Why Study Marketing?
- It is exciting, important and profitable
- Businesses, individuals consumers, and our economy benefit
- Effective marketing leads to satisfied customers and a successful, profitable business
Where does Marketing Take Place
- You see it everyday
- Includes advertisements in all types of media Ex- TV, Radio, Newspaper, magazine – But Marketing is not only advertisement. In fact, only 2-10% of business costs come from advertising. Businesses can have marketing budgets that exceed 50% of their costs.
Lebron James Powerade Commercial Tiger Woods Commercial
Marketing Functions
- There are 9 functions and each are used as a part of effective marketing
1. Market Planning- Identifying and understanding the markets a company wants to serve and developing strategies for each
2. Product & Service Management – Assisting in the design and development of products
3. Distribution – determine the best methods and procedures to use so customers are able to locate and obtain products and services
4. Pricing – Establishing and communicating the value of products to potential customers
5. Promotion – Communicating information to prospective customers through advertising to encourage them to purchase your product
6. Selling – Direct, personal communications with customer in order to assess needs
7. Marketing Information Management – Obtaining information to improve decision making
8. Financing – Budgeting for financing and providing financial assistance to customers
9. Risk Management – Providing security for products and reducing the risk associated with marketing decisions and activities
- It is exciting, important and profitable
- Businesses, individuals consumers, and our economy benefit
- Effective marketing leads to satisfied customers and a successful, profitable business
Where does Marketing Take Place
- You see it everyday
- Includes advertisements in all types of media Ex- TV, Radio, Newspaper, magazine – But Marketing is not only advertisement. In fact, only 2-10% of business costs come from advertising. Businesses can have marketing budgets that exceed 50% of their costs.
Lebron James Powerade Commercial Tiger Woods Commercial
Marketing Functions
- There are 9 functions and each are used as a part of effective marketing
1. Market Planning- Identifying and understanding the markets a company wants to serve and developing strategies for each
2. Product & Service Management – Assisting in the design and development of products
3. Distribution – determine the best methods and procedures to use so customers are able to locate and obtain products and services
4. Pricing – Establishing and communicating the value of products to potential customers
5. Promotion – Communicating information to prospective customers through advertising to encourage them to purchase your product
6. Selling – Direct, personal communications with customer in order to assess needs
7. Marketing Information Management – Obtaining information to improve decision making
8. Financing – Budgeting for financing and providing financial assistance to customers
9. Risk Management – Providing security for products and reducing the risk associated with marketing decisions and activities