marketing functions
DESCRIPTION
Marketing Functions. Introduction to Business & Marketing. Review from last class. What is Marketing? Need v. want Good v. service Exchange. Marketing Functions. Marketing Functions: All activities that allow companies to bring products to the market for exchange Pricing Selling - PowerPoint PPT PresentationTRANSCRIPT
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Marketing Functions
Introduction to Business & Marketing
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What is marketing?◦ Process of developing, promoting & distributing
goods & services to meet consumer wants & needs
Review from Last Class
Develop
Promote
Distribute
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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
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Goods vs. services◦ Goods – tangible (can touch)
◦ Services – intangible (can’t touch)
Review from Last Class
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Exchange◦ Takes place every time something is sold in the
marketplace.
Review from Last Class
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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
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1. Selling2. Pricing3. Promotion4. Distribution5. Marketing Information Management
(MIM)6. Product/Service Management (PSM)
The Seven Marketing Functions
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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
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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
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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
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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
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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
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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
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7 Years of the iPod
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Students will complete the following activity that applies their knowledge of
the marketing functions.
Marketing Functions Activity