Marketing A subsystem concern with the planning and development of products and services, determination of prices, creation of promotional

l programs and distribution system to present and prospective market for satisfaction of their existing needs and wants.

Function and Purpose of Marketing It connects modern society production and consumption. It has been a link between production and customer and it integrates the whole company to serve this demand. It identifies the needs and wants of customers. To channel information of consumer needs to the production and satisfaction of needs to consumers.

Marketing Strategy Is a process that can allow organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. A strategy that can serve as the foundation of the marketing plan and should be centered on the key concept that consumer satisfaction is the main goal.

Four Types of Marketing Strategy Word of Mouth. Client Testimonials Local Business Association Traditional print Media

Marketing Environment Refers to all the forces outside of marketing that affects marketing management s ability to build and maintain successful relationship with target customers.

Three Key Perspectives on the Marketing Management 1. Micro environment refers to the forces that are close to the company and affect its ability to serve its customers. It includes the suppliers, marketing intermediaries, customers, competitors, and public. 2. Macro environment- refers to all forces that are part of the larger society and affect the micro environmental. It includes concepts such as demography, economic environment, natural environment, technological environment, and cultural environment. 3. Internal environment all factors that are internal to the organization. The five pillars which internal marketing revolves are the five ms, which are men, money, machine, materials, and the market. Market is a group of individuals, organizations, or both that have needs for products in a given category and that have the ability, willingness and the authority to purchase such products. Types of Market 1. Consumer Market purchasers or individual household members who intend to consume or benefit from the purchased products and who not buy products to make a profit. 2. Industrial Market purchasers of specific kinds of product for use in making other goods products, for resale, or for day-today operations The marketing mix (The 4 Ps of Marketing) It is defined as a combination product, price, place or distribution and promotion developed to satisfy a particular target market. It consists of elements that a firm controls and uses to reach its target market. o Product is defined as everything that one receives in an exchange, including al tangible and intangible attributes, and expected benefits, it may be a good, service or idea. It is anything that is capable of satisfying a want.

o Price is the perceived value of a good or services. The perceived value is commonly expressed in every nations currency. It is the money exchange for a good or service. o Promotion is communication by marketers that informs, persuades and reminds potential buyers of a product to influence an opinion or elicit a response. o Place of Distribution is a set of interdependent organizations that ease the transfer of ownership as products move from producer to business user or consumer. Marketing Functions Exchange Functions a. Buying - includes such functions as obtaining raw materials to make products, knowing how much merchandise to keep on hand, and selecting suppliers. b. Selling - creates possession utility by transferring the title of a product from seller to customer. Physical Distribution Functions c. Transporting involves selecting a mode of transport that provides an acceptable delivery at an acceptable price. d. Storing- goods is often necessary to sell them at the best selling time. Storage is an activity in physical distribution that creates time utility by holding and preserving products from the time of production until their sale. Facilitating Functions e. Financing- helps at all stage marketing. To buy raw material, manufactures often borrow from banks or receive credit from suppliers. Wholesalers may be financed by manufacturers, and retailers may receive financing from wholesaler or manufacturer. Finally, retailer often provides financing to customers. f. Standardizing- sets uniform specifications for products or services. Grading- classifies products by size and quality, usually through a sorting process. Together, standardizing and grading facilitate production, transportation, storage, and selling. g. Risk Taking- even though competent management and insurance can minimize risk, is a constant reality of marketing because of such losses a bad dept expenses, obsolescence of products, theft by employees, and product-liability lawsuits

h. Gathering Market Information is necessary for making all marketing decisions. This is done through marketing research. Marketing research is defined as the process of systematically gathering, recording ,and analyzing data concerning a particular marketing problem.