing