Reviewer by.

miguel

Overview:
In the 18th century Adam Smith attacked the old mercantilist ideas of protectionism.
Protectionism aimed to restrict the inflow of foreign goods.
What is market integration?
A situation in which separate markets for the same product become one single market.
Globalization and Market Integration
Globalization look at trends on how prices converge or become similar across countries.
European financial market integration
The Euro.
Market integration: A process
Market integration as a process refers to . .
1) expansion of firms
2) consolidating marketing functions and activities under a single management.
The 7 functions of Marketing
1) Selling
– is a transaction between the seller and the prospective buyer or buyers (target market)
where money is exchanged for goods or services.
Is there a difference between buying gas at a gas station for your car and buying a car?
Types of Selling
1) Aggressive Selling
(high-pressure sale)
Types of Selling
2) Consultative Selling
(relationship selling)
Types of Selling
3) Transactional Selling
Second function of Marketing
2) Distribution
– To spread the product throughout the market so that a large number of
people can buy it.
What are needed in Distribution?
1) Good transport system
To take the goods into different geographical areas.
What are needed in Distribution?
2) Good tracking system
So that the right goods reach at the right time in the right quantity.
What are needed in Distribution?
3) Good packaging
To physically protects the goods from damage that may be caused due to
environmental factors.
Third function of Marketing
3) Financing
– The process of providing funds for business activities, making purchases or investing.
Fourth function of Marketing
4) Pricing
– The method of determining the value a producer will get in the exchange of goods and
services.
Profit = Revenue = Income = Wage = Salary
What is Revenue?
What is Income?
Which is fixed?
Pricing Objectives
1) Survival
The foremost objective of any firm is to set the price that is optimum and help the product or
service to survive in the market.
Pricing Objectives
Pricing Objectives
Fifth function of Marketing
5) Promotion
– The entire set of activities, which communicate the product, brand or service to the user.
Example – Billboard
Television – Most expensive advertising medium.
Sixth function of Marketing
6) Marketing Information Management
– Information regarding the customers’ needs, competitors and marketing environment.
The 7 function of Marketing
7) Product Service Management
– The process of planning, designing, developing, maintaining and improving a product or
service.