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Seven Core Functions

Seven Core Functions. Marketing 11/12. Seven Marketing CORE Functions. Channel Management Marketing Information Management Market Planning Pricing Product/Service Management Promotion Selling. Channel Management. Also known as DISTRIBUTION

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Seven Core Functions

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  1. Seven Core Functions Marketing 11/12

  2. Seven Marketing CORE Functions Channel Management Marketing Information Management Market Planning Pricing Product/Service Management Promotion Selling

  3. Channel Management • Also known as DISTRIBUTION • Process of deciding how to get goods into customer’s hands • Moving and storing goods • Truck, rail, ship, air • Warehouses • Tracking systems • May choose to have multiple methods (or Channels) AMWAY (Quixtar), FedEx

  4. Marketing Information Management • Solid decisions rely on solid information about • Customers • Trends • Competing products/services • Gathering, storing and analyzing this information Facebook, “push” ads, location services, Costco samples

  5. Market Planning • Developing and targeting specific strategies to a select audience • Determine business needs • Design data-collection processes • Collect and analyze data • Present data • Use all this to create a plan that includes methods for reaching different types of customers Tim Hortons(US/Canada), Canucks – season tickets, bundle packs, single games

  6. Pricing • How much to charge in order to make a profit • Based on: • Costs • Competitors • Customer willingness to pay Safeway - Save-On – PriceSmart – Superstore, Bentley, Apple vs. PC

  7. Product/Service Management • Obtaining, developing, maintaining, and improving a product/service or a product mix in response to market opportunities • Research guides toward what consumers need/want • New technology and trends are big influence 8-track – Tape – CD – MP3, Blockbuster vs. Netflix, Beta vs. VHS (Blueray/HD)

  8. Promotion • The effort to inform, persuade, or remind current and potential customers about a business’ products or services • Commercials are a form of promotion called “Advertising” • Can you think of other forms of promotion? • Also used to improve a company’s public image • Think “Green” for example Superbowl Ads, sponsorships, “naming” rights, Gold Card

  9. Selling • Provides customers with the goods and services they want • Includes: • Business to customer – (retail) • Business to business – (wholesalers, manufacturers) Amazon, Dell, exclusive distribution

  10. 7 Core Functions Channel Management Marketing Information Management Market Planning Pricing Product-Service Management Promotion Selling • Work with a partner to identify two businesses that cater to teenagers • One should sell goods, the other, services • Explain how each business caters to its customers by trying to identify each of the 7 functions (areas) and how they use them • How effective are those businesses in satisfying their customers’ needs and wants? • Develop a rating scale to present your findings – creative work

  11. Checklist • One company is a provider of GOODS • One company is a provider of a SERVICE • We have created a SCALE to rate each area (use during the last step below) and the company overall • We have evaluated (given our ideas) about how these companies use each one of the 7 CORE FUNCTIONS • We have evaluated how effective these companies are at meeting customer needs and wants (again, using the 7 CORE FUNCTIONS)

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