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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