 Marketing Functions: All activities that allow companies to bring products to the market for exchange ◦ Pricing ◦ Selling ◦ Distributing ◦ Promoting ◦ Product/service management ◦ Marketing information management

 Pricing: “means deciding how much to charge for goods & services”  EXAMPLE: a snickers bar is $1 in the School Store

 Selling: “providing customers with goods & services they want to buy”  EXAMPLE: The Nike store sells Nike Air Pegasus shoes.

 Distributing: “involves making decisions about where to sell your product and 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 VA Beach.

 Promoting: “any form of communication used to inform, persuade, or remind people about a business’s products”  Example: ◦ Advertising (paid- commercials, Ads, etc) ◦ Sales Promotion ◦ Direct Mail ◦ Internet and Social Media

 Marketing Information Management: “gathering market information about customers, trends and competing products”  Examples: customer surveys

 Product/service management: “obtaining, developing, maintaining, and improving a product in response to market opportunities” ◦ Product changes overtime to meet the need 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

 Students will work with a partner to complete the following activity:  Choose a product and research each of the functions of marketing for that product: ◦ Pricing ◦ Selling ◦ Distributing ◦ Promoting ◦ Product/service management ◦ Marketing information management