Transcript Marketing Functions

Introduction to Business & Marketing
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What is marketing?
◦ Process of developing, promoting & distributing
goods & services to meet consumer wants & needs
Distribute
Promote
Develop
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What is marketing?
◦ Process of developing, promoting & distributing
goods & services to meet consumer wants & needs
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Needs vs. Wants
◦ Needs = essential
◦ Wants = desired
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Goods vs. services
◦ Goods – tangible (can touch)
◦ Services – intangible (can’t touch)
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Exchange
◦ Takes place every time something is sold in the
marketplace.
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Marketing Functions refer to all the activities
that the business or company performs to
connect with customers.
There are seven essential functions of
marketing.
1. Financing
2. Marketing Information Management (MIM)
3. Product/Service Management (PSM)
4. Pricing
5. Distribution
6. Promotion
7. Selling
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Obtaining funding to run a business
Also involves decisions regarding payment
options (i.e. loans, leasing, credit) for
customers
Ex: company offers customers a loan to pay
for a new computer
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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!
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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.
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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)
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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.
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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.
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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
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Working with a partner (if you want), use your
notes to decide which marketing function best
matches the example given.
When finished, turn in your papers to the teacher
(each student should turn in his/her paper).
Then, complete the assignment on the next slide.
Students will complete the following activity that
applies their knowledge of the marketing
functions.
1. Choose a product (good or service).
2. Identify the company that produces this product.
3. Conduct research and identify how the company
applies each of the marketing functions in
developing, producing, promoting, and
distributing the product.
4. Each student will complete the questions on the
worksheet and submit for a grade.