Marketing Functions
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Transcript of Marketing Functions
Marketing Functions
Introduction to Business & Marketing
What is marketing?◦ Process of developing, promoting & distributing
goods & services to meet consumer wants & needs
Review from Last Class
Develop
Promote
Distribute
What is marketing?◦ Process of developing, promoting & distributing
goods & services to meet consumer wants & needs
Needs vs. Wants◦ Needs = essential◦ Wants = desired
Review from Last Class
Goods vs. services◦ Goods – tangible (can touch)
◦ Services – intangible (can’t touch)
Review from Last Class
Exchange◦ Takes place every time something is sold in the
marketplace.
Review from Last Class
Marketing Functions refer to all the activities that the business or company performs to connect with customers.
There are 6 essential functions of marketing.
Marketing Functions
1. Selling2. Pricing3. Promotion4. Distribution5. Marketing Information Management
(MIM)6. Product/Service Management (PSM)
The Seven Marketing Functions
Involves two-way interactions between the business and the customer
Ex: Buying my first car at the dealership OR buying a house with my realtor
Selling
Deciding how much to charge for goods & services to make a profit
Prices should consider both the target market and the competition
Ex.: tickets for sporting events vary depending on the opponent and time of year (prices higher for playoffs)
Pricing
Any form of communication (usually one-way) used to inform, persuade, or remind people about a product
Ex: Briar Woods High School makes morning announcements each day to alert students of what is going on.
Promotion
Decisions related to selecting stores or locations at which the product will be sold
Transportation & Location
Also includes transporting products to customers
Ex: Surfboards arrive via plane from Hawaii and are trucked to and sold on 17th street in Virginia Beach.
Distribution
Gathering, storing and analyzing information using the market research process
Surveys = information
Ex.: sweetFrog distributes surveys for customers to complete online based on potential flavors. These results are used to make decisions on what new flavors to add. Yummy!
Marketing Information Management
Product changes over time to meet the needs of customers
Designing, developing and improving products
Ex.: The iPod has changed over the last seven 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 the iPhone.
Product/Service Management
7 Years of the iPod
Students will complete the following activity that applies their knowledge of
the marketing functions.
Marketing Functions Activity