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- 1 -Good services Work sheet 1) What is a good? ___________________________________________________________ ___________________________________________________________ __________ 2) What is a service? ___________________________________________________________ ___________________________________________________________ __________ 3) Name four goods. a. _______________________________ b.______________________________ c.________________________________ d. _____________________________ 4) Name two services. a. _______________________________ b.______________________________ c.________________________________ d. _____________________________ 5) Is a radio or X-box a good or a service? Defend your choice ___________________________________________________________ ___________________________________________________________ __________ 6) Is a radio station that you're listening to a good or a service? Defend your choice ___________________________________________________________ _____ ___________________________________________________________ _____ 7) Is Disney World a good or a service? Defend your choice ___________________________________________________________ _____ ___________________________________________________________ _____ 8) Is a restaurant a good or a service? Defend your choice ___________________________________________________________ ____ ___________________________________________________________ _____ 9) List the four foundation of Marketing? 1) ___________________________________________________________ ____ 2) ___________________________________________________________ ___ 3) ___________________________________________________________ ___ 4) ______________________________ Jig saw Handout Distribution Function There are seven marketing functions including distribution, financing, marketing information management, pricing, product/service management, promotion, and selling. The marketing wheel on page 1 also includes these functions. These functions define all the aspects that are part of the practice of marketing. You have been assigned to teach the Distribution Function. Read the following and decide as a group how to best teach the concept to the home groups. Distribution is the process of deciding how to get goods In customers' hands. Physically moving and storing goods is part of distribution planning. The main methods of transportation are by truck rail, ship or air. Some large retail chains store products in central warehouses for later distribution. Distribution also involves the systems that track products so that they can be located at any time. Financing Function There are seven marketing functions including distribution, financing, marketing information management, pricing, product/service management, promotion, and selling. The marketing wheel on page 1 also includes these functions. These functions define all the aspects that are part of the practice of marketing. You have been assigned to teach the Financing Function. Read the following and decide as a group how to best teach the concept to the home groups. Financing is getting the money that is necessary to pay for setting up and running a business. Business owners often obtain bank loans to start a new business. Some also form corporations and may sell shares (of stock) of the business. Financing also involves decisions such as whether to offer credit to customers most retailers offer customers payment options such as MasterCard or Visa, while other stores offer their own credit services. Marketing Information Management Function There are seven marketing functions including distribution, financing, marketing information management, pricing, product/service management, promotion, and selling. The marketing wheel on page 1 also includes these functions. These functions define all the aspects that are part of the practice of marketing. You have been assigned to teach the Marketing Information Management Function. Read the following and decide as a group how to best teach the concept to the home groups. Good business and marketing decisions rely on good information about customers, trends and competing products. Gathering this information, storing it, and analyzing it are all part of marketing information management. Collecting Information is done on a continual basis and through simple marketing research studies. This is what marketers do to find out about customers their habits and attitudes, where they live, and trends in the marketplace. Have you ever been asked to complete a questionnaire about the service at a restaurant or other types of business If so, you have participated in marketing research. Companies conduct research so they can be successful at marketing and selling their products. Pricing Function There are seven marketing functions including distribution, financing, marketing information management, pricing, product/service management, promotion, and selling. The marketing wheel on page 1 also includes these functions. These functions define all the aspects that are part of the practice of marketing. You have been assigned to teach the Pricing Function. Read the following and decide as a group how to best teach the concept to the home groups. Pricing decisions dictate how much to charge for goods and services in order to make a profit. Pricing decisions based on costs and on what competitors charge for the same product or service. To determine a priced marketers must also determine how much customers are willing to pay. Product / Service Management Function There are seven marketing functions including distribution, financing, marketing information management, pricing, product/service management, promotion, and selling. The marketing wheel on page 1 also includes these functions. These functions define all the aspects that are part of the practice of marketing. You have been assigned to teach the Product / Service Management Function. Read the following and decide as a group how to best teach the concept to the home groups. Product / Service Management Function is obtaining, developing, maintaining and improving a product or a product mix in response to marketing opportunities. Marketing research guides product/service management toward what a consumer needs and wants. Promotion Function There are seven marketing functions including distribution, financing, marketing information management, pricing, product/service management, promotion, and selling. The marketing wheel on page 1 also includes these functions. These functions define all the aspects that are part of the practice of marketing. You have been assigned to teach the Promotion Function. Read the following and decide as a group how to best teach the concept to the home groups. Promotion is the effort to inform, persuade, or remind potential customers about a business's products or services. Television and radio commercials are forms of promotion. This type of promotion is called advertising. Promotion is also used to improve a company's public image. A company can show that it is socially responsible by recycling materials or cleaning up the environment. Promotion concepts and strategies are used to achieve success in the marketplace, The 4 P’s of Marketing Worksheet Use Chapter 1, Section 1.3 to complete the following Marketing involves: To satisfy its customers, a business must create a successful mix of: This ‘marketing mix’ is often referred to as The 4Ps The 4 Marketing Ps Target Market: Customer Profile: Identify the target market for the Go Wireless Phones. Identify the customer profile for the Go Wireless Phones Product ‘Products’ should be something that customers need or want. They should have the right combination of functions & benefits, quality and packaging. Place ‘Place’ is concerned with getting goods and services to customers. It is involved with where the product is available and how it gets there. In creating products Go Wireless Phones concentrates on: Define the “place” function of Go Wireless Phones. Price Promotion The price should be low enough to encourage sales and high enough to cover costs & make a profit. Firms can use different pricing strategies. Promotion is about communicating with individuals and other organizations. It can be informative and persuasive. Describe the pricing plan for the Go Wireless Phones What types of promotion should Go Wireless Phones use? Marketing Vocabulary 1. Marketing Utilities. Briefly explain each of the following: a) Form b) Time c) Place d) Possession 2. Types of markets. Describe each and give an example. a) industrial b) Consumer 3. The total sales in the Murfreesboro tennis shoe market is $400,000 Here is the breakdown of sales for market: Footlocker 50,000 Marti & Liz Shoes Jensen Shoes 45,000 Martin Shoes Red Wing Shoe 20,000 Payless Shoe Source Fletcher Shoes 25,000 Rack Room Shoes Journeys 15,000 Others 28,000 15,000 90,000 100,000 12,000 Give the market share for each company: Footlocker ___________________ Marti & Liz Shoes _______________ Jensen Shoes ___________________ Martin Shoes _______________ Red Wing Shoe ___________________ Payless Shoe Source _______________ Fletcher Shoes ___________________ Rack Room Shoes _______________ Journeys Others _______________ ___________________ 4. Using the glossary in the textbook, define the following marketing terms on a separate sheet of paper. 1. Marketing 2. Goods and services 3. Marketing concept 4. Utility 5. Market 6. Consumer and industrial markets 7. Market Share 8. Target Market 9. Customer Profile 10. Marketing mix Jigsaw Notes page Distribution Function Financing Function Marketing Information Management Function Product / Service Management Function Promotion Function Selling Function