1 / 9

Marketing Functions: Facilitating Economic Exchanges with Customers

Explore the role and functions of marketing in business, including product/service management, marketing information management, channel management, pricing, promotion, and selling. Learn how these activities work together to attract target customers and generate profitable exchanges.

jmoultrie
Download Presentation

Marketing Functions: Facilitating Economic Exchanges with Customers

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 1.01 Understand marketing’s role and function in business to facilitate economic exchanges with customers. Marketing Management 1.01

  2. What is marketing? • The process of developing, promoting, pricing, selling, and distributing products to satisfy customer’s wants and needs. • All the activities necessary to get a product from the manufacturer to the consumer. • Dynamic activities that focus on the customer to generate a profitable exchange. • In 2007, the American Marketing Association updated its marketing definition to “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.”

  3. What are the marketing functions? • Product/service management • Marketing-information management • Channel management (distribution) • Pricing • Promotion • Selling • Marketing is composed of six interrelated activities that must work together to get goods and services from producers to customers. • The functions must work together to attract target customers to the business.

  4. Product/Service management involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities. • Helps to determine which products a business will offer and in what quantities • Aids in determining and developing a company’s/product’s image • Provides direction for other marketing activities based on changes in a product’s life cycle

  5. Marketing-information management involves gathering, accessing, synthesizing, evaluating, and disseminating information. • Provides data that can be used for business decision-making • Provides data about effectiveness of marketing efforts • Provides data about customer satisfaction, customer loyalty, needs, and wants

  6. Channel management involves identifying, selecting, monitoring, and evaluating sales channels. • Determines who will offer products and where they will be offered • Develops relationships with channel members • Assesses quality of vendor performance

  7. Pricing involves determining and adjusting prices to maximize return and meet customers’ perceptions of value. • Establishes products’ prices • Determines whether prices need to be adjusted • Sets policies and objectives for prices

  8. Promotion involves communicating information about goods, services, images, and/or ideas to achieve a desired outcome. • Reminds customers about products/businesses • Informs customers about products/businesses • Persuades customers about products/businesses

  9. Selling involves determining client needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunities. • Creates a following of loyal customers • Completes the exchange transaction • Provides services for customers

More Related