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Marketing Functions

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.

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Marketing Functions

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  1. Marketing Functions

  2. 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.

  3. 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.

  4. 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

  5. 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.

  6. 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)

  7. 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’.

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