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Examining Marketing and Business The Functions of Marketing

Examining Marketing and Business The Functions of Marketing . Marketing I Competency #39- Explain the functions involved in marketing goods and services. Marketing Functions. Selling Marketing-information management Market planning Pricing Promotion Product/Service management

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Examining Marketing and Business The Functions of Marketing

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  1. Examining Marketing and Business The Functions of Marketing Marketing I Competency #39- Explain the functions involved in marketing goods and services

  2. Marketing Functions • Selling • Marketing-information management • Market planning • Pricing • Promotion • Product/Service management • Distribution (channel management)

  3. Selling • Provides customers with goods and services they want • Two-way communication; personalized • Form of promotion • Includes determining client needs in order to lead to purchase decision • Business-Consumer • Business-Business

  4. Marketing Management Information • Research/gathering information • Continual basis using special marketing research studies • Find out customer habits, attitudes, demographics, and trends • Good marketing and business relies on good information!

  5. Market Planning • Process of analyzing one or more market place • Gather information to successfully compete • Results in marketing strategy or marketing plan for increased sales/profit

  6. Pricing • Determining how much to charge for product/service • Price for profit • Pricing strategies and decisions involve: • Cost plus mark-up percentage • Competitor price • Customer perception of value

  7. Promotion • Effort to inform, persuade, remind about product/service • Targeted towards potential customers/target market • Four types of promotion: Selling, advertising, sales promotion, pubic relations

  8. Product/ Service Management • Developing new product • Maintaining and improving products or product mix • Obtaining products for resale • Marketing research guides developing products around customer wants and needs

  9. Distribution(Channel Management • Deciding how to get product in customers’ hands • Physically moving and storing products • Methods of transportation • Tracking products at all times

  10. Class Activity • Students will work in a small group of 2-3 people • Using the Internet, students will select a product and research how each of the marketing functions are applied to that product • Prepare brief PPT presentation to share out with the class 50 Points

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