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Marketing Functions

Marketing Functions. Introduction to Business & Marketing. Review from last class. What is Marketing? Need v. want Good v. service Exchange. Marketing Functions. Marketing Functions: All activities that allow companies to bring products to the market for exchange Pricing Selling

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Marketing Functions

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  1. Marketing Functions Introduction to Business & Marketing

  2. Review from last class • What is Marketing? • Need v. want • Good v. service • Exchange

  3. Marketing Functions • Marketing Functions: All activities that allow companies to bring products to the market for exchange • Pricing • Selling • Distributing • Promoting • Marketing information management • Product/service management

  4. Pricing • Pricing: “means deciding how much to charge for goods & services” • EXAMPLE: a snickers bar is $1 in the School Store • Student writes 2 more examples in notes

  5. Selling • Selling: “providing customers with goods & services they want to buy” • EXAMPLE: The Nike store sells Nike Air Pegasus shoes. • Student writes 2 more examples in notes

  6. Distributing • Distributing: “involves making decisions about where to sell your product and method of transportation to use (i.e. train, plane, automobile)” • EXAMPLE: Surfboards arrive via plane from Hawaii and are sold on 17th street in VA Beach. • Student writes 2 more examples in notes

  7. Promoting • Promoting: “any form of communication used to inform, persuade, or remind people about a business’s products” • EXAMPLE: Come out Monday night to see your undefeated Freshman football team play Dominion. Our football team has beat their previous opponents by a combine score of 133-0. Let’s Go Falcons – show your support next week! • Student writes 2 more examples in notes

  8. Marketing Information Management • Marketing Information Management: “is the process of getting the marketing information needed to make sound business decisions” • SURVEYS ARE USED!!! • EXAMPLE: sweetFrog hands out surveys for customers to complete online based on potential flavors. These results are used to make decisions on what new flavors to add. Yummy! • Student writes 2 more examples in notes

  9. Product/Service Management • Product/service management: “obtaining, developing, maintaining, and improving a product or product mix in response to market opportunities” • Product changes overtime to meet the need of customers • EXAMPLE: The iPod has changed over the last 7 years. It was originally bulky and only black/white; next a smaller/color version called the Nano; next a video iPod; next a smaller Nano; finally iPhone. • Student writes 2 more examples in notes

  10. 7 years of the iPod

  11. Target Market • Target Market: “focuses all marketing decisions on the specific group of people you want to reach” • EXAMPLE: The Target Market for the School Store is high school students, parents, and Falcon fans. • Student writes 2 more examples in notes of what they are the Target Market for

  12. Vocabulary Terms Notebook Vocabulary Terms: • Marketing • Products • Goods • Services • Exchange • 6 marketing functions (list all 6) • Target market

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