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For example, Procter and Gamble turns raw ingredients and chemicals into toothpaste.
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Promotion: television and radio commercials, magazine and newspaper ads, and a website these use bright colors and happy music, perhaps an animated cartoon character for a fun and family-friendly attitude.Price: $2.00, and discounted by means of coupons.Logo and packaging designed in bright colors to appeal to kids of elementary school age to encourage more tooth brushing. Product: Procter and Gamble introduces a new toothpaste designed to taste good and fight cavities.These are employed to satisfy a target market or target demographic (the pool of potential customers). The concept of the "4 Ps" has been replaced by the concept of the "7 Ps" Marketing refers to channeling the gap between service and product providers to service and product seekers. Understanding and applying the principles will be beneficial to the businessperson and the layperson. In the past, marketing involved traveling salesmen, while in modern times, marketing is more likely to involve television, the internet, and other forms of media bombardment.Īs we progress in this age of technology it is vital for us to understand marketing and its place in the world.
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We buy goods (thus becoming the buyer/consumer) from a vendor (or producer/seller), creating a transaction. Thus Marketing can be categorized as a branch of business as well as a social science. Shipping and customer satisfaction would be included in sales to avoid the customer from reversing or unclosing the deal. Sales is all activities required to close the deal. Marketing is defined as "the total of activities involved in the transfer of goods from the producer or seller to the consumer or buyer, including advertising, shipping, storing, and selling."Īn alternate definition is paraphrased from memory of an introductory business text is: Marketing is all activities conducted to prepare for sales. Welcome to Principles of Marketing, made up of many business majors.