seven core functions
DESCRIPTION
Seven Core Functions. Marketing 11/12. Seven Marketing CORE Functions. Channel Management Marketing Information Management Market Planning Pricing Product/Service Management Promotion Selling. Channel Management. Also known as DISTRIBUTION - PowerPoint PPT PresentationTRANSCRIPT
SEVEN CORE FUNCTIONSMarketing 11/12
Channel ManagementMarketing Information ManagementMarket PlanningPricingProduct/Service ManagementPromotionSelling
Seven Marketing CORE Functions
Channel Management Also known as DISTRIBUTION Process of deciding how to get goods
into customer’s hands Moving and storing goods
Truck, rail, ship, air Warehouses Tracking systems
May choose to have multiple methods (or Channels)
AMWAY (Quixtar), FedEx
Marketing Information Management
Solid decisions rely on solid information about Customers Trends Competing products/services
Gathering, storing and analyzing this information
Facebook, “push” ads, location services, Costco samples
Market Planning Developing and targeting specific strategies
to a select audience Determine business needs Design data-collection processes Collect and analyze data Present data
Use all this to create a plan that includes methods for reaching different types of customers
Tim Hortons (US/Canada), Canucks – season tickets, bundle packs, single games
Pricing How much to charge in order to make a
profit Based on:
Costs Competitors Customer willingness to pay
Safeway - Save-On – PriceSmart – Superstore, Bentley, Apple vs. PC
Product/Service Management
Obtaining, developing, maintaining, and improving a product/service or a product mix in response to market opportunities Research guides toward what consumers
need/want New technology and trends are big
influence
8-track – Tape – CD – MP3, Blockbuster vs. Netflix, Beta vs. VHS (Blueray/HD)
Promotion The effort to inform, persuade, or remind
current and potential customers about a business’ products or services
Commercials are a form of promotion called “Advertising” Can you think of other forms of promotion?
Also used to improve a company’s public image Think “Green” for example
Superbowl Ads, sponsorships, “naming” rights, Gold Card
Selling Provides customers with the goods and
services they want
Includes: Business to customer – (retail) Business to business – (wholesalers,
manufacturers)
Amazon, Dell, exclusive distribution
7 Core Functions
Channel Management
Marketing Information Management
Market Planning
Pricing
Product-Service Management
Promotion
Selling
Work with a partner to identify two businesses that cater to teenagers
One should sell goods, the other, services Explain how each business caters to its
customers by trying to identify each of the 7 functions (areas) and how they use them
How effective are those businesses in satisfying their customers’ needs and wants?
Develop a rating scale to present your findings – creative work
Checklist One company is a provider of GOODS One company is a provider of a SERVICE We have created a SCALE to rate each area (use
during the last step below) and the company overall We have evaluated (given our ideas) about how
these companies use each one of the 7 CORE FUNCTIONS
We have evaluated how effective these companies are at meeting customer needs and wants (again, using the 7 CORE FUNCTIONS)