1. Marketing
Unit 3

2. Functions of Marketing
Market Planning
Product/Service Development
Pricing
Promotion
Distribution
Selling
Information Management
Finance
Risk Management

3. Marketing Functions Market Planning Product/Service Management
Developing a strategy to:
achieve company goals
satisfy customer needs better than competitors
Create sales and earn a profit
Product/Service Management
Designing, developing, maintaining, improving and acquiring products and services that meet customer needs
Distribution
Determining the best way for customers to locate, obtain, and use products and services

4. Marketing Functions Pricing Promotion Selling
Setting and communicating the value of products
Promotion
Communicating information about products and services to potential customers.
Selling
Communicating directly with customers to determine and satisfy their needs.

5. Marketing Functions Information Management Finance Risk Management
Obtaining and using information to improve business decision-making and the performance of marketing activities.
Finance
Budgeting for marketing activities
Obtaining necessary funds for operations
Providing financial assistance to customers
Risk Management
Reducing the possibility of financial loss
Ensuring product is safe and meet all guidlines

6. The Need for Marketing volunteers?!?
Your Business
If you make a great product is marketing necessary?
More important, marketing or a quality product?

7. Business Costs – Product, Place, & Promotion
All Costs are per item
Office Supply Store - $100
Cheap Pencils - $15
#1 Supplier - $50

8. The Marketing Concept
Using the needs of customers as the primary focus throughout the functions of marketing
3 Step process:
Identify needs of customers.
Develop and market product/service to meet customer needs.
Operate the business at a profit
Satisfied or not what's the difference?

9. Finding out Customer Needs
Marketing Research gathers and analyzes information about customers.
Methods of Information gathering
Surveys
Focus Groups
Observation
Test Markets
Random Sampling
/Experiment
Define these customer wants/needs

10. Developing Marketing Strategy for a Marketing Orientated Goal
STEP 1 – Identify the Target Market
Who are we selling our product or service to?
Gatorade
vs.
STEP 2 – Develop Marketing Mix
Product, Price, Place (Distribution), Promotion

11. Target Market
TARGET MARKET – specific group of consumers that have similar wants and needs
Companies can not meet everyone’s needs with any one product
Focusing on a target market makes it easier to develop products people want

12. Marketing – The 4 P’s Product pricing promotion place
What are we going to sell
How much will we charge
How will we communicate to our customers about our product or service
How will we get our product or service to customers

13. Products – what a business offers to satisfy its customer needs

14. Product

15. Product What does the customer want/need from the product/service?
What features does it have to meet these needs?
What is it to be called?
How is it branded?
How is it differentiated versus your competitors?

16. Price- The money a customer must pay for a product or service

17. Price What is the value of the product or service to the buyer?
How will your price compare with your competitors?
What profit will we earn?
Pricing Factors
Supply and Demand
Uniqueness
Age
Season
Complexity
Convenience
Quality

18. Place (Distribution) – The location and methods used to make a product or service available to the target market

19. Place

20. Place (Distribution)
What are the best methods and procedures to use so customers can find obtain and use your product?
Where do buyers look for your product or service?
What do your competitors do?
Direct vs. Indirect Channels of Distribution
Direct – From Producers to Consumer
Indirect – One or more business in between the producer & consumer .
Transportation Company
Retailers

21. Promotion – Any form of communication used to inform, persuade or remind.

22. Promotion

23. Promotion Types of Promotion
Where and when can you get across your marketing messages to your target market?
How do your competitors do their promotions? And how does that influence your choice of promotional activity?
Types of Promotion
Advertising
Personal Selling
Sales Promotions
Giveaways
Publicity
Word of Mouth

24. Effective Communication
Information
Communication Channel
receiver
feedback
sender

25. Placement (Distribution)
Marketing Mix – The 4 P’s
Product
Placement (Distribution)
Promotion
Pricing