1. Introduction to Business & Marketing
Marketing Functions
Introduction to Business & Marketing

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

3. 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

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

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

6. 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.

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

8. 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

9. 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)

10. 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.

11. 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.

12. 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!

13. 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.

14. 7 Years of the iPod

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