examining marketing and business the functions of marketing

Examining Marketing and Business The Functions of MarketingMarketing ICompetency #39- Explain the functions involved in marketing goods and services

Marketing Functions

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

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

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!

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

Pricing

• Determining how much to charge for product/service• Price for profit• Pricing strategies and decisions involve:Cost plus mark-up percentageCompetitor priceCustomer perception of value

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

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

Distribution(Channel Management

• Deciding how to get product in customers’ hands• Physically moving and storing products•Methods of transportation• Tracking products at all times

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 class50 Points