October 5 & 6, 2016 OBJECTIVES Describe trends in marketing Explain the functions involved in marketing goods and services HOMEWORK None Sept. Wage and Hour sheet due 10/5 TODAY’S AGENDA Marketing Functions- identify the 7 types Functions Activity Demonstrate understanding with WS CLOSURE Answer the following ?’s: How does each function affect a business? Which of the functions focus on the consumer?

The 7 Marketing Functions Marketing Co-Op

Financing Pricing Selling Promotion Distribution Marketing Information Management Pricing Selling Promotion Product/Service Planning Distribution

Financing Getting the money needed to finance the operation of a business Decisions regarding payment options for customers

Marketing Information Management Process of getting and analyzing the marketing information needed to make good decisions Information Collected Customer’s trends Habits Attitudes Where they live

Pricing The decisions that dictate how much to charge for goods and services in order to make a profit Usually based on Costs What competitors are charging How much customers are willing to pay

Product/Service Management Obtaining, developing, maintaining, and improving a product or product mix in response to market opportunities

Promotion Any form of communication used to informing, persuading or reminding potential customers about a business’s products or services Examples Advertising – Radio and TV Publicity – Improving public image (recycling, going green, etc.)

Selling Providing customers with goods and services they want to buy Types of selling Retail Business to Business Personal

Distribution Making decisions about where to sell the product and how it will get into the customer’s hands