Work the Big Six Marketing Functions Marketing LAP 1

Objectives A B Explain the marketing functions. Discuss the importance of each marketing function. B

Explain the marketing functions.

Many team activities Success dependent upon team members Same in marketing Success dependent upon marketing functions

What Is Marketing? The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

To attract the target customer to the business Marketing’s Goal To attract the target customer to the business

What Are the Marketing Functions? Interrelated activities working together to get products from producers to customers Product/Service management Marketing-information management Pricing

What Are the Marketing Functions? Interrelated activities working together to get products from producers to customers Channel management Promotion Selling

Product/Service Management Obtains, develops, maintains, and improves a product/service mix Plans, directs, and controls a product’s life cycle

Product/Service Management Generates ideas for new products Improves or updates existing products Removes products from the market

Marketing-Information Management Gathers, accesses, synthesizes, evaluates, and disseminates information

Pricing Determines and adjusts prices to: Maximize return Meet customers’ perceptions of value

Channel Management Identifies, selects, monitors, and evaluates sales channels Puts products in the customers’ hands

Promotion Communicates information about goods, services, images, and/or ideas to achieve a desired outcome Informs, persuades, or reminds customers about a business and/or its products Uses a variety of methods to communicate with customers

Selling Determines client needs and wants Responds through planned, personalized communication Influences purchase decisions Enhances future business opportunities Provides customers with the products they want

Discuss the importance of each marketing function. B

Marketing Functions’ Important Roles To carry out a business’s marketing plan To attract the target customer to the business

Importance of Product/Service Management Must offer products that customers want and need Helps to determine the business’s image/brand

Importance of Marketing-Information Management Prevents guessing Helps businesses to: Learn about their customers Predict the future Find out if customers are satisfied

Importance of Pricing Affects how well a product will sell Impacts how much profit the business will make Must set prices customers are willing to pay

Importance of Pricing Must cover costs Helps decide when to adjust prices

Importance of Channel Management Gets products from producers to customers Makes products available when and where customers want to buy Determines which channel members should do what

Importance of Promotion Tells customers about products Generates product demand Helps create the business’s image

Importance of Selling Involves contact with customers Meets customers’ needs Sells customers the most appropriate products Benefits businesses, customers, and society

Last product purchased Effects of marketing functions on buying decision

Pure and Natural diapers are: Advertised as: Containing organic cotton Being hypoallergenic Including Aloe and Vitamin E

Pure and Natural diapers are: Seen as: Good way to go green

Pure and Natural diapers are: Maybe not so “natural” because they: Are disposable Will still end up in landfills some day

Obligation to give customers “whole truth,” even if it doesn’t support diapers’ pure and natural brand?

Acknowledgments Original Developers: Christopher C. Burke, April J. Miller, MBAResearch Version 2.0 Copyright © 2012 MBA Research and Curriculum Center

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