Introduction to Business & Marketing.  What is marketing?

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Presentation transcript:

Introduction to Business & Marketing

 What is marketing?

◦ Process of developing, promoting & distributing goods & services to meet consumer wants & needs Develop Promote Distribute

 What is marketing? ◦ Process of developing, promoting & distributing goods & services to meet consumer wants & needs  Needs vs. Wants

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

 Goods vs. services

◦ Goods – tangible (can touch) ◦ Services – intangible (can’t touch)

 Exchange

◦ Takes place every time something is sold in the marketplace.

 Marketing Functions: All activities that allow companies to bring products to the market for exchange. 1.Pricing 2.Selling 3.Distributing 4.Promoting 5.Marketing Information Management 6.Product/Service Management

 Pricing: “means deciding how much to charge for goods & services” to make a profit  EXAMPLE: a snickers bar is $1 in the School Store  Write 2 more examples in your notes

 Selling: “providing customers with goods & services they choose/want to buy”  EXAMPLE: The Nike store sells Nike Air Pegasus shoes.  Write 2 more examples in your notes

 Distributing: “involves making decisions about where to sell your product and the method of transportation to use (i.e. train, plane, automobile)”  EXAMPLE: Surfboards arrive via plane from Hawaii and are sold on 17 th street in Virginia Beach.  Write 2 more examples in your notes

 Promoting: “any form of communication used to inform, persuade, or remind people about a business’s products”  EXAMPLE: Come out Thursday night to see the defending state champion Briar Woods varsity volleyball team take on Robinson in a battle you don’t want to miss. First serve is 7 pm.  Write 2 more examples in your notes.

 Marketing Information Management: “is the process of getting the marketing information needed to make sound business decisions.” ◦ SURVEYS ARE USED!!!  EXAMPLE: 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!  Writes 2 more examples in your notes.

 Product/service management: “obtaining, developing, maintaining, and improving a product or product mix in response to market opportunities” Product changes over time to meet the needs of customers  EXAMPLE: The iPod has changed over the last 7 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 iPhone.  Student writes 2 more examples in notes

 Students will use the Internet to complete the following activity that applies their knowledge of the marketing functions.  Choose a product (good or service).  Identify the company that produces this product.  Use the Internet to conduct research and identify how the company applies each of the marketing functions in developing, producing, promoting, and distributing the product.  Each student will complete the questions below and submit for a class activity grade.