The Functions of Marketing

and distributing products to satisfy customers’ Marketing The process of developing, promoting, and distributing products to satisfy customers’ needs and wants.

Can Include Both Goods Products And Services

Goods are TANGIBLE products. Tangible products can be touched.

Services are INTANGIBLE products. Intangible products cannot be touched.

Marketing helps connect businesses to their customers. Marketing also provides the means for the exchange process to occur.

School? Breakfast?? TV? Radio? At The Mall? Newspapers? We Experience Marketing Daily How??? School? Breakfast?? TV? Radio? Newspapers? At The Mall?

The Functions of Marketing All marketing activities can be classified into one of the seven functions of marketing.

Selling Provides customers with the goods and services they want. Includes selling in the retail market to you, the customer, and business-to-business to wholesalers, retailers, and manufacturers. Corn Flakes

Pricing Deciding how much to charge for goods and services in order to maximize profits.

Product / Service Management Obtaining, developing, maintaining, or improving a product or a product mix in response to market opportunities. Decisions are often made on the basis of marketing research which highlights customer wants and needs.

Marketing Information Management Gathering, storing, and analyzing information about customers, trends, and competing products. The basis for this process is marketing research.

Any form of communication used to inform, persuade, or remind customers about a business’s products or services. Promotion is also used to improve a firm’s public image. Promotion

Financing Getting the money necessary to pay for setting up and running a business. Financing also involves helping customers to purchase items.

Distribution Process of deciding how to get goods in customers’ hands. Physically moving and storing products. Main methods of transportation: Truck, Rail, Ship, or Air

Why Study Marketing ? Understanding Business - you must understand how a business works in order to apply marketing practices in our free enterprise society. Learning Interpersonal Skills – you must learn the techniques and principles of human relations in order to deal with supervisors, co-workers, customers, and friends. Perfecting Communications Skills – Good written and spoken communications are necessary in the job market.