INTRODUCTION TO MARKETING



IV.) Marketing

Objective - On a test or quiz, be able to define the term marketing. Be able to identify the three most important parts of the definition.

- Any business activity involved w/ moving goods and services from producers to consumers. (On board)

Activity: Conduct experiment #s 1 or 2

Objective - Be able to ID the members of the primary channel of distribution

- PRODUCER----------WHOLESALER----------RETAILER----------CONSUMER

B.) The Marketing Functions

Objective - Be able to ID the "4 P's of Marketing" and some of the business activities associated w/ each.

PRODUCT PLANNING PRICING

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PROMOTION PHYSICAL

DISTRIBUTION

Objective - On a quiz or test, be able to identify and define each of the seven functions of marketing.

• Market Information Management – The old marketing research function; gathering information on our most likely customers in order to better serve their wants and needs

• Financing – Capitalizing a business (Getting money) or managing the money a business takes in.

• Pricing – Assigning a value amount to a product or service

• Promotion – Anything we do to let customers know about our products and services and why they should buy

• Distribution – Getting the product or service to the place easiest for the customer to get the product

• Selling – Meeting the customer face to face to determine and satisfy their wants and needs.

• Product/Service Management – Obtaining, maintaining, developing, etc. a product or service for our customers.

C.) The Marketing Concept

Objective - On a quiz or test, be able to describe each of the two major parts of the Marketing Concept and apply them to a specific business or your training station.

- How does a business ensure that it will be a success? What must it do to be successful? What is success in business?

1.) Profit Motive

- You MUST make a profit if you are to survive

- Name a business you know or use your training station and using the functions identified above, explain how the "customer orientation" works for that company.

2.) Customer Oriented

- Every activity in marketing MUST be oriented to satisfying customer’s wants and needs (Or solving their problems).

D. Marketing Trivia:

- ¼ to 1/3 of all jobs are marketing related

- $ .50 of every dollar spent goes to cover the marketing expense of getting a product or service to the target market.

- Marketing competition allows people to enjoy a higher standard of living.

E. Benefits of Marketing

• Raises the Standard of Living

• Utility adds Value to What We Buy

– Form Utility

– Place Utility

– Time Utility

– Possession Utility

– Information Utility

• Other:

– Makes Shopping More Convenient

– Keeps Prices Reasonable

– Helps Society to Keep Up With Change

– Provides Public Service Activities

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