1. 1.01 Understand marketing’s role and functions in business to facilitate economic exchanges with customers.

2. “Marketing is beneficial to consumers because it brings new and improved products to the market, as well as lowering prices.” List five products you or your family use that are new or have been improved List five products your family uses that now have lowered or reduced prices List five stores which have lowered their prices

3. Marketing is… The process of developing, promoting, pricing and distributing products in order to satisfy customers’ needs and wants. All activities needed to get a product from the manufacturer to the consumer.

4. A target market is… The group of consumers a business desires to have as customers. Customer vs. Consumer

7. The marketing concept is… A business approach that directs all marketing efforts towards satisfying customer’s wants and needs.

8. Elements of the Marketing Concept Customer Orientation: Do it the customer’s way Company Commitment: Do it better Company Goals: Do it with success in mind

9. Market Planning The process businesses utilize to achieve their goals. Businesses must reflect using SWOT analysis to understand where they are currently in the marketplace and to determine the direction they want to navigate.

10. The benefits to marketing are… New and improved products Lower prices

11. Do You Know??? Taylor purchases shoes for mom –Customer Customer orientation and company commitment & goals –Marketing concept Hollister desires to have teenagers as customers –Target marketing Taylor asking for a BMW –want

12. Assignment 1- group Target Market Activity –Follow the instructions on provided paper.

13. Assignment 2 - individual Label the paper “marketing categorizing” - divide the piece of paper into six sections, labeling the sections 1). wants 2). needs 3). consumer/ industrial good/service 4). durable/ nondurable goods 5&6). chose 2 (idea, people, place, organization). Students are to obtain pictures from magazines and find TWO examples of each term.

14. Classify the functions of marketing Selling –Determining and responding to customer’s needs and wants through personalized communication. – It is intended to influence purchase decisions and increase customer satisfaction. – For example, at The Limited, Taylor searches for a birthday present for her sister, when Gwen (a _________________) asks if she could help her find the correct size.

15. Classify the functions of marketing Pricing –Determining a value to charge for products. –It is important to consider what competitors are charging and the amount customers are willing and able to pay. –For example, when deciding what ________to charge for their latest athletic shoe, Nike must take into consideration the cost of producing, _______________, and distributing the shoe

16. Classify the functions of marketing Product/service management –Designing, producing, maintaining, improving, and obtaining products to meet customer’s wants and needs. –For example, redesigning the Toyota __________ to have more/better features.

17. Classify the functions of marketing Channel Management –Transporting, storing, and handling goods from the manufacturer to the consumer –For example, John Deere lawn equipment is __________________ to Home Depot by tractor-trailers

18. Classify the functions of marketing Marketing Information Management (MIM) –Gathering information, analyzing information, and utilizing information for use in making marketing decisions. –For example, Amazon.com sends a ______________to customers who purchased the latest New York Times best sellers.

19. Classify the functions of marketing Promotion –Communication used to inform, persuade, or remind customers about a business’s products. –The most common form of promotion is advertising. – For example, McDonalds decides to broadcast a 30 second television ______________ during the Super Bowl.

20. DO YOU KNOW?? Using technology to improve MP3 players. Product/Service Management Management decides to mark up products by 100% Pricing Customers fill out an in-store survey. MIM Salespeople assist all customers in the store. Selling Internet advertising is used in conjunction with television advertising. Promotion Fruits and vegetables are delivered by tractor-trailers. Channel Management