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Businesses Need Marketing

Businesses Need Marketing. The Need for Marketing. Past View: simple set of activities that would help a business sell its products

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Businesses Need Marketing

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  1. Businesses Need Marketing

  2. The Need for Marketing • Past View: simple set of activities that would help a business sell its products • Today’s view: businesses utilize the marketing concept which is using the needs of customers as the primary focus during the planning, production, distribution, and promotion of a product and service

  3. Development of Business • Self-sufficient: do not rely on anyone else to survive • Bartering: exchanging products or services with others by agreeing on their value • Specialization of Labor: concentrating on one or a few related activities so they can be done well • Money system: established the use of currency as a recognized medium of exchange • Central Markets: location where people bring products to be conveniently exchanged • Other Marketing Activities: support businesses to make the exchange process more efficient

  4. The Functions of Business • Production: creates or obtains products or services for sale • Raw materials (mining, logging) • Processing (oil refining, paper manufacturing) • Services (hair, nail, tanning) • Merchandising (retailers, wholesalers) • Operations: on-going activities designed to support the primary function of a business and to keep it operating efficiently • Accounts and Finance: plans and manages financial resources and maintains records and information related to the business’ finances

  5. The Functions of Business • Management and Administration: developing, implementing, and evaluating the plans and activities of a business • Marketing: all business activities to make a product or service available to consumers and to ensure effective exchanges occur

  6. Coordination of the Functions of Business • Each function of business is dependent upon the other functions of the business • What would happen if a business was not successful in coordinating all aspects of the business operation? • Examples?

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