Marketing Is the action of promoting and selling products or services Goal: to create products meeting consumer wants and needs based on the marketing

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2 Marketing Is the action of promoting and selling products or services Goal: to create products meeting consumer wants and needs based on the marketing mix to guide products through the product life cycle, capitalizing on opportunities in each stage to understand consumers through marketing research 2

3 Marketing Becomes successful with certain characteristics: directing marketing strategies to a target audience knowing where company content fits in the buying cycle using customer-centric examples providing meaningful images in content marketing using interesting, varied media guiding consumers on taking the next step expanding and extending a product s reach 3

4 The Marketing Mix Consists of four interrelated marketing strategies used to meet consumer needs Product is a good and/or service designed to meet consumer wants and needs is determined by conducting studies and surveys Price must be low enough to attract consumers must be high enough to cover costs and create profit 4

5 The Marketing Mix Consists of four interrelated marketing strategies used to meet consumer needs Promotion activities to persuade consumers they need the product includes packaging, commercials, trials, etc. Place is a location where products and/or services are sold includes stores and location within a store 5

6 Product Life Cycle Stage 1 Introduction Stage 2 Growth Stage 4 Decline Stage 3 Maturity 6

7 Understanding Consumers Means understanding the needs they attempt to meet when making purchases, including: physical for necessities, safety, security and health includes food, clothing, transportation, etc. social to feel loved and accepted includes fancy clothing, make-up, cologne, etc. psychological for prestige and approval includes luxury items which make the consumer feel important Remember Maslow s hierarchy of needs pyramid? These apply for consumers too. 7

8 Production & Distribution Goal: to produce and distribute goods and services in the most efficient and cost-effective manner Consists of three roles: facilities physical elements needed for production need a good layout and location processing changing or combining resources to create a product or service adds value by transforming resources into products people invaluable human resource plan, operate and supervise the process 8

9 Production Must be effective and efficient by doing the following: forecasting demand scheduling production of goods and services managing inventory controlling quality 9

10 The Production Concept Refers to the philosophy buyers prefer goods and services which are widely available and inexpensive the basis of this concept is the emphasis on low production costs, high production efficiency and mass production 10

11 Factors of Production Are the resources available to supply products and services Include: land natural resources available for production labor human input for production process capital man-made objects, such as machinery and equipment, which are used in production entrepreneurship the drive to develop an idea into a business 11

12 Distribution Is getting produced goods and services to consumers in a timely manner Is typically from producers to wholesalers and retailers Uses the following four modes of transportation: waterways railroads trucks airlines 12