MARKETING BASICS Chapter 1.1. What is Marketing? Creation and maintenance of satisfying exchange...

MARKETING BASICS

Chapter 1.1

What is Marketing?

Creation and maintenance of satisfying exchange relationships.

AKA: creating and modifying a product to meet customer needs and make the business money.

The Marketing Mix

The Marketing Mix: 3 P’s & a D Product

satisfy need Price

$ cust. pays Promotion

Making cust. aware & encouraging to buy

Distribution Making prod

available

S&E Marketing Mix

The Super Bowl The Big E

6 Core Standards of Marketing

Basis for all marketing activities:1. Distribution2. Marketing-Info Management3. Pricing4. Product/Service Management5. Promotion6. Selling Financing

Distribution

The best way to get the prod/srvc to cust.

Market-Information Management Researching cust. to meet their

needs/wants.

Pricing

Establishing price AND telling the cust.

Product/Service Management Designing, developing, maintaining,

improving, acquiring to … MEET CUST NEEDS

Promotion

Sharing prod/srvc info to cust. through ads, images, and ideas

Commercial

Selling

Cash exchange through direct, personal communication to satisfy cust. needs/wants

Financing

Budgeting for marketing to help pay for prod/srvc.

Assignment

List and describe how the 6 core standards of marketing were involved in a recent purchase you made.