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Course Essential Standard Objective Essential Questions 6200/6600 Principles of Business and Finance 3.00 Principles of Business Understand the role of marketing in business. 3.01 Understand principles of marketing. How are the functions of marketing classified? How does marketing research impact the creation and improvement of goods/products and services? How is the selling price of goods/products and services determined? How are the channels of distribution classified? How are the types of promotion classified? Outline I. The marketing process includes a variety of activities that are organized into functions. The classification of marketing functions are: A. Marketing-information management B. Product/service management C. Pricing D. Distribution (Place) E. Selling F. Financing G. Promotion II. Businesses use marketing research to obtain information about experiences of customers and characteristics of goods/products or services in order to create or improve them. Characteristics of goods/products and services Similar Different Goods/Products Services Goods/Products Services Tangible Intangible 1. Meet the needs or satisfaction of a Non-perishable Perishable target market Separable Inseparable 2. Include a mix of the marketing Easier to market More difficult to elements (product, price, promotion, More control over market and distribution) quality Less control over quality III. The value and price of products and services are influenced by price factors and components. The components of a price are the: Selling price=product costs+ operating expenses+profit. [Type text] [Type text] [Type text] [Type text] IV. The Channel of distribution is imperative to ensuring goods/products and services reach intended final consumers. The two types of channel of distribution are: A. Direct B. Indirect V. Promotion is a means to inform, persuade, or remind customers about goods/ products and services. The two main types of promotion are: A. Personalized B. Mass [Type text]