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UNIT 2 What Is MarketingUNIT 2 What Is Marketing What You'll LearnWhat You'll Learn

The meaning of marketing The foundations of marketing The functions of marketing

KEY TERMS Marketing – Products - Exchange -

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What Is MarketingWhat Is Marketing

Marketing is the process of developing, promoting, and distributing products to satisfy customers' wants and needs.

What Is Marketing

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What Is MarketingWhat Is Marketing

Goods: Hammers, automobiles, soda pop, clothing, and computers

Services: Dry cleaners, amusement parks, attorneys, and movie theaters

Ideas: Political Campaigns, education

Products = Goods, Services, or ideas

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What Is MarketingWhat Is Marketing

Marketplace: Where goods and services are made available for exchange

Exchange: Buying or selling of a good or service (product)

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Graphic OrganizerGraphic Organizer

Marketing Functions

ProducersProducers ConsumersConsumers

FinancingPricingMarketing-Information ManagementProduct/Service ManagementPromotionDistributionSelling

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What Is MarketingWhat Is Marketing

Distribution

where and to whom products need to be sold in order to reach the final users.

Financing

getting the money needed to pay for the operation of a business.

Functions of Marketing

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What Is MarketingWhat Is Marketing

Marketing-Information Management getting the necessary information to make sound business decisions.

Pricing

dictates how much to charge for goods and services.

Functions of Marketing

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What Is MarketingWhat Is Marketing

Product/Service Management

obtaining, developing, maintaining, and improving a product.

Functions of Marketing

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What Is MarketingWhat Is Marketing

Promotion

communicating with potential customers to inform, persuade, or remind

Selling

is providing customers with goods and services they want.

Functions of Marketing

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What Is MarketingWhat Is Marketing

These functions define marketing as it is applied in business operations.

Functions of Marketing

Distribution Financing Marketing-Information Management Pricing Product/Service Management Promotion Selling

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What Is MarketingWhat Is Marketing

Why It's ImportantWhy It's Important

To be successful in business requires being marketing oriented. Learning how businesses and people operate from a marketing point of view will help you in all your future endeavors. You will also get a good idea of whether marketing is a potential career for you.

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What Is MarketingWhat Is Marketing

Building on these four foundations helps you to acquire marketing skills that are relevant to your own career development.

Foundations of Marketing

Business, Management, and Entrepreneurship

Communication and Interpersonal Skills Economics Professional Development

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What Is MarketingWhat Is Marketing

Business, Management, and Entrepreneurship Understanding the basics of business, management, and entrepreneurial concepts that affect business decision making.

Communication and Interpersonal Skills Understanding concepts, strategies, and systems needed to interact effectively with others.

Foundations of Marketing

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What Is MarketingWhat Is Marketing

Economics Understanding the economic principles and concepts that are basic to marketing.

Professional DevelopmentUnderstanding concepts and strategies needed for career exploration, development, and growth.

Foundations of Marketing

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Economic UtilitiesEconomic Utilities

Bridges the gap between you and the maker or seller of an item.

Makes buying easy for customers.

Creates new and improved products at lower prices.

Economic Benefits of Marketing