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
_____________________________________________________________
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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