Objectives Explain the marketing functions. Discuss the importance of each marketing function.
Objective Explain the marketing functions.
Marketing functions are like the parts of a game. • Need to understand all parts to have a chance to win • Forgetting any function gives competitors an advantage. • Losing might be the result.
Marketing functions impact you. • Have an effect on why you buy, what you buy, and where you shop • Businesses coordinate the functions to attract you, the target customer.
Marketing functions are. . . interrelated activities that must work together to get goods and services from producers to consumers.
Product/Service Management. . . obtains, develops, maintains, and improves a product or service mix in response to market opportunities. • Responsible for a product’s life cycle • Generates ideas for new products • Improves or updates existing products • Removes products from the market
Marketing-Information Management Helps businesses answer questions: evaluates, and. . . gathers, accesses, synthesizes, disseminates customers? • Who are ourinformation for use in making business decisions. • Where are they located? • What products do they want? • Why do they want them? • When will they buy?
Pricing. . . determines and adjusts prices to maximize return and meet customers’ perceptions of value. Deciding price is not charge for Decides how much toalways easy. products so • Businesses consider many • Customers wantdemand, factors (supply, to buy • competitors’ prices). Business makes a profit • Adjust prices when necessary.
Distribution Puts products in customers’. . . moves, stores, locates, and/or transfers ownership hands by and services. of goods • Transporting • Receiving • Storing Often the key to a business’s success
Promotion. Businesses use various methods to goods, services, . . communicates information about communicate. images, and/or ideas to achieve a desired outcome. • Advertising ü Television, radio, newspaper, magazine ü Direct mail ü Out-of-home—billboards, transit ads • Publicity ü News releases, special events, celebrity appearances • Sales promotion ü Store displays, samples, contests, coupons, novelty items
Selling Provides customers with the products they want. . determines client needs and wants and responds through planned, personalized communication that Takes place on two decisions and enhances future influences purchaselevels: business opportunities. • Personal: between a salesperson and a customer in a store • Nonpersonal: online through the use of a computer
Objective Discuss the importance of each marketing function.
Importance of Product/Service Management Helps businesses decide which of the type image they produce or offer products towant to project • Must offer marketingthat customers Use other products functions to support that image. want and need to be successful. In retail, must carry products that • Example: Promotion function develops attract the target customer. appropriate advertising.
Importance of Marketing-Information Management Prevents making guesses Conducts research to: Without accurate marketing information, future • Predict the businesses might Produce too much or are satisfied • Find out if customers not enough • Keep up with the times • Not know what their competitors are selling • Not know why customers are not buying • Lose money
Importance of Pricing Must set a price that right Fine line betweento adjust know when the prices to remain competitive and wrong pricewilling to pay • Customers are • Raising costs andmake more • Covers prices to makes a profit might be a mistake. • Customers might decide not to buy at that price.
Importance of Distribution Must have productsright decide on the select the best level of to sell when on handinventory to to transportation method consumers want to buy • Meet demand at the right Have products • • place an adequate supply Need on time a lot of capital Avoid tying up on handexpenses Control If not, products cannot be sold.
Importance of Promotion • • Tells consumers about products Creates and/or increases demand for products • Draws customers to a business through the use of ü magazine ads for new products ü discount coupons • Creates an image or impression of a business • Can do a lot to guarantee a business’s success
Importance of Selling • Creates a positive experience for customers by ü meeting their needs so they will buy ü offering the most appropriate product • Benefits businesses by ü creating a desire for their products ü getting products into consumers’ hands ü helping them make a profit
Importance of Selling • Benefits consumers by ü helping with their buying decisions ü informing them about new products • Benefits society by ü creating employment ü encouraging economic growth ü maintaining the free enterprise system through competition ü raising the standard of living
Marketing impacts YOU. • Next time you buy, consider how each function affected your decision. • Did one or two marketing functions have more influence on you than others? • Ask yourself why.
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