Transcript Marketing Functions

Introduction to Business & Marketing
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What is Marketing?
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Need v. want
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Good v. service
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Exchange
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Marketing Functions: All activities that allow
companies to bring products to the market
for exchange
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Pricing
Selling
Distributing
Promoting
Marketing information management
Product/service management
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Pricing: “means deciding how much to charge
for goods & services”
EXAMPLE: a snickers bar is $1 in the School
Store
Student writes 2 more examples in notes
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Selling: “providing customers with goods &
services they want to buy”
EXAMPLE: The Nike store sells Nike Air
Pegasus shoes.
Student writes 2 more examples in notes
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Distributing: “involves making decisions
about where to sell your product and method
of transportation to use (i.e. train, plane,
automobile)”
EXAMPLE: Surfboards arrive via plane from
Hawaii and are sold on 17th street in VA
Beach.
Student writes 2 more examples in notes
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Promoting: “any form of communication used
to inform, persuade, or remind people about
a business’s products”
EXAMPLE: Come out Monday night to see your
undefeated Freshman football team play
Dominion. Our football team has beat their
previous opponents by a combine score of
133-0. Let’s Go Falcons – show your support
next week!
Student writes 2 more examples in notes
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Marketing Information Management: “is the
process of getting the marketing information
needed to make sound business decisions”
◦ SURVEYS ARE USED!!!
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EXAMPLE: sweetFrog hands out surveys for
customers to complete online based on
potential flavors. These results are used to
make decisions on what new flavors to add.
Yummy!
Student writes 2 more examples in notes
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Product/service management: “obtaining,
developing, maintaining, and improving a product
or product mix in response to market
opportunities”
◦ Product changes overtime to meet the need of customers
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EXAMPLE: The iPod has changed over the last 7
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 iPhone.
Student writes 2 more examples in notes
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Target Market: “focuses all marketing
decisions on the specific group of people you
want to reach”
EXAMPLE: The Target Market for the School
Store is high school students, parents, and
Falcon fans.
Student writes 2 more examples in notes of
what they are the Target Market for
VOCAB TERM
1. Marketing
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DEFINITION
PHOTO
the process of developing,
promoting, and
distributing products in
order to satisfy customer
needs & wants
You will draw a photo of
something that helps you
remember this term –
keep it simple!
Vocabulary Terms:
Marketing
Products
Goods
Services
Exchange
6 marketing functions (list all 6)
Target market