Introduction to Business & Marketing

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Presentation transcript:

Introduction to Business & Marketing Marketing Functions Introduction to Business & Marketing

Review from Last Class What is marketing? Process of developing, promoting & distributing goods & services to meet consumer wants & needs Develop Promote Distribute

Review from Last Class What is marketing? Needs vs. Wants Process of developing, promoting & distributing goods & services to meet consumer wants & needs Needs vs. Wants Needs = essential Wants = desired

Review from Last Class Goods vs. services Goods – tangible (can touch) Services – intangible (can’t touch)

Review from Last Class Exchange Takes place every time something is sold in the marketplace.

Marketing Functions Marketing Functions refer to all the activities that the business or company performs to connect with customers. There are 6 essential functions of marketing.

The Seven Marketing Functions Selling Pricing Promotion Distribution Marketing Information Management (MIM) Product/Service Management (PSM)

Selling Involves two-way interactions between the business and the customer Ex: Buying my first car at the dealership OR buying a house with my realtor

Pricing Deciding how much to charge for goods & services to make a profit Prices should consider both the target market and the competition Ex.: tickets for sporting events vary depending on the opponent and time of year (prices higher for playoffs)

Promotion Any form of communication (usually one-way) used to inform, persuade, or remind people about a product Ex: Briar Woods High School makes morning announcements each day to alert students of what is going on.

Distribution Decisions related to selecting stores or locations at which the product will be sold Transportation & Location Also includes transporting products to customers Ex: Surfboards arrive via plane from Hawaii and are trucked to and sold on 17th street in Virginia Beach.

Marketing Information Management Gathering, storing and analyzing information using the market research process Surveys = information Ex.: sweetFrog distributes surveys for customers to complete online based on potential flavors. These results are used to make decisions on what new flavors to add. Yummy!

Product/Service Management Product changes over time to meet the needs of customers Designing, developing and improving products Ex.: The iPod has changed over the last seven years. It was originally bulky and only black/white; next a smaller/color version called the Nano; next a video iPod; next a smaller Nano; finally the iPhone.

7 Years of the iPod

Marketing Functions Activity Students will complete the following activity that applies their knowledge of the marketing functions.