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Marketing Functions

Marketing Functions. Introduction to Business & Marketing. Review from last class. What is Marketing? Need v. want Good v. service Exchange. Marketing Functions. Marketing Functions: All activities that allow companies to bring products to the market for exchange Pricing Selling

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Marketing Functions

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  1. Marketing Functions Introduction to Business & Marketing

  2. Review from last class • What is Marketing? • Need v. want • Good v. service • Exchange

  3. Marketing Functions • Marketing Functions: All activities that allow companies to bring products to the market for exchange • Pricing • Selling • Distributing • Promoting • Marketing information management • Product/service management

  4. Pricing • 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

  5. Selling • 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

  6. Distributing • 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

  7. Promoting • 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

  8. Marketing Information Management • Marketing Information Management: “is the process of getting the marketing information needed to make sound business decisions” • SURVEYS ARE USED!!! • 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

  9. Product/Service Management • Product/service management: “obtaining, developing, maintaining, and improving a product or product mix in response to market opportunities” • Product changes overtime to meet the needs of customers • 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

  10. 7 years of the iPod

  11. Target Market • 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

  12. Functions Activity • Students will use the Internet to complete the following activity that applies their knowledge of the marketing functions. • Students will choose a product (good or service), and identify the company that produces this product. Using the Internet to conduct research, students will identify how the company applies each of the marketing functions in developing, producing, promoting, and distributing the product. Each student will complete the questions below and submit for a class activity grade.

  13. Vocabulary Terms Notebook Vocabulary Terms: • Marketing • Products • Goods • Services • Exchange • 6 marketing functions (list all 6) • Target market

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