IV.) Marketing

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
B.) The Marketing Functions
Objective - Be able to ID the "4 P's of Marketing" and some of the business
activities associated w/ each.
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
– Makes Shopping More Convenient
– Keeps Prices Reasonable
– Helps Society to Keep Up With Change
– Provides Public Service Activities