Intro to Marketing Chapter 1

• Marketing is the activity and process of communicating, delivering and exchanging offerings that have value to customers and society at large.
• Goods are TANGIBLE items that satisfy a persons needs.
• Services are INTANGIBLE things that satisfy peoples wants.
• The 7 Functions of Marketing

  1. Distribution- how the goods/services get to the customers
  2. Financing- Financial resources through loans etc
  3. Market Research- who are your target customers
  4. Pricing- Price that fits the customers
  5. Product- Listening to customers
  6. Promotion- advertising your product
  7. Sales- Providing goods/ services to customers
• The 2 Parts of market concept are

  The customers desires and their needs
• Utility is the satisfaction a customer gets from a good/service
• The 5 Forms of Utility

  1. Time- products/services available at a specific time
  2. Form- turning raw materials into useful goods
  3. Place- products easy to find
  4. Information- communication with company
  5. Possession- taking ownership of the good/service