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Chapter 1 Marketing is All Around Us

Chapter 1 Marketing is All Around Us. Activity #1. From the time that you woke up this morning how many products have you used?. Place. Product. Price. Promotion. 4 P’s of Marketing. What is Marketing?.

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Chapter 1 Marketing is All Around Us

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  1. Chapter 1 Marketing is All Around Us

  2. Activity #1 From the time that you woke up this morning how many products have you used?

  3. Place Product Price Promotion 4 P’s of Marketing

  4. What is Marketing? • Marketing is the process of developing, promoting, and distributing products in order to satisfy customers’ needs and wants. • The Four P’s of Marketing (product, place, price, promotion)

  5. Products Products Goods Services

  6. 9 Functions of Marketing Financing Distribution Risk Mgmt. Product Planning Selling Information Mgmt. Promotion Purchasing Pricing

  7. Benefits of Marketing • Making a product more useful is called Utility. • There are five economic utilities involved with all products: • Form Utility • Place Utility • Time Utility • Possession Utility • Information Utility

  8. Economic Utilities • Form Utility: changing raw materials to make them more useful. • Place Utility: offering convenient locations to purchase products.

  9. Economic Utilities • Time Utility: having a product available at a certain time of year or convenient time of the day. • Possession Utility: allowing customers to purchase goods easier such as using cash, credit, checks etc…

  10. Economic Utilities • Information Utility: involves communicating with the consumer. • Salespeople • Advertising (magazines, newspapers, etc….) • Packaging & Labeling

  11. Other Benefits of Marketing • Lower Prices – since marketing encourages customers to purchase products it increases demand. When demand is high, manufacturers can make products in larger quantities, which reduces the cost of each product. • New & Improved Products – as businesses continue to look for opportunities to better satisfy needs and wants, the result is a higher variety of goods and services.

  12. Activity #2 Critical Thinking • Can you think of some products whose prices have dropped significantly over the years as a result of popularity and increasing competition in the marketplace?

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