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Key Marketing Functions

Key Marketing Functions. Sports and Entertainment Marketing. Product/Service Management. Designing, developing, maintaining, improving, and acquiring p/s so they meet customer needs Ex: Fisher Price tests new toys w/ children and parents. Distribution.

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Key Marketing Functions

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  1. Key Marketing Functions Sports and Entertainment Marketing

  2. Product/Service Management • Designing, developing, maintaining, improving, and acquiring p/s so they meet customer needs • Ex: Fisher Price tests new toys w/ children and parents

  3. Distribution • Determining the best way to get a company’s p/s to customers • Ex: Sony sells their products through electronic retailers like Circuit City

  4. Selling • Includes direct and personal communication with customers to assess and satisfy their needs • Must also anticipate their future needs • Ex: Singers spend months touring and traveling to sell their CD

  5. Marketing-Information Management • Gathering and using information about customers to improve business decision making • Ex: Domino’s expanding to Japan. Used Market research to adapt the traditional Domino’s pizza to Japanese tastes. Made pizza’s smaller for a snack not a meal. Also offer non-traditional toppings.

  6. Financing • Requires a company not only to budget for its own marketing activities • Also provides customers with assistance in paying for the company’s p/s • Ex: General Motors offers loans to customers through its GMAC division.

  7. Pricing • The process of establishing and communicating the value or cost of goods and services to customers • Ex: Ticket pricing for professional sports events are high because demand is high

  8. Promotion • Using advertising and other forms of communicating info about products, services, images, and ideas to achieve a desired outcome • Ex: Coupons on backs of ticket stubs. Used to promote p/s and to entice fans into trying them at a discounted price

  9. Basis of all marketing activities Refer to them often Everything you learn will involve one of these functions Responsibility of all marketers 7 Key Functions

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