Essential Standard 3.00 Objective 3.01. Understand the role marketing in business. Understand principles of marketing. Topics. Functions of marketing Importance of marketing research to the creation or improvement of products or services Selling prices of products and services
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Understand the role marketing in business.
Understand principles of marketing.
Products and services are made available in order to meet the goals of individuals and businesses.
Why do businesses spend so much time, money, and effort to market their goods and services?
Answer: to meet customer needs and to make a profit
Marketing Activities happen during the seven functions of marketing
Why do companies spend money on marketing research?
Parts of a product
What options are available on this vehicle?
+ operating expenses
Prices will be higher due to these factors:
1. Must cover the cost of the product
2. Must cover the operating expenses (cost of running the business)
3. Must allow profit for the business
*Important factor in pricing
A reduction from the original selling price.
How products and services reach final customers or businesses
NO Intermediary Involved
Defined: how products/services reach final customers and the businesses involved
Allow businesses to adjust :
- quantity and assortments
- accessible in convenient locations
- storage of products for customer’s convenience.
CHANNELS OF DISTRIBUTION the goals of individuals and businesses.
How does CORN get to your table?
FARMWORKERS HARVEST FOR TEMPORARY STORAGE
CORN TRANSPORTED TO SILO STORAGE
CORN TRANSFERRED TO TRAIN/TRUCK FOR TRANSFER
TRAIN TRANSFERS CORN TO MILL/PROCESSING PLANT
MILL/PROCESSOR CHANGES PRODUCT
PROCESSOR PACKAGES INTO CANS/FROZEN BAGS ETC
CANS FROM MILL TO STORAGE
STORAGE TO TRAIN/TRUCK TO WHOLESALER
WHOLESALER (GROCERS ASSOCIATION) STORAGE
WHOLESALER TO RETAILER (FOOD LION) BY TRUCK
RETAILER TO CONSUMERS
CONSUMERS EAT CORN FOR DINNER!