What Is Marketing?
Marketing is the creation and maintenance of satisfying exchange relationships.
Functions of Marketing
Market planning-
Identifying and understanding the markets a company wants to serve and developing effective marketing in later chapters.
Product and service management-
Assisting in the design and development of products and services to meet the needs of prospective customers.
Distribution-
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-
Establishing and communicating the value of products and services to prospective customers.
Promotion-
Communicating information to prospective customers through advertising and other promotional methods to encourage them to purchase the organization's products and services.
Selling-
Direct, personal communications with prospective customers in order to access needs and satisfy those needs with appropriate products and services.
Marketing-information management-
Obtaining, managing, and using market information to improve decision making and the performance of marketing activities.
Financing-
Budgeting for necessary financing, and providing financial assistance to customers to assist them with purchasing products and services.
Risk management-
Providing security for products, personnel, and customers and reducing the risk associated with marketing decisions and activities.
Identifying and understanding the markets a company wants to serve and developing effective marketing in later chapters.
Product and service management-
Assisting in the design and development of products and services to meet the needs of prospective customers.
Distribution-
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-
Establishing and communicating the value of products and services to prospective customers.
Promotion-
Communicating information to prospective customers through advertising and other promotional methods to encourage them to purchase the organization's products and services.
Selling-
Direct, personal communications with prospective customers in order to access needs and satisfy those needs with appropriate products and services.
Marketing-information management-
Obtaining, managing, and using market information to improve decision making and the performance of marketing activities.
Financing-
Budgeting for necessary financing, and providing financial assistance to customers to assist them with purchasing products and services.
Risk management-
Providing security for products, personnel, and customers and reducing the risk associated with marketing decisions and activities.
Importance of Marketing in Economy
Since the United States it the top marketing country, marketing is extremely important in the economy. Businesses such as advertising agencies, marketing research firms, import and export offices, freight companies, finance and credit firms, telemarketers, and travel agencies are directly involved in marketing.
Functions of Business
Production-
Creates or obtains products or services for sale.
Operations-
The ongoing activities designed to support the primary function of a business and keep it operating efficiently.
Accounting and finance-
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-
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.
Creates or obtains products or services for sale.
Operations-
The ongoing activities designed to support the primary function of a business and keep it operating efficiently.
Accounting and finance-
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-
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-
Anything offered to a market by the business to satisfy needs, including physical products, services, and ideas.
Place or Distribution-
Includes the location and methods used to make the product available to customers.
Price-
the amount that customers pay and the methods of increasing the value of the product to the customers.
Promotion-
The methods used and information communicated to encourage customers to purchase and to increase their satisfaction.
Anything offered to a market by the business to satisfy needs, including physical products, services, and ideas.
Place or Distribution-
Includes the location and methods used to make the product available to customers.
Price-
the amount that customers pay and the methods of increasing the value of the product to the customers.
Promotion-
The methods used and information communicated to encourage customers to purchase and to increase their satisfaction.