IV.) Marketing Objective - On a test or quiz, be able to define the term marketing. Be able to identify the three most important parts of the definition. - Any business activity involved w/ moving goods and services from producers to consumers. (On board) Activity: Conduct experiment #s 1 or 2 Objective - Be able to ID the members of the primary channel of distribution - PRODUCER----------WHOLESALER----------RETAILER----------CONSUMER B.) The Marketing Functions Objective - Be able to ID the "4 P's of Marketing" and some of the business activities associated w/ each. PRODUCT PLANNING PRICING _____________________________________________________________ PROMOTION PHYSICAL DISTRIBUTION Objective - On a quiz or test, be able to identify and define each of the seven functions of marketing. • • • • • Market Information Management – The old marketing research function; gathering information on our most likely customers in order to better serve their wants and needs Financing – Capitalizing a business (Getting money) or managing the money a business takes in. Pricing – Assigning a value amount to a product or service Promotion – Anything we do to let customers know about our products and services and why they should buy Distribution – Getting the product or service to the place easiest for the customer to get the product • • Selling – Meeting the customer face to face to determine and satisfy their wants and needs. Product/Service Management – Obtaining, maintaining, developing, etc. a product or service for our customers. C.) The Marketing Concept Objective - On a quiz or test, be able to describe each of the two major parts of the Marketing Concept and apply them to a specific business or your training station. - How does a business ensure that it will be a success? What must it do to be successful? What is success in business? 1.) Profit Motive - You MUST make a profit if you are to survive - Name a business you know or use your training station and using the functions identified above, explain how the "customer orientation" works for that company. 2.) Customer Oriented - Every activity in marketing MUST be oriented to satisfying customer’s wants and needs (Or solving their problems). D. Marketing Trivia: - ¼ to 1/3 of all jobs are marketing related $ .50 of every dollar spent goes to cover the marketing expense of getting a product or service to the target market. Marketing competition allows people to enjoy a higher standard of living. E. Benefits of Marketing • • • Raises the Standard of Living Utility adds Value to What We Buy – Form Utility – Place Utility – Time Utility – Possession Utility – Information Utility Other: – Makes Shopping More Convenient – Keeps Prices Reasonable – Helps Society to Keep Up With Change – Provides Public Service Activities