Introduction to Marketing

Definition of Marketing

• Marketing is often limitedly viewed as sales or advertising.

• It encompasses a broad range of activities: public relations, sales promotion, advertising, social media, pricing, and distribution.

Budget and Spending

• Companies allocate significant funds to marketing, with over $15 billion spent annually on marketing to children.

• This expenditure has increased 2.5 times since 1992.

Purpose of Marketing

• The cumulative function is to communicate, deliver, and create value for the consumer.

• Marketing should also consider employees, stakeholders, and society.

Consumer-Oriented Approach

• Successful companies focus on understanding consumer needs and developing products accordingly.

• Examples of companies known for innovative marketing include Disney, Pepsi, Apple, and Procter & Gamble.

The Four Elements of Marketing

1. Product

   • Can be a physical item or services.

2. Place

   • The location where the product is purchased.

3. Price

   • The cost consumers pay for the product.

4. Promotion

   • Communication methods used to convey the company's message effectively.

Official Definition of Marketing

• Marketing is a philosophy focused on providing customer satisfaction.

• It is the activity, institutions, and processes for creating, communicating, delivering, and exchanging value offerings for customers, partners, and society.

• Effective marketing leads to successful exchanges with target markets.