Marketing

Functions of Marketing

Unit 2, Lesson 1

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Marketing Functions

GoalStudents will be able to

Explain the marketing conceptDescribe each marketing function and how it

illustrates the marketing conceptExplain each component of the marketing mix Illustrate the importance of marketing strategies

in the marketing mixExplain the importance of target markets.

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Marketing Functions

Terms to knowMarketCustomer ConsumerMarketing ConceptMarketing FunctionsMarketing MixTarget Market

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Marketing Functions

Marketing ConceptBusinesses must satisfy customers’ needs

and wants in order to make a profit.

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Marketing Functions

CustomersPurchase products

ConsumersConsume products

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Marketing Functions

MarketAll potential customers who share common

needs and wants, and who have the ability and willingness to buy the product.

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Marketing Functions

Marketing MixFour P’s

ProductPlacePricePromotion

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Marketing Functions

Marketing MixProduct includes all aspects of the product

Type of productPackagingWarranties

Price strategies need to consider how much a customer is willing and able to pay while still making a profit.

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Marketing Functions

Marketing MixPlace strategies must consider where best

to sell the product and which channel of distribution will be used.

Promotion strategies must consider how to inform, persuade, and remind customers about the product.

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Marketing Functions

FinancingPricingPromotionProduct/Service ManagementDistributionSellingMarketing Information Management

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Marketing Functions

FinancingGetting the money necessary to pay for the

operation of the businessLoansSell stock

Offering credit to customersCredit cardsFinance goods/services

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Marketing Functions

PricingHow much to charge for goods/services

Maximize profitCompetitive pricingGaining market shareCreating customer perception of value

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Marketing Functions

Promotion Inform, persuade, or remindAdvertising – television, radio, magazinesCan be used to improve companies imageCommunicate information about product,

services, images

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Marketing Functions

Product/Service ManagementObtaining, developing, maintaining, and

improving a product, product mix, or service.

Decisions made mostly on marketing research.

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Marketing Functions

DistributionDeciding where and to whom to sell

product.Physically moving and storing product.Primary methods of transportation are truck,

rail, air, and ship. Includes systems that track products

16

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Marketing Functions

SellingProving customers with goods and services

they want.Retail selling Industrial or business-to-business sales.

Determine customers needs and wantsRespond through planned, personalized

communication that influences customersEnhance future business opportunities

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Marketing Functions

Marketing Information ManagementMost information from marketing researchQuestionnaire’s about service or products. Information used to determine customers

preferences.

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Picture Sources

http://www.sxc.hu/photo/717442http://www.sxc.hu/photo/978940 http://www.sxc.hu/photo/662389 http://www.sxc.hu/photo/189883 http://www.sxc.hu/photo/1115856 http://www.sxc.hu/photo/854196 http://www.sxc.hu/photo/854196 http://www.sxc.hu/photo/1128414

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