I NTRODUCTION TO M ARKETING November 3, 2010

O BJECTIVES  Define marketing and describe its purpose.  Explain the marketing concept.  Identify the seven functions of marketing.

W HAT IS M ARKETING ? Process of developing, promoting, and distributing products to satisfy consumers Product – includes both goods & services that have monetary value and satisfy consumers’ needs and wants

T IME O UT …  What are some examples of goods?  What is the definition of a good?  What are some examples services?  What is the definition of a service? Review !

P URPOSE OF M ARKETING To help connect businesses to their customers!

T HE M ARKETING CONCEPT

M ARKETING C ONCEPT The Marketing Concept is the idea that a business should strive to satisfy customers’ needs and wants while generating a profit for the business.

M ARKETING F UNCTIONS

7 F UNCTIONS OF M ARKETING 1. Channel Management 2. Financing 3. Marketing Information Management 4. Pricing 5. Product / Service Management 6. Promotion 7. Selling Marketing functions should always support the marketing concept!

G ROUP W ORK !

D IRECTIONS Your group will be assigned one of the seven functions of marketing. You will create a “poster” for your function. Write the name of your function in LARGE print across the top of your construction paper. Using the red Marketing Essentials textbook, look up your function. As a group, come up with a definition in your own words. Design a poster that includes the name, definition, and a(n) illustration(s). Your poster should be visually appealing and easy to read.

Channel Management Kim, Yasin, Danielle Financing Kelley, Maddie, Alex Marketing Information Management Rami, Alexio, Kaitlyn, Christie Pricing Michael, Giovanni, Victor, Thomas Product / Service Management Nigel, Taylor, Jordi, Evan Promotion Andrew, Jeremiah, Tommy, Natasha Selling Lauren, TJ, Josh

T HE 7 F UNCTIONS OF M ARKETING

C HANNEL M ANAGEMENT  Also known as “distribution”  Making decisions about where to sell your product & transporting products to customers

F INANCING Getting the money needed to finance the operation of a business

M ARKETING I NFO. M ANAGEMENT  Process of getting the marketing information needed to make good business decisions  Includes gathering, storing, and analyzing market research

P RICING  Deciding how much to charge for your product  Setting prices based on consumer demand, competition, etc.

P RODUCT / S ERVICE M ANAGEMENT  Also known as “product planning”  Designing & developing products  Involves making decisions about the production and sale of products

P ROMOTION  Any form of communication used to inform, persuade, or remind consumers about a product  Attracting consumers to buy your product

S ELLING Exchanging a product for an agreed upon amount of money Includes finding new customers and maintaining customer relationships

M ARKETING F UNCTIONS P ROJECT !

M KTG. F UNCTIONS P ROJECT With your partner, decide if you are launching a new sports drink or energy drink. As marketing managers, you will need to make decisions about each of the seven functions of marketing. Remember to explain/justify your choices! Create a PowerPoint to pitch your marketing plan! You should have a minimum of 8 slides (a title slide and at least one slide per function).