Transcript 2.01 Recognize the importance of marketing.

Sports and Entertainment
Marketing
2.01
Explain the
concept of
marketing.
Marketing
 The process of developing, promoting, pricing and distributing
products in order to satisfy customers’ needs and wants.
Marketing involves all the activities necessary in getting a
product from the producer to the consumer.
http://www.youtube.com/watch?v=Ft_FIonnF4s&feature=related
http://www.youtube.com/watch?v=rzPIuMWPloI&feature=related
Marketing Concept
 Businesses become successful by directing all of their efforts
to satisfying the needs and wants of the customers.
 Businesses make a profit by offering the goods and services
that the consumer wants.
 Recognizes the importance of the consumer in the buying
process.
http://www.youtube.com/watch?v=L96lfVN4ByQ
4 P’s of Marketing
 Product – what you are selling
 Price – how much you are charging
 Place – where it is being sold, how it will get from
manufacturer to consumer
 Promotion – Inform, Persuade, or Remind
customers about your product
The Seven Functions of Marketing
Marketing Information Management (MIM)
Selling
Distribution
Product/Service Management
Promotion
Pricing
Financing
Marketing-Information
Management (MIM)
Obtaining information needed to make sound
business decisions. Example: Taste tests and
surveys.
Selling
Determining consumer’s wants and needs
through planned, personalized communication
(face to face, phone, internet)
Distribution
Transporting (physical distribution), storing
(warehousing .vs. distribution centers), and
handling of goods and services (inventory
control methods, logistics) for businesses.
Product/Service Management
The process of developing, improving, obtaining,
and maintaining the products/services of the
business to meet consumer demand.
Promotion
Informing, persuading, or reminding potential
consumers about a business’s products/services.
Pricing
Establishing and communicating the values of
products/services to potential consumers and
determining profit for the business.
Financing
Acquiring the money
for starting and running a business.
Business loans for
upstart money, cash flow issues, or new business
ventures.
http://domo.goanimate.com/movie/0vbb_w86b_ww/1
Toy Story
•Each Holiday Season, a toy emerges from obscurity to become the
holiday item that everybody wants. Poo-Chi, Furby, Tickle Me Elmo,
Pokemon, Beanie Babies, and Cabbage Patch dolls are a few
examples of this phenomenon. You think you have an idea for a
unique toy that could be the next big thing. You know marketing is
essential to your toy’s success.
•What will you do?
•What does marketing entail?
•What functions of marketing must you consider to make your toy
the next phenomenon?