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

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

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

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

  2. 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.”

  3. Functions: • Channel Management: Identifying, selecting, monitoring, and evaluation sales channels. • Marketing Information Management: gathering, accessing, synthesizing, evaluating, and disseminating information. • Pricing: determining and adjusting prices to maximize return and meet customers’ perceptions of value.

  4. Functions: • Product/Service management: obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities. • Promotion: communicating information about goods, services, images, and/or ideas to achieve a desired outcome. • Selling: determining client needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunities.

  5. Channel Management • Determines who will offer products and where the will be offered. • Develops relationships with channel members. • Assesses quality of vendor performance.

  6. Marketing Information Management • 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.

  7. Pricing • Establishes products’ prices. • Determines whether prices need to be adjusted. • Sets policies and objectives for prices.

  8. Product/Service Management • 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.

  9. Promotion • Reminds customers about products/businesses. • Informs customers about products/businesses • Persuades customers about products/businesses.

  10. Selling • Creates a following of loyal customers. • Completes the exchange transaction. • Provides services for customers.

  11. Source • Marketing Applications Course Guide • 2011, MBA Research and Curriculum Center

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