marketing lap 1 work the big six marketing functions

MarketingMarketingLAP 1LAP 1

Work theWork theBig SixBig Six

Marketing FunctionsMarketing Functions

ObjectivesObjectives

Explain the marketing functions.

Discuss the importance of each marketing function.

Explain the marketing functions.

• Many team activitiesMany team activities

• Success dependent upon Success dependent upon team membersteam members

• Same in marketingSame in marketing

• Success dependent upon Success dependent upon marketing functions marketing functions

What Is Marketing?

The activity, set of institutions, and processes for creating, communicating,

delivering, and exchanging offerings that have value for customers, clients,

partners, and society at large

Marketing’s Goal

To attract thetarget customer to

the business

What Are the Marketing Functions?

• Interrelated activities working together to get products from producers to customers

Product/Service management

Marketing-information management

Pricing

What Are the Marketing Functions?

• Interrelated activities working together to get products from producers to customers

Channel management

Promotion

Selling

Product/Service Management

• Obtains, develops, maintains, and improves a product/service mix

• Plans, directs, and controls a product’s life cycle

Product/Service Management

• Generates ideas for new products

• Improves or updates existing products

• Removes products from the market

Marketing-Information Management

Gathers, accesses, synthesizes, evaluates, and disseminates information

Pricing

• Determines and adjusts prices to:

Maximize return

Meet customers’ perceptions of value

ChannelManagement

• Identifies, selects, monitors, and evaluates sales channels

• Puts products in the customers’ hands

Promotion

• Communicates information about goods, services, images, and/or ideas to achieve a desired outcome

• Informs, persuades, or reminds customers about a business and/or its products

• Uses a variety of methods to communicate with customers

Selling

• Determines client needsand wants

• Responds through planned, personalized communication

• Influences purchase decisions

• Enhances future business opportunities

• Provides customers with the products they want

Discuss theimportance of each marketing function.

Marketing Functions’ Important Roles

• To carry out a business’s marketing plan

• To attract the target customer to the business

Importance ofProduct/Service Management

• Must offer products that customers want and need

• Helps to determine the business’s image/brand

Importance of Marketing-Information Management

• Prevents guessing

• Helps businesses to:

• Learn about their customers

• Predict the future

• Find out if customers are satisfied

Importanceof Pricing

• Affects how well a product will sell

• Impacts how much profit the business will make

• Must set prices customers are willing to pay

Importanceof Pricing

• Must cover costs

• Helps decide when to adjust prices

Importance ofChannel Management

• Gets products from producers to customers

• Makes products available when and where customers want to buy

• Determines which channel members should do what

Importanceof Promotion

• Tells customers about products

• Generates product demand

• Helps create the business’s image

Importanceof Selling

• Involves contact with customers

• Meets customers’ needs

• Sells customers the most appropriate products

• Benefits businesses, customers, and society

• Last product purchased

• Effects of marketing functions on buying decision

• Pure and Natural diapers are: Advertised as:

Containing organic cotton

Being hypoallergenic Including Aloe and

Vitamin E

• Pure and Natural diapers are: Seen as:

Good way to go green

• Pure and Natural diapers are: Maybe not so “natural”

because they: Are disposable Will still end up in

landfills some day

• Obligation to give customers “whole truth,” even if it doesn’t support diapers’ pure and natural brand?

Acknowledgments

Original Developers:

Christopher C. Burke,April J. Miller, MBAResearch

Version 2.0

Copyright © 2012MBA Research and Curriculum Center

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