What is Marketing?
Marketing is the creation and maintenance of satisfying exchange relationships.
Functions of Marketing
-Market planning is indentifying and understanding the markets a company wants to serve and developing effective marketing in later chapters.
-Product and service management is assisting in the design and development of products and services to meet the needs of prospective customers.
-Distibution is determining the best methods and procedures to be used so prospective customers are able to locate, obtain, and
use the products and services of an organization.
-Pricing is establishing and communicating the value of products and services to prospective customers.
-Promotion is communicating information to prospective customers through advertising and other promotional methods to encourage them to purchase the organization's products and services.
-Selling is direct, personal communications with prospective customers in order to access needs and satisfy those needs with appropriate products and services.
-Marketing-information management is obtaining, managing, and using market information to improve decision making and the
performance of marketing activitites.
-Financing is budgeting for neccessary financing, and providing financial assistance to customers to assist them with purchasing products and services.
-Risk management is providing security for products, personnel, and customers and reducing the risk associated with marketing decisions and activties.
-Product and service management is assisting in the design and development of products and services to meet the needs of prospective customers.
-Distibution is determining the best methods and procedures to be used so prospective customers are able to locate, obtain, and
use the products and services of an organization.
-Pricing is establishing and communicating the value of products and services to prospective customers.
-Promotion is communicating information to prospective customers through advertising and other promotional methods to encourage them to purchase the organization's products and services.
-Selling is direct, personal communications with prospective customers in order to access needs and satisfy those needs with appropriate products and services.
-Marketing-information management is obtaining, managing, and using market information to improve decision making and the
performance of marketing activitites.
-Financing is budgeting for neccessary financing, and providing financial assistance to customers to assist them with purchasing products and services.
-Risk management is providing security for products, personnel, and customers and reducing the risk associated with marketing decisions and activties.
Importance of Marketing in Economy
Marketing is very important in the economy and the United States is the top marketing country. All types of businesses use marketing, but businesses that are directly involved in marketing are advertising agencies, marketing research firms, import/export offices, freight companies, finance and credit firms, telemarketers, and travel agencies.
Functions of Business
-Production is what creates or obtains products or services for sale (also includes processing, agriculture, manufacturing, services, and merchandising).
-Operations is the ongoing activities designed to support the primary function of a business and keep it operating efficiently.
-Accounting and finance is what plans and manages financial resources and maintains records and information related to a business's finances.
-Management involves developing, implementing, and evaluating the plans and activities of a business.
-Marketing is what all businesses need to complete a variety of activities in order to make their products and services available to consumers and to ensure that satisfying exchanges occur.
-Operations is the ongoing activities designed to support the primary function of a business and keep it operating efficiently.
-Accounting and finance is what plans and manages financial resources and maintains records and information related to a business's finances.
-Management involves developing, implementing, and evaluating the plans and activities of a business.
-Marketing is what all businesses need to complete a variety of activities in order to make their products and services available to consumers and to ensure that satisfying exchanges occur.
Marketing Mix
-Product is anything offfered to a market by the business to satisfy needs, including physical products, services, and ideas.
-Distribution or place includes the location and methods used to make the product available to customers.
-Price is the amount that customers pay and the methods of increasing the value of the product to the customers.
-Promotion includes the methods used and information communicated to encourage customers to purchase and to increase their
satisfaction.
-Distribution or place includes the location and methods used to make the product available to customers.
-Price is the amount that customers pay and the methods of increasing the value of the product to the customers.
-Promotion includes the methods used and information communicated to encourage customers to purchase and to increase their
satisfaction.