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Chapter 8 Intro to Business Producing and Marketing goods and Services Role of Marketing 1. Idea for development of a new product. 2. Select product name 3. Where products sold and how to get them there. (Channels of Distribution) 4. Set price and how people can pay for it. 1. (cash and carry/credit) 5. Customer service and product improvement after product is sold.:) Marketing Functions 1) Product/Service Planning-assists in design and development by gathering information and testing ideas. 2) Purchasing-identify and obtain the products needed for marketing activities. 3) Financing-make sure financing and credit are available for purchase and sale of products. 4) Distribution-getting products to customers. 5) Pricing-set prices and payment method. 6) Risk Management-provides security and safety for products and people and reduces business risk. 7) Marketing Information Management-obtains and organizes information needed to make marketing decisions. 8) Promotion-communicating with consumers to encourage purchase.:) A Marketing Philosophy The philosophy of business is known as the marketing concept , which considers the needs of customers when planning, pricing, distributing, and promoting a product or service. – To be successful, the business must be able to: 1) Identify customers they want to serve and understand their needs. 2) Develop a product that will satisfy the customer and complete the necessary marketing activities. 3) Complete these activities at a profit.:) A Marketing Strategy Is a two step process that involves: 1. Target Market-A clearly identified group of consumers with needs that the business want to satisfy. 2. Marketing Mix-a combination of marketing elements designed to meet the needs of a target market. • The 4 P’s of Marketing: 1. Product-anything offered to the target market to satisfy their needs (products or services). 2. Place-locations where product sold convenient to customers. 3. Price-what customers are able to pay and method of payment. 4. Promotion-methods used to communicate information to customers in order to encourage purchase.:) Six Steps of Product Development Buying Motives-the reasons for making a purchase. (sometimes rational and logical, sometimes not):) Getting Products and Services to Consumers Channel of Distribution-is the path that a product travels from producer to consumer. Direct Channel of Distribution-from producer to consumer. Indirect Channel of Distribution-goods move through one or more middle firms between producer to consumer. Wholesaler-a middle firm that assists with distribution activities between businesses. Retailer-sells directly to consumer (may obtain goods from wholesaler or producer) collect products of many manufacturers and resells them. (Wal-Mart, Target, Meijers):) QuickTime™ and a Sorenson Video decompressor are needed to see this picture. Characteristics of Effective Distribution 4 important differences to consider in developing an effective channel of distribution. 1. Differences in Quantity-adjusts the large quantity produced to the small quantity purchased. 2. Differences in Assortment-accumulate many varieties of products in one place. 3. Differences in Location-brings products from all over the world to convenient locations. 4. Differences in Time-having the right products at the right time.:) The Role of Pricing Objectives of Pricing-one of three goals 1. Maximize Profits-“how?” 2. Increase Sales-”how?” 3. Maintain Image-”how?” (Kobe!) Factors that will influence Price 1. Quantity-Walmart???? 2. Customer Service Offered 3. Fragile and requires special handling. 4. Businesses in the channel of distribution-direct vs. indirect. 5. Amount of advertising and Communications necessary to inform consumers.:) The Role of Pricing Promotional methods (3) 1. Who are prospective customers being targeted? How many and where? 2. What is the Message? 3. What is the budget for promotion?