Marketing Functions: All activities that allow companies to bring products to the market for exchange◦ Pricing◦ Selling◦ Distributing◦ Promoting◦ Product/service management ◦ Marketing information management

Pricing: “means deciding how much to charge for goods & services”

EXAMPLE: a snickers bar is $1 in the School Store

Selling: “providing customers with goods & services they want to buy”

EXAMPLE: The Nike store sells Nike Air Pegasus shoes.

Distributing: “involves making decisions about where to sell your product and method of transportation to use (i.e. train, plane, automobile)”

EXAMPLE: Surfboards arrive via plane from Hawaii and are sold on 17th street in VA Beach.

Promoting: “any form of communication used to inform, persuade, or remind people about a business’s products”

Example:◦ Advertising (paid- commercials, Ads, etc)◦ Sales Promotion◦ Direct Mail◦ Internet and Social Media

Marketing Information Management: “gathering market information about customers, trends and competing products”

Examples: customer surveys

Product/service management: “obtaining, developing, maintaining, and improving a product in response to market opportunities”◦ Product changes overtime to meet the need

of customers

EXAMPLE: The iPod has changed over the last 7 years. It was originally bulky and only black/white; next a smaller/color version called the Nano; next a video iPod; next a smaller Nano; finally iPhone

Students will work with a partner to complete the following activity:

Choose a product and research each of the functions of marketing for that product: ◦ Pricing◦ Selling◦ Distributing◦ Promoting◦ Product/service management ◦ Marketing information management