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The 4 key Business Functions. An in depth look! . Whether it’s BIG Business or Small Business…. Marketing.

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Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organisational objectives

Source: American Marketing Association

More simply……….

Marketing is a total system of interacting activities designed to plan, price, promote and distribute products to present and potential customers.

  • At the heart…the most fundamental question all businesses should ask is
  • “What do customers want to buy – now and in the future? – this is the essence of marketing
  • Finding out what the customers want then attempting to satisfy their needs
  • Successful marketing involves bringing the buyer and seller together and making a sale.
marketing and small business
Marketing and Small Business
  • Some small businesses dislike marketing and turn away customers others assume their product will sell automatically.
  • They place ads in local newspapers, display the name on cars and even advertise on a regional radio or TV station. However this in only ONE part of marketing.
  • Small business often view marketing and marketing campaigns as something only BIG businesses do.
role of marketing
Role of Marketing
  • It is a way of thinking.
  • Everything should be directed at putting the customer at the centre of its thinking.
  • As competition intensifies….businesses need to view their business in terms of the needs and wants of their customers
leads to the marketing concept
Leads to the marketing concept
  • The marketing concept is a philosophy
  • All sections of the business are involved in satisfying a customer’s needs and wants while achieving the business’s goals.
who is the customer
Who is the customer?
  • Businesses cannot afford to market their products to ALL consumers or ALL businesses in Australia.
  • Also, few businesses would want to do this because it is a very rare product that is suitable to all consumers.
  • COKE is an example. It now offers a range of carbonated soft drinks based on its original cola - Coke Zero, Diet Coke, as well as non Cola drinks - Pump water, Powerade, and Fruitbox juice drinks.
  • Businesses MUST select specific target markets
provide a definition and an example for each see text pgs 220 223
Provide a definition and an example for each (see text pgs 220-223)
  • Mass Market
  • Market Segmentation
  • Niche Market
the marketing plan and strategy
The marketing plan and strategy
  • The marketing plan should outline the marketing goals (the what) of the business
  • A business needs to develop marketing strategies (the how) to achieve the goals
  • Marketing strategies are actions undertaken to achieve the business’s marketing goals
the marketing mix 4 p s
The marketing mix – 4 P’s
  • To develop a marketing strategy you need to examine the elements of the marketing mix
  • The marketing mix refers to the combination of the 4P’s - product, price, promotion and place (distribution)
  • Businesses can achieve the marketing goals of the business through the marketing mix
the 4 ps of the marketing mix
The 4 Ps’ of the marketing mix

The business has control over these elements and uses them to reach its target market

activity business as usual idea
Activity: Business As Usual Idea
  • Using your original business idea e.g Rivas Sandwiches:

Define your target market. Refer pg. 219-222 to define WHO is your target market.

      • Write 1-2 sentences describing WHO they are e.g White Collar workers aged 18-39 years seeking a healthy yet affordable lunch package. This is known as the demographic
      • Then provide some insight into them such as a bit about their attitude and/or beliefs toward YOUR product or category. This is their psychographic profile.
      • Lastly, provide an image of your target market (use:google images or getty images) This helps illustrates/defines what they look like.
activity what is your marketing mix
Activity: What is your Marketing Mix?

What is your product or service? Provide 3 features

What is your pricing strategy and why?

How do you distribute your product or service?

How would you best reach your target market?

activity choosing the promotional mix
Activity: Choosing the Promotional Mix
  • As a small business (Business As Usual idea), now that you have defined your TARGET MARKET, choose a promotional medium that would reach them.
  • That is, how do you best reach your target market? Where would your product or service be highly noticed, how could you increase awareness of your product or service?
  • Promotional medium could be – outdoor advertising (bus shelter) , magazine ad, radio announcement, letterbox flyer etc
  • Prepare a ONE PAGE promotional piece of advertising for your business.
  • Include – what is your product and price (if required). Try to promote the features and benefits that you have to offer (vs. your competition), keeping your target market in mind
  • Be creative, colourful, and include images (eg. “food sells food”). STAND OUT.
  • Upload this to your teacher on Edmodo by end of lesson