marketing ESSENTIALS Marketing August 27, 2015 Soda Can Presentations Team Norms Intro to Marketing Notes Functions of Marketing Online Quiz

marketing ESSENTIALS What is Marketing? Marketing is the process of developing, promoting & distributing ideas, goods, or services to create exchanges that satisfy customers Marketing helps to connect businesses to their potential customers and provides the means for the exchange process An exchange takes place every time someone buys or sells something in the marketplace

marketing ESSENTIALS Marketing & You Turn to your neighbor and discuss where you have seen marketing already today? Packaging of breakfast items (bread, cereal, milk, etc.) Ingredients in toothpaste, soap, shampoo & conditioner Advertisements on TV & the radio Semi-trucks hauling cargo on I-25

marketing ESSENTIALS Marketing activities can be broken into nine functions: 1.Purchasing (sometimes included in Product/Service Management) a.Buying goods and services for the production of goods and services Example: Shirt manufacturers buy cloth and thread to make their products. Apparel retailers buy the finished shirts for resale in their stores. Functions of Marketing

marketing ESSENTIALS Functions of Marketing 2.Selling a.Providing customers with goods and services they want or need b.Includes selling in both the retail (b2c) or wholesale (b2b) markets c.Selling concepts and activities are used to determine the clients needs and wants and to respond through planned, personalized communication that influences purchasing decisions and enhances future business opportunities

marketing ESSENTIALS Functions of Marketing 3. Pricing a.Deciding how much to charge for goods and services b.Considerations include competition and how much customers are willing to pay c.Other considerations include increasing market share, achieving a certain return on an investment or maintaining a certain image

marketing ESSENTIALS 4. Product Planning (Product/Service Management) a.Involves all the decisions a business makes in the production of its goods and services (developing, maintaining, improving) b.Includes deciding which products to carry, product packaging, labeling, and branding Functions of Marketing

marketing ESSENTIALS Functions of Marketing 5. Marketing Information Management a.Getting the marketing information to the right people in order to make sound business decisions b.Information is gathered through marketing research (questionnaire, survey, observations, etc.)

marketing ESSENTIALS Functions of Marketing 6. Promotion a.Communicating with potential customers to inform, persuade, or remind them about a business’s products b.T.V. or radio commercials and ads in magazines, newspaper, or online is a form of promotion known as advertising c.Promotion used to improve a company’s public image is know as public relations (PR)

marketing ESSENTIALS Functions of Marketing 7. Financing a.Meeting the financial requirements to pay for the cost of marketing activities b.Includes decisions regarding offering credit to customers (store credit card, layaway) and what forms of payment to accept such as Visa, MasterCard, etc.

marketing ESSENTIALS Functions of Marketing 8.Distribution (Channel Management) a.Decisions about where and to whom products need to be sold in order to reach the target market b.Decisions about logistics for moving and storing goods c.Some larger retail chains have developed distribution centers (Wal-Mart) for a more centralized approach

marketing ESSENTIALS Functions of Marketing 9. Risk Management a.Risk management is preventing or reducing business loss b.In marketing, you must manage the financial risk of goods held for an anticipated demand including the possible losses due to a fall in prices and the losses from spoilage, depreciation, obsolescence, fire and floods or any other loss that may occur with the passage of time.

marketing ESSENTIALS Functions of Marketing We will be going to the lab to complete the following: 1.Test your knowledge of the functions of marketing by completing the online quiz which can be found on my fusion page – once you successfully complete the quiz let Mrs. Bushnell see your screen 2.Begin your Functions of Marketing research

marketing ESSENTIALS 9/1/15 Good Morning! On a sheet of paper, see if you can name the nine functions of marketing. Turn to a neighbor and compare your lists and explain each of the nine functions of marketing.

marketing ESSENTIALS Functions of Marketing 1.Purchasing 2.Selling 3.Pricing 4.Product Planning 5.Marketing Information Management 6.Promotion 7.Financing 8.Distribution 9.Risk Management

marketing ESSENTIALS Functions of Marketing - Research You will be working in a group of 2-3 to research a familiar product of your choosing to find specific examples of marketing activities utilized by the company. Prepare a PowerPoint/Prezi/Google Slide presentation with five slides. The first slide will introduce your product Select four of the nine functions of marketing. Prepare one slide for each function that includes: A general description of the function An explanation of how the function applies to the product Images to support your information ** Save your slide on the student common drive under – Bushnell – Marketing (your class period) – Functions of Marketing – name the file with your group members last names