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AIM: What is marketing?

Explore the various functions and economic benefits of marketing through examples and discussions. Understand how marketing influences consumer behavior and drives business success.

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AIM: What is marketing?

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  1. AIM:What is marketing? Do Now: Create a word web for the word “marketing.” What does this word mean to you?

  2. Products • Monetary value • Satisfy needs and wants Goods • Can touch/hold (tangible) Services • Tasks performed for a customer • Can’t touch Marketing • The process of developing, promoting, and distributing products to satisfy customers’ needs and wants • Customer = the person who buys the product • Consumer = the person who uses the product Exchange = what occurs every time something is sold in the marketplace

  3. Marketing "Pop Quiz" The Ultimate Driving Machine

  4. The quicker picker upper

  5. It melts in your mouth, not in your hand

  6. Taste the rainbow.

  7. 15 minutes can save you 15% or more on your car insurance

  8. I’m Lovin it…

  9. America runs on ___________

  10. 57 varieties

  11. AIM:How does marketing impact your daily life? Do Now: Take Out Homework

  12. 7 Functions of Marketing • All the marketing activities which you encounter on a daily basis can be classified into one of the following categories: • Distribution • Financing • Marketing Information Management • Pricing • Product/Service Management • Promotion • Selling

  13. 1. Distribution • deciding where and to whom products need to be sold in order to reach final users • physically moving and storing goods • Trucks • Railroads • Air • Boats • Central warehouses • Tracking products How Can You Distribute Goods?

  14. 2. Financing • getting money that is necessary to pay for the operation of a business • Loans • Sell Shares of Stock • Will the business offer credit to customers

  15. 3. Marketing Information Management • getting the necessary information to make sound business decisions • Marketing Research (surveys, focus group)

  16. 4. Pricing • how much to charge for goods and services in order to maximize profits • determine how much customers are willing to pay • what are the company’s pricing strategies?

  17. 5. Product/Service Management • GOAL = obtaining, developing, maintaining, and improving a product • decisions made on the basis of market research Did Facebook always look the way it does now?

  18. 6. Promotion • communicating with potential customers to inform, persuade, or remind them about a company • used to improve a company’s image Examples: • Commercials • Print • Online

  19. 7. Selling • Providing customers with goods and services they want • How are customers provided with what they want? How are their questions answered?

  20. AIM:Impact of Marketing http://finance.yahoo.com/news/buffalo-wild-wings-ceo-disccuses-steve-rannazzisi-9-11-lie-183159998.html

  21. Group Work • Working with your group determine how the seven functions of marketing are met for the business you have been assigned. • All group members must record findings. • Be prepared to present to the class.

  22. AIM:What are the economic benefits of marketing? Do Now: What is a utility?

  23. Utility • The value added to a product due to the 7 functions of marketing • Utilities are attributes of a product/service that make it capable of satisfying consumers’ wants and needs

  24. What raw materials went into this product? 1. Form Utility • changing raw materials or putting parts together to make them more useful • Cocoa • Milk • Sugar • Lumber

  25. Where would you place/distribute this product 2. Place Utility so customers could buy it? • Having a product where customers can buy it • Businesses study consumer shopping habits to determine the most convenient and efficient locations to sell their products • Retail (supermarket) • Online • Catalogue

  26. Marketing Story

  27. 3. Time Utility When would the best time of day/year to sell product? • having a product available at a certain time of year or time of day (ie/stores stay open later at certain times of year) • Halloween • Summer (camps, s’mores)

  28. How would you pay for product? 4. Possession Utility • the exchange of a product for some monetary value • Cash • Credit • Layaway

  29. 5. Information Utility How would you inform potential customers? • communication with the consumers • Salespeople provide information • Displays • Packaging • Advertising (print, television, radio, online)

  30. Results of Added Utility… • Higher Demand = Increased Competition = Lower Prices • New and Improved Products Can you think of any products that fit the results?

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