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Chapter 8 Intro to Business

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Idea for development of a new product. Select product name ... ( Wal-Mart, Target, Meijers):) Characteristics of Effective Distribution ... – PowerPoint PPT presentation

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Title: Chapter 8 Intro to Business


1
Chapter 8Intro to Business
  • Producing and Marketing goods and Services

2
Role of Marketing
  • Idea for development of a new product.
  • Select product name
  • Where products sold and how to get them there.
    (Channels of Distribution)
  • Set price and how people can pay for it.
  • (cash and carry/credit)
  • Customer service and product improvement after
    product is sold.)

3
Marketing Functions
  • Product/Service Planning-assists in design and
    development by gathering information and testing
    ideas.
  • Purchasing-identify and obtain the products
    needed for marketing activities.
  • Financing-make sure financing and credit are
    available for purchase and sale of products.
  • Distribution-getting products to customers.
  • Pricing-set prices and payment method.
  • Risk Management-provides security and safety for
    products and people and reduces business risk.
  • Marketing Information Management-obtains and
    organizes information needed to make marketing
    decisions.
  • Promotion-communicating with consumers to
    encourage purchase.)

4
A Marketing Philosophy
  • The philosophy of business is known as the
    marketing concept , which considers the needs of
    customers when planning, pricing, distributing,
    and promoting a product or service.
  • To be successful, the business must be able to
  • Identify customers they want to serve and
    understand their needs.
  • Develop a product that will satisfy the customer
    and complete the necessary marketing activities.
  • Complete these activities at a profit.)

5
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6
A Marketing Strategy
  • Is a two step process that involves
  • Target Market-A clearly identified group of
    consumers with needs that the business want to
    satisfy.
  • Marketing Mix-a combination of marketing elements
    designed to meet the needs of a target market.
  • The 4 Ps of Marketing
  • Product-anything offered to the target market to
    satisfy their needs (products or services).
  • Place-locations where product sold convenient to
    customers.
  • Price-what customers are able to pay and method
    of payment.
  • Promotion-methods used to communicate information
    to customers in order to encourage purchase.)

7
Six Steps of Product Development
Buying Motives-the reasons for making a purchase.
(sometimes rational and logical, sometimes
not))
8
Getting Products and Services to Consumers
  • Channel of Distribution-is the path that a
    product travels from producer to consumer.
  • Direct Channel of Distribution-from producer to
    consumer.
  • Indirect Channel of Distribution-goods move
    through one or more middle firms between producer
    to consumer.
  • Wholesaler-a middle firm that assists with
    distribution activities between businesses.
  • Retailer-sells directly to consumer (may obtain
    goods from wholesaler or producer) collect
    products of many manufacturers and resells them.
    (Wal-Mart, Target, Meijers))

9
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10
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11
Characteristics of Effective Distribution
  • 4 important differences to consider in developing
    an effective channel of distribution.
  • Differences in Quantity-adjusts the large
    quantity produced to the small quantity
    purchased.
  • Differences in Assortment-accumulate many
    varieties of products in one place.
  • Differences in Location-brings products from all
    over the world to convenient locations.
  • Differences in Time-having the right products at
    the right time.)

12
The Role of Pricing
  • Objectives of Pricing-one of three goals
  • Maximize Profits-how?
  • Increase Sales-how?
  • Maintain Image-how? (Kobe!)
  • Factors that will influence Price
  • Quantity-Walmart????
  • Customer Service Offered
  • Fragile and requires special handling.
  • Businesses in the channel of distribution-direct
    vs. indirect.
  • Amount of advertising and Communications
    necessary to inform consumers.)

13
The Role of Pricing
  • Promotional methods (3)
  • Who are prospective customers being targeted?
  • How many and where?
  • What is the Message?
  • What is the budget for promotion?
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