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INTRODUCTION TO MARKETING November 3, 2010 OBJECTIVES Define marketing and describe its purpose. Explain the marketing concept. Identify the seven functions of marketing. WHAT IS MARKETING? Process of developing, promoting, and distributing products to satisfy consumers – includes both goods & services that have monetary value and satisfy consumers’ needs and wants Product TIME OUT… What are some examples of goods? What is the definition of a good? What are some examples services? What is the definition of a service? PURPOSE OF MARKETING To help connect businesses to their customers! THE MARKETING CONCEPT MARKETING CONCEPT The Marketing Concept is the idea that a business should strive to satisfy customers’ needs and wants while generating a profit for the business. MARKETING FUNCTIONS 7 FUNCTIONS OF MARKETING 1. 2. 3. 4. 5. 6. 7. Channel Management Financing Marketing Information Management Pricing Product / Service Management Promotion Selling GROUP WORK! DIRECTIONS Your group will be assigned one of the seven functions of marketing. You will create a “poster” for your function. Write the name of your function in LARGE print across the top of your construction paper. Using the red Marketing Essentials textbook, look up your function. As a group, come up with a definition in your own words. Design a poster that includes the name, definition, and a(n) illustration(s). Your poster should be visually appealing and easy to read. Channel Management Kim, Yasin, Danielle Financing Kelley, Maddie, Alex Marketing Information Management Rami, Alexio, Kaitlyn, Christie Pricing Michael, Giovanni, Victor, Thomas Nigel, Taylor, Jordi, Evan Product / Service Management Promotion Andrew, Jeremiah, Tommy, Natasha Selling Lauren, TJ, Josh THE 7 FUNCTIONS OF MARKETING CHANNEL MANAGEMENT Also known as “distribution” Making decisions about where to sell your product & transporting products to customers FINANCING Getting the money needed to finance the operation of a business MARKETING INFO. MANAGEMENT Process of getting the marketing information needed to make good business decisions Includes gathering, storing, and analyzing market research PRICING Deciding how much to charge for your product Setting prices based on consumer demand, competition, etc. PRODUCT / SERVICE MANAGEMENT Also known as “product planning” Designing & developing products Involves making decisions about the production and sale of products PROMOTION Any form of communication used to inform, persuade, or remind consumers about a product Attracting consumers to buy your product SELLING Exchanging a product for an agreed upon amount of money Includes finding new customers and maintaining customer relationships MARKETING FUNCTIONS PROJECT! MKTG. FUNCTIONS PROJECT With your partner, decide if you are launching a new sports drink or energy drink. As marketing managers, you will need to make decisions about each of the seven functions of marketing. Remember to explain/justify your choices! Create a PowerPoint to pitch your marketing plan! You should have a minimum of 8 slides (a title slide and at least one slide per function).