Daily Information Objectives: 1.Identify the functions of marketing. 2.Identify the difference between a product and a service Warm Up: How would you market.

Daily InformationObjectives:

1.Identify the functions of marketing.

2.Identify the difference between a product and a service

Warm Up:

How would you market yourself if you were starring in your own reality T.V. show? You can pick an existing reality T.V. show, or create one based on your interests.

Agenda:

1.Warm Up2.Marketing

functions P.P.

3.Follow along notes

4.Marketing functions activity

Marketing activities are found in every type of business enterprise.

In this unit, you will learn… Key marketing concepts Benefits of marketing to our society Benefits of marketing to you

Overview

Being successful in business requires being marketing oriented.

Learning how businesses and people operate from a marketing point of view will help you in all your future endeavors.

You will also get a good idea of whether marketing is a potential career for you.

Why is it important to understand marketing?

The process of… Developing Promoting Distributing products

Goal… To satisfy customers’ needs and wants

Marketing

Products – include goods and services, both of which have monetary value and satisfy customers’ needs and wants.

Goods – the kind of things you can touch or hold in your hand.

Services – the kind of things you can’t physically touch.

Exchange – takes place every time something is sold in the marketplace

Marketing Continued

Product Development

Product design levels Product selection Packaging Branding

Product Design Levels

Basic product: physical product in its simplest form

Enhanced product: product offering different features and options for the consumer (notebooks, desktops)

Extended product: product offering additional features that are not part of the physical product but increase its usability (customer service, effective use information, additional products)

***Company differentiation comes at the enhanced and extended product level.

Product Development Decisions

Why should a company make product development decisions very carefully?

Product Selection

Product line: group of similar products with obvious variations in design and quality to meet the needs of distinct customer groups

Product assortment: complete set of all products a business offers to a market

Many products with

limited variety

Limited product

choices and variety

Large variety in few product

choices

Broad variety of many products

PRODUCT BREADTHMore Less

PR

OD

UC

T D

EP

TH

More

Less

Product Assortment

Protect product Provide information to customers

(special features, appropriate handling) Designed so that it is easier to use

(plastic bottle, easy-opening lid) Promotional tool

Packaging

A name, symbol, word or design that identifies a company

Loyalty Trust

***If you eat at a restaurant and the food is bad, will you go back again?

Branding

Business, Management, Entrepreneurship – understanding concepts that affect business decision making

Communication and Interpersonal Skills – understanding how to interact effectively with others

Economics – understanding the economic principles

Professional Development –career exploration, development, and growth

Foundations of Marketing

Seven Functions of Marketing

Distribution – involves deciding where and to whom products need to be sold in order to reach the final users.

Financing – getting the money that is necessary to pay for the operation of a business.

Marketing Information Management – getting the necessary information to make sound business decisions.

Functions of Marketing

• Pricing – deciding how much to charge for goods and services in order to maximize profits.

• Product/Service Management – obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities.

• Promotion – communicating with potential customers to inform, persuade, or remind them about a business’s product.

• Selling – provides customers with goods and services they want.

Functions of Marketing continued

Individually complete the marketing functions activity

Marketing Functions Activity