Marketing is the process of developing, promoting, and distributing ____products______ to satisfy customers’ needs and wants.
WHAT ARE PRODUCTS?
Products include _____goods ____ and ____services________, which have monetary value and satisfy customers’ needs and wants.
WHAT ARE GOODS?
Kinds of things you can touch or hold in your hand. ➢ __Durable goods____________ – things that have a lasting effect ➢ ____Nondurable good____ – things that last only a short time
Food, paper, topsoil. Drinks
WHAT ARE SERVICES? Unpred. & intangible
Kinds of things you can’t physically touch, and are performed for a customer.
Examples? Car wash, telegrams, fast food, haircut, mail service, cable service
WHERE ARE GOODS SOLD AND SERVICES PERFORMED?
The marketplace or the commercial environment where ___exchanges_____ are made.
WHAT IS AN EXCHANGE?
When something is sold in the marketplace, for money or bartering
__________marketing________ ______concept________: the idea that a business should strive to satisfy customer’s needs and wants while generating a profit for the business
FUNCTIONS OF MARKETING
All of the marketing activities you encounter can be categorized in 9 functions:
1. Distribution (Channel Management)
3. Marketing Information Systems
5. Product/Service Management
9. Risk Management
Each function is related to its relationship to the marketing of a good, service, or idea.
WHAT KINDS OF THINGS ARE MARKETED?
There are seven items that can be marketed!
___durable goods____________ = car, TV, computers, & home
Goods that last for longer than 6 months
__________________non durable goods__ = food, haircut, & movies
Goods that last only a small amount of time
___________services___ = housecleaning, CNA, CPA, & doctors
____ideas___ = “Don’t Drink and Drive” “Fasten your Seatbelts”
__people ______ = Tiger Woods, Michael Vick, Heath Ledger, & Brad Pitt
_____places____ = movie theaters, Laser Tag, Myrtle Beach, & Snowshoe
____organization__________ = Red Cross, NBA, & Roanoke County Schools
WHAT ARE THE MEANING OF THE FUNCTIONS?
Deciding where and to whom products need to be sold in order to reach the final users. Physically moving things Storing things Moving planning
Methods of distributing products Truck Rail Ship Air
Getting the money that is necessary to pay for the operation of a business. Bank loans to start a new business Stock sales to start a corporation Credit to customers
_____________marketing information systems________