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Name:___________________________ Date:____________ MINT Periods ____/____ Class:______________________________ Instructor:___________________________ CHAPTER 1: MARKETING IS ALL AROUND US School-to-Work Research Activity Name of work site:___________________________________________ Name of work site supervisor:__________________________________ Title or position of supervisor:__________________________________ Marketing includes the developing, promoting, and distributing of idea, goods, and services to meet customers’ needs and wants. It connects businesses to customers, allowing the exchange process to occur. Consult with your worksite supervisor to complete the following investigation dealing with marketing functions and your company. After completing this school-to-work investigation, you will be able to Analyze marketing functions performed by your company, and Describe how economic utility is added to a selected product offered at your worksite. 1. All the marketing activities you see at your worksite can be classified into various functions of marketing. Explore these marketing functions by finding out how they occur at your work site. 1a. Purchasing is buying goods and services for a business’s operation. Who is responsible for purchasing at your work site? What is his or her job title? 1b. Selling is providing customers with goods and services they want to buy. What is the primary good or service sold by your company? Is the primary good or service sold to the retail market or industrial market? 1c. Pricing means deciding how much to charge for goods or services. Who decides how much to charge for your companies goods and services? Is it a decision made by management at your location or by others? 1d. Product/service management involves all the decisions a business makes in the production sales of its goods and services. Who decides which products and services to carry for your company? 1e. Marketing information management is the process of gathering marketing information to make sound business decisions. How does your company conduct marketing research to learn more about its customers, products and services? 1f. Promotion is any form of communication used to inform, persuade, or remind people about a business and its products. How is your company promoted? 1g. Financing is getting the money needed to operate the business. Does your company obtain money as a sole proprietorship, partnership, or corporation? Name:___________________________ Date:____________ MINT Periods ____/____ Class:______________________________ Instructor:___________________________ 1h. Distribution involves making decisions about where to sell your product. Is your company located in a single location or many locations? In one state or several? 1i. Risk management is the prevention or reduction of business loss. What steps does your company take to reduce business losses? 2. The functions of marketing add value to a product or add utility to a product. There are five economic utilities: form, place, time, possession, and information. Select a product that is sold at your work site for analysis: 2a. Form utility adds value to raw materials to make them useful and deals with the production of the product. Who is the manufacturer of your product? Where is the manufacturer located? 2b. Place utility involves having a product where customers can buy it. Where can the products of your company be purchased? What is your companies address? 2c. Time utility means offering a product at certain times during the year or having a convenient time of operation. What are your days and hours of operation? You’re your business close on special holidays? 2d. Possession utility is the actual exchange of a product for some monetary value. Every time a product is sold to someone in a channel of distribution, possession utility is involved. How does your company add possession utility to its products? 2e. Information utility involves communication with the customer. How does your company communicate with its customers?