Transcript Introduction to Business Chapter 8 Producing and Marketing Goods and Services Essential Question:

Introduction to Business
Chapter 8 Producing and
Marketing Goods and Services
Essential Question: How are
goods and services produced for, and
marketed to the consumer?
Standards Addressed:
 1.2 Business Environment (C): Students will understand the
development and structure of business environments. They will
demonstrate competency by identifying the dynamic
components of business structure and its relationship to the
global business environment.
 1.2.8 Interrelationships of Business Operations–discuss the
interrelationships between different business lines as they
relate to finance, tax, operations, human resources,
marketing, production, management, and the legal
environment.
Chapter Objectives
 List common marketing activities and define
the marketing concept.
 Explain the two steps in marketing planning.
 Explain the advantage of small businesses in
providing customer service.
Role of marketing p. 101
 The eight (8) marketing functions
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product/service planning
purchasing
financing
distribution
pricing
risk management
marketing information management
promotion
Effective marketing p. 104
 A marketing philosophy.
 Identify
the customer they want to serve
and understand their needs.
 Develop a product that will satisfy the
customers and complete the necessary
marketing activities effectively.
 Complete all those activities at a profit.
Effective marketing p. 104
 Marketing strategy.
A
two-step process for successfully
planning and marketing products
and services.
 The marketing mix is a combination
of marketing elements designed to
meet the needs of the target
audience.
Effective marketing p. 104
 The four marketing mix elements, often
referred to as the 4P’s of marketing, are:
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Product - Anything offered to the target market to
satisfy their needs.
Place - The locations where the products are sold
and the ways they are made available to
customers.
Price - What customers pay and the method of
payment.
Promotion - The methods used to communicate
information to customers in order to encourage
purchases and to increase their satisfaction.
Effective marketing p. 104
Product Development p.105
 Planning, developing and testing new goods
and services.
 Developing products and services that
consumers want.
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Discovering the buying motives of the target
market
Product Development p.105
Planning distribution channels p.107
Getting goods and and
services from producer to
consumers
 Channels
of distribution
Direct
 Indirect
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 Wholesaler/Retailer
Planning distribution channels p.107
 Characteristics of effective distribution.
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Differences in quantity
Difference in assortment
Differences in location
Differences in time
Planning distribution channels p.107
The role of pricing p.110
 Goals objectives of pricing.
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Maximize profits
Increase sales
Maintain an image
 Factors that will influence a product’s price
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the quantity purchased by a customer
the level of customer service offered
whether the product is fragile or requires special handling.
the number of businesses in the channel of distribution.
The amount of advertising and communications needed to
inform customers.
Promotion for successful marketing p. 110
 The role of promotion.
 Selecting promotional methods and media.
 Who are the prospective customers being targeted?
How many? Where are they located? What
information sources do they use?
 What is the message? Does everyone need the same
information? Is the message simple or complex?
Should the information be repeated regularly?
 What is the budget for the promotion?
 Personal selling as a promotional activity.
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Effective personal selling follows these important steps:
preapproach, approach, demonstration, questioning, close
and follow-up.
Promotion for successful marketing p. 110
Assignments
 Do Now
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10/14 Read Cultural
Perspectives on p. 108
and answer both
questions with a short
answer
10/15 Calculate business
data p.114 # 34 Read
and calculate answer in
an Excel spreadsheet,
show your work. Give a
short explanation as to
your answer.
 Workshop Discussion
(Each person writes
response in notebook.)
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10/14 Decision-making
Strategies p. 113 Open
and save in Microsoft
Word document.
10/15 Communicate
Business Concepts. p.
112 Select one
question 12-15. Write
and present your
group’s brief response
Homework
 10/14 Define Key Terms Develop your
Business Language p. 113
 10/15 Answer Review your reading questions
1-11 p.112