Marketing Functions SERM #42

The 6 Marketing Functions Selling Pricing Promotion Distribution Product/service management Marketing-information management

Selling Providing customers with goods and services they want to buy. This includes retail and business to business

Selling Example Business to Business Business to Consumer Corporate Luxury Boxes Business to Consumer Club Seating

Pricing How much to charge for goods and services Most decisions take competition into consideration

Pricing Example Ex: Tickets to a Raven’s game are sold on a mark- up of 25%, based on cost.

Promotion Any form of communication used to inform, persuade, or remind people about a business’s products

Promotion example Ex: Free baseball hats are given away at a baseball game Ex: banner ads on website

Distribution Making decisions about where to sell the product and how it gets there

Distribution Example Ex: Bands pack trailers and busses to transport their equipment to and from venues.

Product/Service Management Obtaining, developing, maintaining, and improving a product or product line in respond to customer needs and wants

Product Service Management Example Ex: See how the Coca-Cola bottles have changed with the times and with customer’s needs and wants! 

Marketing Information Management Process of collecting information about customer trends, and competitor products Marketing Research Used to determine customer demographics, buying habits, and attitudes How do we get this information? Surveys Google search history Reward cards Credit card purchases

Marketing Information Management Example Ex: J.Crew asks for your zip code before you purchase something.

Activity Apply the Marketing Functions to the Fantasy Football

http://bit.ly/2gUAjQx