Marketing Unit 1
What is marketing?
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
What is the marketing concept?
A philosophy of conducting business that is based upon the belief that all business activities should be aimed towards satisfying customer needs while achieving company goals.
Communicating with customers
Advertising a new business on the radio
Finding out about customers
Asking customers what their needs are
How would businesses be affected by the absence of marketing?
Business would be affected without marketing because, producers would be focused on making the cheapest product and selling it as much as possible, without communicating with the customers or developers, based on their needs and wants.
Explain three ways in which marketing benefits society.
Market benefits society by making our lives better, providing a variety of goods and services, and encouraging trade between nations.
Offering the products customers want
Buying goods from a manufacturer to resell to customers
What role do company goals play in the marketing concept?
Company goals role in the marketing concept is this, do it with success in mind. Everything the company does should lead to success in the future.
Finding out about customers
Conducting research to identify products that would satisfy customers
Planning how to carry out the marketing process
Determining how to coordinate all of the marketing activities
Putting products where they need to be
Determining where customers are likely to purchase a certain product
Planning how to carry out the marketing process
Evaluating the success of marketing activities
Who takes part in marketing?
Everyday people take part in marketing. Marketers are those individuals and businesses who connect goods and services to the people who buy them. Almost everyone has marketed something at some time in some way.
What is marketed?
Goods, Durable and Non-durable good can be marketed. Services, which can be preformed to make money. Organizations, expenses, places the list is endless.
Determining how much to charge for the products
Identifying a price that buyers and sellers both like
How do the global and economic activities that our world faces impact marketing activities?
Marketing activities are closely tied to the global and economic activities our world faces. For example, when a war takes place somewhere in the world, or when trade temporarily stops between two nations, producers and customers may be disconnected from each other. Similarly, if people in one part of the world need a product, producers throughout the rest of the world will know about it if marketers are effectively researching and finding creative solutions.
Where does marketing occur?
Marketing can occur in everyday places, where ever customers are present, and in all kinds of business.
Communicating with customers
Sponsoring a charity event
Offering the products customers want
Taking a new product for a test drive
Explain the activities that make up the marketing process.
The 4 p's make up the marking process. They are Product, Price, Promotion, and place. Product: offering customers what they want. Price: Determining how much to charge for the products. Promotion: Communicating with the customers. Place: Putting products where they need to be.
How would our country be affected by the absence of marketing?
The absence of marketing would effect our country by making it difficult for producers to link with customers, damaging the entire economy and our standard of living.
How does customer orientation play a part in the marketing concept?
The role of customer orientation is the action of doing it the customers way.
What is the role of company commitment in the marketing concept?
The role of the company commitment is to "do it better" find ways to make your product or products better in quality.
What is the societal marketing concept?
The societal marketing concept involves creating and marketing products that not only benefit customers, but also society as a whole.
How would you personally be affected by the absence of marketing?
Without marketing our lives would be affected because our own daily routines would change. We wouldn't own any belongings, we would rather make stuff than buy stuff. Little thing that could effect our daily routine.