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Introduction to Business Chapter 8 Producing and Marketing Goods and Services Essential Question: How are goods and services produced for, and marketed to the consumer? Standards Addressed: 1.2 Business Environment (C): Students will understand the development and structure of business environments. They will demonstrate competency by identifying the dynamic components of business structure and its relationship to the global business environment. 1.2.8 Interrelationships of Business Operations–discuss the interrelationships between different business lines as they relate to finance, tax, operations, human resources, marketing, production, management, and the legal environment. Chapter Objectives List common marketing activities and define the marketing concept. Explain the two steps in marketing planning. Explain the advantage of small businesses in providing customer service. Role of marketing p. 101 The eight (8) marketing functions product/service planning purchasing financing distribution pricing risk management marketing information management promotion Effective marketing p. 104 A marketing philosophy. Identify the customer they want to serve and understand their needs. Develop a product that will satisfy the customers and complete the necessary marketing activities effectively. Complete all those activities at a profit. Effective marketing p. 104 Marketing strategy. A two-step process for successfully planning and marketing products and services. The marketing mix is a combination of marketing elements designed to meet the needs of the target audience. Effective marketing p. 104 The four marketing mix elements, often referred to as the 4P’s of marketing, are: Product - Anything offered to the target market to satisfy their needs. Place - The locations where the products are sold and the ways they are made available to customers. Price - What customers pay and the method of payment. Promotion - The methods used to communicate information to customers in order to encourage purchases and to increase their satisfaction. Effective marketing p. 104 Product Development p.105 Planning, developing and testing new goods and services. Developing products and services that consumers want. Discovering the buying motives of the target market Product Development p.105 Planning distribution channels p.107 Getting goods and and services from producer to consumers Channels of distribution Direct Indirect Wholesaler/Retailer Planning distribution channels p.107 Characteristics of effective distribution. Differences in quantity Difference in assortment Differences in location Differences in time Planning distribution channels p.107 The role of pricing p.110 Goals objectives of pricing. Maximize profits Increase sales Maintain an image Factors that will influence a product’s price the quantity purchased by a customer the level of customer service offered whether the product is fragile or requires special handling. the number of businesses in the channel of distribution. The amount of advertising and communications needed to inform customers. Promotion for successful marketing p. 110 The role of promotion. Selecting promotional methods and media. Who are the prospective customers being targeted? How many? Where are they located? What information sources do they use? What is the message? Does everyone need the same information? Is the message simple or complex? Should the information be repeated regularly? What is the budget for the promotion? Personal selling as a promotional activity. Effective personal selling follows these important steps: preapproach, approach, demonstration, questioning, close and follow-up. Promotion for successful marketing p. 110 Assignments Do Now 10/14 Read Cultural Perspectives on p. 108 and answer both questions with a short answer 10/15 Calculate business data p.114 # 34 Read and calculate answer in an Excel spreadsheet, show your work. Give a short explanation as to your answer. Workshop Discussion (Each person writes response in notebook.) 10/14 Decision-making Strategies p. 113 Open and save in Microsoft Word document. 10/15 Communicate Business Concepts. p. 112 Select one question 12-15. Write and present your group’s brief response Homework 10/14 Define Key Terms Develop your Business Language p. 113 10/15 Answer Review your reading questions 1-11 p.112