1. Understand marketing’s role and function in business to facilitate economic exchanges with customers.
Marketing Indicator 1.01

2. Notes: Guided & Printed Week #1

3. Key Terms
Marketing:
Process of planning, pricing, promoting, selling, & distributing ideas, goods, and services to create exchanges that satisfy customers
Links the producer to the customer
On-going, always changing

4. Marketing Activities Planning Pricing Promoting Place
Write, Implement, & Evaluate plans so that effective marketing can occur.
Balances what a customer is willing to pay with what a business wants to charge.
Making a profits is #1 goal
Capture the customers attention & generate demand.
Accomplished through advertising, personal selling, publicity and sales promotions.
Making sure the product is available at locations where customers can acquire them
(Online and off.)

5. Items that are marketed
Broad categories
Goods
Durable – e.g., DVD player (last a long time)
Nondurable – e.g., gasoline (typically consumed within a short period)
Services – e.g., delivery services
Organizations – e.g., labor organization
Places – e.g., Charlotte, North Carolina
Ideas – e.g., “Stand” against smoking
People – e.g., “Air Jordan” (Michael Jordan)
Almost anything can be marketed.
Marketing occurs where customers are

6. Marketing Concept
Marketing Concept: A philosophy of conducting business that is based on the belief that all business activities should be aimed toward satisfying consumer wants and needs while achieving company goals.
Make customers happy while making a profit

7. Elements of the Marketing Concept
Customer orientation: Do it their way.
Finding out what customers want and producing those products the way they want them
Door-to-Door sales versus a company surveying clients to see what they want
Company commitment: Do it better.
Make/price the product better than the competition’s model.
Putting money into research & development so your products stays #1
Company goals: Do it with success in mind.
Maintain your firm’s purpose while you apply the marketing concept.
Increase profits, be more socially responsible, increase market share, etc…

8. How Does Marketing Benefit Our Society?
Makes our lives better
New & Improved products are offered at lower prices
Increases our countries standard of living
Provides us with a variety of goods
Products are offered in a variety of colors, sizes, styles, models, etc..
Encourages trade between nations
When a nation lacks resources they can usually acquire it from other countries
Oil, Machines, Vehicles, Pharmaceuticals, Plastic, etc…

9. 7 functions of Marketing
Sports, Entertainment and Recreation Marketing

10. The 7 functions of Marketing!
Selling
Distribution
Product Service Management
Promotion
Pricing
Financing
Marketing Information Management

11. The Core of Marketing
The 7 Functions of marketing are the basis for all marketing activities
All marketing activities involve at least one of the functions

12. Channel Management / Distribution
Making decisions about where to sell the product and how it gets there
How are you going to get the product to the customer?
Moving/Transporting product
Storing
Tracking product

13. Distribution Example: Redskins Apparel
Redskins Store Department Stores
Sports Authority
Kohls
Target
Online Website

14. Financing
Requires a company to budget for its own marketing activities
Assisting customers in paying for the company’s products

15. Financing
Customer Financing
Customers may receive financing in the form of different payment options, such as cash, credit, and installment payment
More options = More purchases

16. Product/Service Management
*See how the Coca-Cola bottles have changed with the times and with customer’s needs and wants! 
Obtaining, developing, maintaining, and improving a product or product line to respond to customer needs and wants

17. Marketing Information Management
Surveys
Process of collecting information about customer trends, and competitor products
Used to determine customer demographics, buying habits, and attitudes

18. Pricing
The process of establishing and communicating to customers the value of cost of goods and services
Price it so its attainable & profitble
Release of iPhone 5s

19. Promotion Commercials Give-Aways Billboards Coupons Magazine Ads
Any form of communication used to inform, persuade, or remind people about a business’s products
Commercials
Give-Aways
Billboards
Coupons
Magazine Ads

20. Selling
Any direct and personal communication with customers to asses and satisfy their needs and wants is considered selling
Two Communication
Selling involves not only satisfying customers but also anticipating their future needs
EX: A sales person answers questions about the operation of a running watch

21. The interrelationships among marketing functions
Can’t forget to advertise even if you have a great product
Can’t forget to have a sufficient supply of those great products in stock
Can’t forget to set prices that are competitive and attract customers
Forgetting any of these functions means your marketing effort won’t be as effective.
Your competitors will have an advantage

22. Assignment Choose one company
By yourself or with a partner, illustrate a scene that reflects how that company conducts that function.
Label each scene.
When drawing your scene make sure you clearly express the concept. It should be obvious that your picture represents what you are intending.