Introduction to Business & Marketing

What is marketing?

What is marketing?◦ Process of developing, promoting & distributing

goods & services to meet consumer wants & needs

Develop

Promote

Distribute

What is marketing?◦ Process of developing, promoting & distributing

goods & services to meet consumer wants & needs

Needs vs. Wants

What is marketing?◦ Process of developing, promoting & distributing

goods & services to meet consumer wants & needs

Needs vs. Wants◦ Needs = essential◦ Wants = desired

Goods vs. services

Goods vs. services◦ Goods – tangible (can touch)

◦ Services – intangible (can’t touch)

Exchange

Exchange◦ Takes place every time something is sold in the

marketplace.

Marketing Functions refer to all the activities that the business or company performs to connect with customers.

There are seven essential functions of marketing.

1. Financing

2. Marketing Information Management (MIM)

3. Product/Service Management (PSM)

4. Pricing

5. Distribution

6. Promotion

7. Selling

Obtaining funding to run a business

Also involves decisions regarding payment options (i.e. loans, leasing, credit) for customers

Ex: company offers customers a loan to pay for a new computer

Gathering, storing and analyzing information using the market research process

Ex.: sweetFrog distributes surveys for customers to complete online based on potential flavors. These results are used to make decisions on what new flavors to add. Yummy!

Designing, developing and improving products

Product changes over time to meet the needs of customers

Ex.: The iPod has changed over the last seven 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 the iPhone.

Deciding how much to charge for goods & services to make a profit

Prices should consider both the target market and the competition

Ex.: tickets for sporting events vary depending on the opponent and time of year (prices higher for playoffs)

Decisions related to selecting stores or locations at which the product will be sold

Also includes transporting products to customers

Ex: Surfboards arrive via plane from Hawaii and are trucked to and sold on 17th street in Virginia Beach.

Any form of communication (usually one-way) used to inform, persuade, or remind people about a product

Ex.: Come out tonight to see the Briar Woods varsity football team take on South Lakes for Homecoming. Kickoff is 7 pm.

Involves two-way interactions between the business and the customer

Working with a partner (if you want), use your notes to decide which marketing function best matches the example given.

When finished, turn in your papers to the teacher (each student should turn in his/her paper).

Then, complete the assignment on the next slide.

Students will use the Internet to complete the following activity that applies their knowledge of

the marketing functions.

1. Choose a product (good or service).2. Identify the company that produces this product.3. Use the Internet to conduct research and identify

how the company applies each of the marketing functions in developing, producing, promoting, and distributing the product.

4. Each student will complete the questions on the worksheet and submit for a grade.