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Marketing Today Marketing Chapter 1 Warm-Up What type of marketing activities do you see everyday? Are you involved in marketing? If so, how? If not, why not? Why Study Marketing? To learn how businesses use marketing to increase their effectiveness and profits Improve personal marketing skills All Businesses Use Marketing Businesses Businesses with Directly Involved Major Marketing in Marketing Activity Businesses with Limited Marketing Roles Advertising Agencies Retailers Law Offices Sales Reps. Manufacturers Physicians Marketing Research Firms Banks Government Agencies Trucking Companies Auto dealers Universities Marketing Functions Distribution Pricing Info. Mgt. Seven Functions of Marketing Product Management Distribution Getting product from manufacturer to final customer Selling Design/development of products Direct personal communication with customer Information Management Obtaining information to improve performance Seven Marketing Functions Financing Pricing Budgeting for marketing activities or providing financing to customers Communicating the value of products Promotion Communicating information about product to consumers through advertising or other promotional methods Warm - Up Use complete sentences to answer the following: What does it mean to be self sufficient? What is bartering? Give an example. What is Marketing? The creation and maintenance of satisfying exchange relationships The Marketing Concept Using the needs of customers as the primary focus during the planning, production, distribution, and promotion of a product The Marketing Concept Elements of the Marketing Concept Identify customer needs Develop and market products or services Operate a business profitability Warm-Up Read the definition of marketing on page 9, then answer the following: What is the key attribute of the exchange relationship that marketers seek to create and maintain? The Need for Marketing First businesses developed marketing to improve exchange What if a company has a great product? Is there a need for marketing? Yes – if customers do not know about the product then they cannot buy the product… Marketing and the Development of Business Self Sufficient Bartering Do not rely on others for the things needed in order to survive Exchanging products Specialization of Labor Concentrating on one or a few activities Marketing and the Development of Business Money Systems Use of currency as a recognized medium for exchange Central Markets Location where people bring products to be conveniently exchanged Warm-Up Write an example of a business implementing the marketing concept. The Functions of Business Production Creates or obtains products for sale Raw Materials Processing Merchandising Offering products produced by others for sale to customers Wholesalers Retailers The Functions of Business Operations Makes sure that business is running Takes care of the facility Accounting/Finance Creates budget and maintains financial well-being of company The Functions of Business Management/Administration Marketing Sets objectives and goals for business Ensures effective exchange Coordination of Business Functions You must have all functions working together to have a profitable and successful business Warm-Up For the following Business functions give an examples of specific businesses using each function: Production Operations Accounting/finance Warm-Up If a business is the sole producer of a product that its customers need, why should it bother with implementing the marketing concept? Implementing the Marketing Concept Identify the Market Develop a Marketing Mix Product Distribution Price Promotion Warm-Up Answer questions 1 – 8 pages 26 – 27 in the Marketing Textbook Activity In groups of 2 - 3 Select a product or service that you buy frequently (select one for your group) Write down ways to improve the product or service’s marketing mix Explain how the suggested improvements would increase the satisfaction of both the consumers and business (or businesses that market the product/service) Warm-Up