This document provides an overview of marketing basics, including the definition of marketing as creating value for customers through exchanges. It discusses the importance of understanding customer needs and planning marketing thoughtfully. The core aspects of marketing are explained as affecting stakeholders and satisfying customer wants through the marketing mix of product, price, place, and promotion. Each element of the marketing mix is defined in detail, with products described as goods, services, or ideas; price as what customers give up to obtain value; place as distribution channels; and promotion as communication to influence customers. Understanding the marketing mix is emphasized as key to marketing success or failure.

1. BASICS OF
MARKETING
Madison Herzog

2. WHAT IS MARKETING
- Marketing is the activity, set of institutions, and processes for
creating , capturing, communicating, delivering, and exchanging
offerings that have value for customers, clients, partners, and society
at large.
-Marketing is about an exchange which is the trade of things of value
between the buyer and the seller so that each is better off as a result.
-Understanding the marketplace, and especially consumers needs
and wants, is fundamental to marketing success.

3. GOOD MARKETING AND HOW TO
ACHIEVE IT
- Good marketing requires thoughtful planning with an emphasis on
the ethical implications of any of those decisions on society in
general.
- Good marketing should mean doing the good for the world at large,
while also benefiting the firm and it’s customers.
-In order to hopefully achieve this , firms develop a marketing plan
that specifies the marketing activities for a specific period of time.

4. CORE ASPECTS OF MARKETING
- The core aspects of marketing is that marketing affects various
stakeholders, marketing is all about satisfying customers needs &
wants, marketing entails an exchange, marketing creates value
through product, price, place, & promotion decisions, and marketing
can be performed by individuals and organizations.
- Today, I’m talking about the core aspect of marketing on that
marketing creates value through product, price, place, and promotion
decisions.

5. WHAT IS THE MARKETING MIX
- Marketing has been divided into a set of 4 interrelated decisions
and consequent actions known as the marketing mix.
-The marketing mix or also called the 4 P’s are the controllable set of
decisions or activities that the firm or company uses to respond the
wants of its target markets.
-The 4 P’s are product, price, place, and promotion.

6. THE PRODUCT
- It’s the 1st of the 4 P’s.
- The fundamental purpose is to create value by developing a variety
of offerings, including goods, services, and ideas, to satisfy customer
needs.
- Goods are items that you can physically touch.
- Services are intangible customer benefits that are produced by
people or machine and can’t be separated from the producer.
- Ideas include thoughts, opinions, and philosophies

7. THE PRICE
- The 2nd of the 4 P’s.
- Everything has a price, even though it doesn’t always have to be
monetary.
- Price is everything the buyer gives up – money, time, &/or energy in
exchange for a product.
- Marketers must determine the price of a product carefully on the
basis of the potential buyer’s belief about the value.

8. THE PLACE
- The 3rd of the 4 P’s.
- It represents all the activities necessary to get the product to the
right customer when that customer wants it.
It also deals with retailing and supply chain management (marketing
channel management) which is the set of approaches and techniques
that firms employ to efficiently & effectively integrate their suppliers,
manufactures, warehouses, stores, and other forms involved in the
transaction into a seamless value chain in which merchandise is
produced & distributed in the right quantities, to the right locations,
and at the right time, while minimizing system wide costs and
satisfying the service levels require by customers.

9. PROMOTION. PROMOTION.
PROMOTION.
- The 4th P of the marketing mix.
- Promotion is the communication by a marketer that informs,
persuades, and reminds potential buyers about a product or service
to influence their opinions and elicit a response.
- It generally can enhance a product’s or service’s value.
- A way to promote your products is by going on Sharktank.

10. WHY IS THIS IMPORTANT
- It’s important to know this information in order to hopefully realize
how some of your favorite products end up getting or being
successful and end up selling out or failing to sell any of it and the
firm going bankrupted.