Introduction to Marketing

1. Introduction to Marketing November 3, 2010

2. Objectives • Define marketing and describe its purpose. • Explain the marketing concept. • Identify the seven functions of marketing.

3. What is Marketing? • Process of developing, promoting, and distributing products to satisfy consumers • Product – includes both goods & services that have monetary value and satisfy consumers’ needs and wants

4. Time Out… Review! • What are some examples of goods? • What is the definition of a good? • What are some examples services? • What is the definition of a service?

5. Purpose of Marketing To help connect businesses to their customers!

6. The Marketing concept

7. Marketing Concept The Marketing Concept is the idea that a business should strive to satisfycustomers’ needs and wantswhile generating a profit for the business.

8. Marketing Functions

9. 7 Functions of Marketing • Channel Management • Financing • Marketing Information Management • Pricing • Product / Service Management • Promotion • Selling Marketing functions should always support the marketing concept!

10. Group Work!

11. Directions • Your group will be assigned one of the seven functions of marketing. • You will create a “poster” for your function. Write the name of your function in LARGE print across the top of your construction paper. • Using the red Marketing Essentials textbook, look up your function. As a group, come up with a definition in your own words. • Design a poster that includes the name, definition, and a(n) illustration(s). Your poster should be visually appealing and easy to read.

13. The 7 Functions of Marketing

14. Channel Management • Also known as “distribution” • Making decisions about where to sell your product & transporting products to customers

15. Financing Getting the money needed to finance the operation of a business

16. Marketing Info. Management • Process of getting the marketing information needed to make good business decisions • Includes gathering, storing, and analyzing market research

17. Pricing • Deciding how much to charge for your product • Setting prices based on consumer demand, competition, etc.

18. Product / Service Management • Also known as “product planning” • Designing & developing products • Involves making decisions about the production and sale of products

19. Promotion • Any form of communication used to inform, persuade, or remind consumers about a product • Attracting consumers to buy your product

20. Selling • Exchanging a product for an agreed upon amount of money • Includes finding new customers and maintaining customer relationships

21. Marketing Functions Project!

22. Mktg. Functions Project • With your partner, decide if you are launching a new sports drink or energy drink. • As marketing managers, you will need to make decisions about each of the seven functions of marketing. Remember to explain/justify your choices! • Create a PowerPoint to pitch your marketing plan! You should have a minimum of 8 slides (a title slide and at least one slide per function).