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Applying the Terms Marketing is the process of developing, promoting, and distributing goods and services to meet customer wants and needs. Goods: tangible (can touch) Example: pen, football, t-shirt Services: intangible (cannot touch) Example: dry cleaner, waiter, teacher Target Market: “focuses all marketing decisions on the specific group of people you want to reach” EXAMPLE: The Target Market for the School Store is high school students, parents, and Falcon fans. dividing the total market into smaller groups of people who share specific needs & characteristics Demographics: “statistics that describe a population in terms of personal characteristics” Age Race Gender Income level Used to describe Target Market The marketing mix: “The 4 P’s” Product Place Price Promotion Students divide into teams of 2-3 people Design a new item for the BWHS school store (may use customink.com to complete design) Apply the Marketing Mix to this new product Create a PPT presentation to present to class The marketing concept:“states that to make a profit a business must focus all efforts on satisfying the needs & wants of the customer” Marketing Functions: All activities that allow companies to bring products to the market for exchange Pricing Selling Distributing Promoting Product/service management Marketing information management Pricing: “means deciding how much to charge for goods & services” EXAMPLE: a snickers bar is $1 in the School Store Selling: “providing customers with goods & services they want to buy” EXAMPLE: The Nike store sells Nike Air Pegasus shoes. Distributing: “involves making decisions about where to sell your product and method of transportation to use (i.e. train, plane, automobile)” EXAMPLE: Surfboards arrive via plane from Hawaii and are sold on 17th street in VA Beach. Promoting: “any form of communication used to inform, persuade, or remind people about a business’s products” Example: Advertising (paid- commercials, Ads, etc) Sales Promotion Direct Mail Internet and Social Media Marketing Information Management: “gathering market information about customers, trends and competing products” Examples: customer surveys Product/service management: “obtaining, developing, maintaining, and improving a product in response to market opportunities” Product changes overtime to meet the need of customers EXAMPLE: The iPod has changed over the last 7 years. It was originally bulky and only black/white; next a smaller/color version called the Nano; next a video iPod; next a smaller Nano; finally iPhone Students will work with a partner to complete the following activity: Choose a product and research each of the functions of marketing for that product: Pricing Selling Distributing Promoting Product/service management Marketing information management