1. Marketing Functions of Marketing Unit 2, Lesson 1 Copyright © Texas Education Agency, 2012. All rights reserved.

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3. Marketing Functions Goal Students will be able to Explain the marketing concept Describe each marketing function and how it illustrates the marketing concept Explain each component of the marketing mix Illustrate the importance of marketing strategies in the marketing mix Explain the importance of target markets. 3 Copyright © Texas Education Agency, 2012. All rights reserved.

4. Marketing Functions Terms to know Market Customer Consumer Marketing Concept Marketing Functions Marketing Mix Target Market 4 Copyright © Texas Education Agency, 2012. All rights reserved.

5. Marketing Functions Marketing Concept Businesses must satisfy customers’ needs and wants in order to make a profit. 5 Copyright © Texas Education Agency, 2012. All rights reserved.

6. Marketing Functions Customers Purchase products Consumers Consume products 6 Copyright © Texas Education Agency, 2012. All rights reserved.

7. Marketing Functions Market All potential customers who share common needs and wants, and who have the ability and willingness to buy the product. 7 Copyright © Texas Education Agency, 2012. All rights reserved.

8. Marketing Functions Marketing Mix Four P’s Product Place Price Promotion 8 Copyright © Texas Education Agency, 2012. All rights reserved.

9. Marketing Functions Marketing Mix Product includes all aspects of the product Type of product Packaging Warranties Price strategies need to consider how much a customer is willing and able to pay while still making a profit. 9 Copyright © Texas Education Agency, 2012. All rights reserved.

10. Marketing Functions Marketing Mix Place strategies must consider where best to sell the product and which channel of distribution will be used. Promotion strategies must consider how to inform, persuade, and remind customers about the product. 10 Copyright © Texas Education Agency, 2012. All rights reserved.

11. Marketing Functions Financing Pricing Promotion Product/Service Management Distribution Selling Marketing Information Management 11 Copyright © Texas Education Agency, 2012. All rights reserved.

12. Marketing Functions Financing Getting the money necessary to pay for the operation of the business Loans Sell stock Offering credit to customers Credit cards Finance goods/services 12 Copyright © Texas Education Agency, 2012. All rights reserved.

13. Marketing Functions Pricing How much to charge for goods/services Maximize profit Competitive pricing Gaining market share Creating customer perception of value 13 Copyright © Texas Education Agency, 2012. All rights reserved.

14. Marketing Functions Promotion Inform, persuade, or remind Advertising – television, radio, magazines Can be used to improve companies image Communicate information about product, services, images 14 Copyright © Texas Education Agency, 2012. All rights reserved.

15. Marketing Functions Product/Service Management Obtaining, developing, maintaining, and improving a product, product mix, or service. Decisions made mostly on marketing research. 15 Copyright © Texas Education Agency, 2012. All rights reserved.

16. Marketing Functions Distribution Deciding where and to whom to sell product. Physically moving and storing product. Primary methods of transportation are truck, rail, air, and ship. Includes systems that track products 16 Copyright © Texas Education Agency, 2012. All rights reserved.

17. Marketing Functions Selling Proving customers with goods and services they want. Retail selling Industrial or business-to-business sales. Determine customers needs and wants Respond through planned, personalized communication that influences customers Enhance future business opportunities 17 Copyright © Texas Education Agency, 2012. All rights reserved.

18. Marketing Functions Marketing Information Management Most information from marketing research Questionnaire’s about service or products. Information used to determine customers preferences. 18 Copyright © Texas Education Agency, 2012. All rights reserved.

19. Picture Sources http://www.sxc.hu/photo/717442 http://www.sxc.hu/photo/978940 http://www.sxc.hu/photo/662389 http://www.sxc.hu/photo/189883 http://www.sxc.hu/photo/1115856 http://www.sxc.hu/photo/854196 http://www.sxc.hu/photo/1128414 19 Copyright © Texas Education Agency, 2012. All rights reserved.