1. MARKETING

2. Standards… BCS-BE-36: The student demonstrates understanding of the concept of marketing and its importance to business ownership. BCS-BE-36: The student demonstrates understanding of the concept of marketing and its importance to business ownership. BCS-BE-37: The student identifies and analyzes the relationships between marketing and the individual, business, and society. BCS-BE-37: The student identifies and analyzes the relationships between marketing and the individual, business, and society.

3. Essential Questions… What is marketing? What is marketing? How are the marketing functions used to design a successful marketing strategy? How are the marketing functions used to design a successful marketing strategy? How does one identify a “target market”? How does one identify a “target market”? What is a marketing mix and what role does it play in the success of business? What is a marketing mix and what role does it play in the success of business? What is marketing research and why is it so important? What is marketing research and why is it so important? What effect does pricing factors have on the successful marketing of a product? How has technology impacted the marketing of services both domestically and internationally? What is the difference in emotional buying motives and rational buying motives? What are some reasons for customer loyalty? What is the importance of giving back to the community?

4. What is marketing??? Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

5. What are the functions of marketing? The seven marketing functions include product and service management, distribution, selling, marketing information management, financial analysis, pricing, and promotion.

6. Product and Service Management Obtaining, developing, maintaining and improving a product or a product mix in response to market opportunities. Obtaining, developing, maintaining and improving a product or a product mix in response to market opportunities.

7. Distribution Making goods and services available in the right quantities and locations – when customers want them. Making goods and services available in the right quantities and locations – when customers want them. The process of deciding how to get goods in customers’ hands. The process of deciding how to get goods in customers’ hands.

8. Selling Provides customers with the goods and services they want.

9. Marketing Information Management A set of procedures and methods that regularly generates, stores, analyzes, and distributes information for use in making marketing and other business decisions. A set of procedures and methods that regularly generates, stores, analyzes, and distributes information for use in making marketing and other business decisions.

10. Financial Analysis A business function that involves money management. A business function that involves money management.

11. Pricing The value (in money or its equivalent) placed on a product.

12. Promotion Decisions about advertising, personal selling, sales promotion, and publicity used to attract potential customers.

13. Marketing Strategy Identify a target market Target Market: the individuals or companies interested in a particular product or service and willing and able to pay for it.

14. Marketing Strategy (CONT.) Create a marketing mix Create a marketing mix Marketing Mix: blending of the four marketing elements to satisfy a target market Marketing Mix: blending of the four marketing elements to satisfy a target market

15. PRODUCT Definition: the need-satisfying offering of a firm. Definition: the need-satisfying offering of a firm. Is there a need? Is there a need? What does the product look like? What does the product look like? What are the key benefits? What are the key benefits?

16. PRICE Definition: the amount of money that is charged for “something” of value. Definition: the amount of money that is charged for “something” of value. Set price objectives Set price objectives Determine a price Determine a price Pricing a service Pricing a service

17. Pricing Factors  Supply and demand  Uniqueness  Age  Season  Complexity  Convenience

18. Pricing A Product Selling price = Product costs + Operating expenses +Profit

19. PROMOTION Definition: communicating information between seller and potential buyer or others in the channel to influence attitudes and behaviors.

20. PLACE (Distribution) Definition: Making goods and services available in the right quantities and locations – when customers want them. Definition: Making goods and services available in the right quantities and locations – when customers want them. Where will it be sold? Where will it be sold? Channels of distribution Channels of distribution Marketing supports sales Marketing supports sales

21. Generating Demand Lowering prices Lowering prices Running sales or promotions Running sales or promotions Extending product line Extending product line Create and improve products Create and improve products

22. Marketing Research Definition: a system for collecting, recording and analyzing information about customers, competitors, goods and services. Steps in marketing research 1. Define the marketing problem. 2. Study the situation. 3. Develop a data collection procedure. 4. Gather and analyze information. 5. Propose a solution

23. Types of Marketing Research Surveys Surveys Focus groups Focus groups Observations Observations Experiments Experiments

24. Buying Motives Rational Motive: a conscious, logical reason for a purchase. Rational Motive: a conscious, logical reason for a purchase. Emotional Motive: a feeling experienced by a customer through association with a product. Emotional Motive: a feeling experienced by a customer through association with a product.

25. Technological Factors Technology gives a business more exposure than in times past. Technology gives a business more exposure than in times past. Technology changes the way that businesses can get involved in international trade. Technology changes the way that businesses can get involved in international trade.