Introduction to Business & Marketing
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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.
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