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Examining Marketing and Business The Functions of MarketingMarketing ICompetency #39- Explain the functions involved in marketing goods and services
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Marketing Functions
•Selling•Marketing-information management•Market planning•Pricing•Promotion•Product/Service management•Distribution (channel management)
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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
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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!
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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
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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
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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
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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
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Distribution(Channel Management
• Deciding how to get product in customers’ hands• Physically moving and storing products•Methods of transportation• Tracking products at all times
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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