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Market Planning Risk Management Product/Service Development Finance Marketing Information Management Pricing Promotion Selling Distribution Market Planning Developing a strategy to: achieve company goals satisfy customer needs better than competitors Create sales and earn a profit Product/Service Management Designing, developing, maintaining, improving and acquiring products and services that meet customer needs Distribution Determining the best way for customers to locate, obtain, and use products and services Pricing Setting and communicating the value of products Promotion Communicating information about products and services to potential customers. Selling Communicating directly with customers to determine and satisfy their needs. Information Management Obtaining and using information to improve business decision-making and the performance of marketing activities. Finance Budgeting for marketing activities Obtaining necessary funds for operations Providing financial assistance to customers Risk Management Reducing the possibility of financial loss Ensuring product is safe and meet all guidlines volunteers?!? › Your Business If you make a great product is marketing necessary? More important, marketing or a quality product? All Costs are per item Office Supply Store - $100 Cheap Pencils - $15 #1 Supplier - $50 Using the needs of customers as the primary focus throughout the functions of marketing 3 Step process: 1. Identify needs of customers. 2. Develop and market product/service to meet customer needs. 3. Operate the business at a profit Satisfied or not what's the difference? Marketing Research gathers and analyzes information about customers. › Methods of Information gathering Surveys Focus Groups Observation Test Markets Random Sampling /Experiment Define these customer wants/needs STEP 1 – Identify the Target Market Who are we selling our product or service to? Gatorade vs. STEP 2 – Develop Marketing Mix Product, Price, Place (Distribution), Promotion TARGET MARKET – specific group of consumers that have similar wants and needs Companies can not meet everyone’s needs with any one product Focusing on a target market makes it easier to develop products people want Product What are we going to sell pricing How much will we charge promotion How will we communicate to our customers about our product or service place How will we get our product or service to customers What does the customer want/need from the product/service? What features does it have to meet these needs? What is it to be called? How is it branded? How is it competitors? differentiated versus your What is the value of the product or service to the buyer? How will your price compare with your competitors? What profit will we earn? Pricing Factors Supply and Demand Uniqueness Age Season Complexity Convenience Quality What are the best methods and procedures to use so customers can find obtain and use your product? Where do buyers look for your product or service? What do your competitors do? Direct vs. Indirect Channels of Distribution Direct – From Producers to Consumer Indirect – One or more business in between the producer & consumer . Transportation Company Retailers Where and when can you get across your marketing messages to your target market? How do your competitors do their promotions? And how does that influence your choice of promotional activity? Types of Promotion Advertising Personal Selling Sales Promotions Giveaways Publicity Word of Mouth Product Placement (Distribution) Pricing Promotion