Marketing Functions

Key Marketing Functions—(Put on back of your graphic organizer) Product/Service Management—designing, developing, maintaining, improving, and acquiring products or services so they meet customer needs. Examples—Fisher Prices testing new toy ideas with children and parents. Distribution—The best way to get a company’s products or services to customers. Sony sells through Best Buy or Sears, etc.

Marketing FUNCTIONS Selling—direct and personal communications with customers to assess and satisfy their needs. Also involves thinking of future needs Example—musician traveling and visiting radio stations to sell songs Marketing-Information Management—gathering and using info. About customers to improve business decision making. Domino’s made small pizza for Japan and had toppings like corn and tuna.

Marketing FUNCTIONS Financing—not only budget for its own marketing activities, but also to provide customers with assistance in paying for the company’s products or services GMAC financing Pricing—establishing and communicating the value or cost of goods and services to customers. Supply & Demand at sporting events

Marketing FUNCTIONS Promotion—advertising and other forms of communicating info about products, services, images, and ideas to achieve a desired outcome. Coupons on backs of tickets Everything you learn about marketing will involve at least one of these functions.

Group Activity Groups of 3 Today – pick your own. Can’t deny someone to be in your group. Pick your product Tell how the 7 key marketing functions went into this sale (or the purchase)

Example -- Program Product/Service Mgmt – Updating with current information – relevant things fans are interests Distribution – at games (collector’s ones sold on line); Near gates/doors Selling – Booths, vendors going around stands Marketing-Information Mgmt – focus groups to see what interests fans Financing -- not applicable to this product Pricing -- $5 - $15 depending on the event Promotion – push sales on the ‘big screen’.