Lesson 1 Introduction to MarketingPresentation Transcript
What is Marketing? All activities to get product from manufacturer to consumer that are guided by consumer’s wants and needs
7 Functions of Marketing
Marketing-Information Management (MIM) Obtaining, managing, and using information about what customers’ wants to improve business decision making, performance of marketing activities, and determining what will sell. E.G. Surveys to determine preferences of products
Product/Service Management (PSM) Designing, developing, maintaining, improving, and acquiring products and services that meet consumer needs.
Pricing Setting and communicating the value of products and services. Setting the price at the right level.
Distribution Determining the best ways for customers to locate, obtain, and use the products and services of an organization. Involves moving the product each step from the deign idea to the consumer.
Promotion Communicating with customers about the product to achieve the desired result. Customer demand for and purchase of the product. Includes advertising, personal selling, publicity, and public relations.
Selling Communicating directly with potential customers to determine and satisfy their needs.
Financing Budgeting for marketing activities, obtaining the necessary funds needed for operations, and providing financial assistance to customers so they can purchase the business products and service.