Handbook of Marketing functions emily frick Jeff Birkemeier

Handbook of Marketing functions emily frick Jeff Birkemeier dustin duling miranda Brown

Introduction • • Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings. There are six functions of marketing which are; channel management, marketing -information management, pricing, product/service management, promotion, and selling. These six functions must work together to attract target costumers to the business.

Channel Management Channel management is the identifying, selecting, monitoring, and evaluating the sales channels.

Channel Management This function determines who will offer the products and where they will be offered. It also develops relationships with channel members and assesses the quality of vender performance.

Channel Management An example of channel management is that tomatoes are planted, picked, processed, and shipped to stores in different areas of the United States. This process takes different levels of management and different levels of work to complete one process.

Marketing-Information Management Marketing-information management involves the gathering, accessing, synthesizing, evaluating, and disseminating of information.

Marketing-Information Management This function of marketing provides data that can be used to business decisionmaking. It also provides data about effectiveness of marketing efforts. Lastly it provides data about customer satisfaction, customer loyalty, needs, and wants.

Marketing-Information Management Have you ever gotten a call from a marketing representative for a phone survey? Have you ever gotten a questionnaire in the mail? Theses are meant to determine how to best please customers, aka you.

Pricing is involves determining, gathering, accessing, synthesizing, evaluating, and disseminating information.

Pricing in marketing also establishes products’ prices, while it determines whether prices need to be adjusted. It also sets policies and objectives for prices. Pricing in marketing must be competitive.

Pricing Take a pair of Nike Shox for example. I know you’ve heard this already but here goes: the cost to produce a pair on Nike Shox is less than 5 dollars. Then one must factor in packaging, shipment, and promotion (because Michael Jordan doesn't come cheap. ) So Nike has to decide how much to charge the public for its shoes. The price can’t be too high or they won’t sell anything but prices can’t be too low because then Nike wouldn’t make a profit.

Product/Service Management involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities.

Product/Service Management This marketing function helps to determine which products a business will offer and in what quantities. Product/service management also aids in determining and developing a company’s/product’s image. Also it provides directions for other marketing activities based on changes in a products life cycle.

Product/Service Management One example of product service management would be the little phone number you have on the back of most things you buy. Questions or Comments? If thousands of customers call Verizon and say that the Blackberry Bold’s buttons are too small the next Blackberry (which is inevitable) will have bigger buttons.

Promotion What Is It?

Promotion is the communication link between sellers and buyers for the purpose of influencing, informing or persuading a potential buyer’s purchasing decision. Promotion is divided into two categories: Above the Line Promotion, and Below the Line Promotion.

Promotion

Promotion In Above the Line Promotion, you will find promotion using the media. They include sources such as TV, radio, newspapers, internet, and mobile phones. An advertiser for whichever company that he or she works for would pay an adverting agency that will place the ad for the product or company.

Promotion In Below the Line Promotion, they include more subtle advertisement such as sponsorship for events, product placement, endorsements, sales promotion, and merchandizing. In Below the Line Promotion, the consumer usually is unaware that they are being influenced through advertisements. An example would be like a movie or TV show will have “Coca-Cola” vending machines in the background.

Promotion Many times companies will have a contest that you can win after buying some of their products, or will place special discounts on different items to attract buyers into buying more of that item. An example of this would be “Pepsi’s” contest called “Pepsi Stuff”. The goal of these contests or discounts is to; to present information to consumers and others, to increase demand, and to differentiate a product.

Promotion Examples of promotion would be a Burger King advertisement on TV. They show you the product and tell you about the price. These advertisement usually run several times within a certain program so when you are looking for something quick and easy to eat you remember that Jr. Whopper for just $1.

Selling

Selling Selling is a major aspect in marketing, because it is where the money is made. Selling means the “offering to exchange something of value for something else. ” The exchange in this instance is the exchange of money from the consumer and some product from a company. There are two terms used to describe different salespersons; “Farmers “and “Hunters”.

Selling A sales farmer is someone who creates sales demand by activities that directly influence and alter the buying process. A hunter has an aggressive personality who uses aggressive sales techniques. In terms of his selling method a hunter refers to a person whose focus is in bringing deals and closing deals. This is called “sales capturing”. .

Selling The selling portion of marketing is considered to be a completely human process. In places like flea markets, there are no set prices for everything. Sellers will try to keep their price as high as the buyer is willing to pay, and buyers want to try and by it for the lowest price possible. There is a lot of interaction between people in the field of sales, it requires certain skills.

Selling An electronic store would be an excellent example for selling. When you go into an electronic store you are almost instantly approached by a sales representative an asked the question they all ask “May I help you? ” or sometimes “Can I help you find anything? ” If you dare to answer “Yes. ” you will be showed different products, told about different features, and they will try to convince you that the most extravagant and expensive product is “right’ for you.

Ethical and Legal Issues in Marketing There are many ethical issues in marketing and companies can prevent these issues by: Being involved in the community. Being honest, truthful and fair in the market. Having a degree of safety built into product design. Donating to good causes. Accepting responsibilities for mishaps, spillages and leaks.

Ethical and Legal Issues in Marketing There also many types of legal issues in marketing that could hurt companies. A few of these legal issues are: Lack of clarity in pricing. Dumping, or selling at a loss to increase market share and destroy competition in order to subsequently raise prices. High pressure selling, especially in relation to groups such as the elderly. Deceptive advertising.

Is Ethics in Marketing an Oxymoron? Many people would say yes, but to most companies the most important objective is to sell more of their product. Although now the answer is no, marketers are changing as we speak. In today’s market it is taking more customer loyalty for consumers to feel that they can buy a product or service, which means that marketers have to start being concerned with the welfare of their customers.