Marketing Functions Marketing 1

The Marketing Functions Marketing Functions: All activities that allow companies to bring products to the market for exchange Pricing Selling Distributing Promoting Product/service management Marketing information management

Pricing Pricing: cost of the item & retail price PROFIT EXAMPLE: a snickers bar is $1 in the School Store

Selling Selling: “providing customers with goods & services they want to buy” EXAMPLE: The Nike store sells Nike Air Pegasus shoes.

Distributing Distributing: where the product is sold AND how it gets there (transportation) Channel Management EXAMPLE: Surfboards arrive via plane from Hawaii and are sold on 17th street in VA Beach.

Promotion Promoting: “any form of communication used to inform, persuade, or remind people about a business’s products” Example: Advertising (paid- commercials, Ads, etc) Sales Promotion Direct Mail Internet and Social Media

Product/Service Management Product/service management: Product changes overtime to meet the need of customers EXAMPLE: The iPod has changed over the last 7 years. It was originally bulky and only black/white; next a smaller/color version called the Nano; next a video iPod; next a smaller Nano; finally iPhone

Marketing Information Management Marketing Information Management: “gathering market information about customers, trends and competing products” Examples: customer surveys

Marketing Functions Activity Students will work individually to complete the following: Choose a product and research each of the functions of marketing for that product: Pricing Selling Distributing Promoting Product/Service Management Marketing Information Management