Unit 1 What is Marketing?

The 5 P’s

MARKETING:

The connecting link, or

bridge

, between the producer and the consumer.

Producer Consumer

MARKETING

IS: The process of planning the product, executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy consumer wants and needs.

Planning Pricing Place (Distribution) Promotion People

THE 5 P’S:

MARKETING is a

PROCESS

involves the

5 P’s

: and PLANNING the Product PRICING PLACE (Distribution) PROMOTION PEOPLE (The Target Market) Planning Pricing Place Promotion People

WHAT IS MARKETING?

Definition: The process of developing, promoting, and distributing products in order to satisfy customer’s needs and wants.

MARKETING IS ALL AROUND US~ S A L E S R E P R E S E N T A T I V E S S I G N S D I S P L A Y S T E L E M A R K E T E R S J U N K M A I L I N T E R N E T B A N N E R S V I D E O S , B R O C H U R E S P R O D U C T P L A C E M E N T N E T W O R K I N G

THE 5 P’S =THE MARKETING MIX

>Decisions a business must make.

>Depends on Target Market being clearly defined.

___________________________ 1)Product Planning 2)Pricing 1) To Sell (value) 1)Make a decision about the product.

2)Produce the Product.

2) To Make a Profit.

3) To be Competitive 3)Place (Distribution) 1) Packaging 2) Storage 3) Shipping 4) Receiving (Inventory) (Con’t)

5 P’S/THE MARKETING MIX (CON’T) 4)Promotion 1) Advertising 2) Publicity 3) Public Relations 4) Displays 5)People 1) Consumers 2) Customers _______________________________________________ What is the difference between a Consumer and a Customer?

WHAT IS MARKETED?

Nondurable Goods >Yogurt >Gasoline >Cosmetics Services >Airline Travel >Banking >Wedding Planners People >Athletes >Musicians >Ourselves Durable Goods >Desks >Computers >4G phones Places “Get Out There” (RCCL) “Ski Washington.com” “Go Hawaiian” Organizations >WEA >NCAA >NFL >The Red Cross Ideas >”Litter and It Will Hurt” > “Buzzed Driving Is Drunk Driving

PRODUCTS~INCLUDES IDEAS, GOODS, AND SERVICES, WHICH HAVE MONETARY VALUE AND SATISFY CUSTOMERS’ NEEDS AND WANTS.

Goods:

The kinds of things that you can touch or hold in your hand;

TANGIBLES Services:

The kinds of things that you can’t physically touch;

INTANGIBLES

EXCHANGES=VOLUNTARY PURCHASES (EXCHANGES TAKE PLACE EVERY DAY!)

BREAKING DOWN THE 5 P’S (MARKETING MIX)

Planning the Product

1) Make a decision about the product 2) Produce It

Pricing

1)To Make a Profit 2)To Be Competitive 3) To Sell (Value)

DISTRIBUTION(PLACE): 1)Shipping (transporting) 2)Storing (warehousing)

DISTRIBUTION (CON’T) 3)Packaging 4)Receiving

THE REST OF THE 5 P’S…

Promotion People

= The Target Market 1) Advertising 2) Publicity 3) Public Relations 4) Displays 1)Customers 2)Consumers