Download 6.09 Understand marketing*s role and function in

6.09 Understand marketing’s
role and function in business to
facilitate economic exchanges
with customers.
Describe marketing functions and related activities (MK:002, MK LAP 1)
Describe the six marketing functions.
Channel management
o Involves identifying, selecting, monitoring, and evaluating sales channels
Marketing-information management
o Involves gathering, accessing, synthesizing, evaluating, and disseminating information.
Pricing
o Involves determining and adjusting prices to maximize return and meet customers’ perceptions of value.
Product/Service management
o Involves obtaining, developing, maintaining, and improving a product or service mix in response to market
opportunities.
Promotion
o Involves communicating information about goods, services, images, and/or ideas to achieve a desired outcome.
Selling
o Involves determining client needs and wants and responding through planned, personalized communication that
influences purchase decisions and enhances future business opportunities.
Discuss the importance of each
marketing function.
Channel management
o Determines who will offer products and where they will be offered
o Develops relationships with channel members
o Assesses quality of vendor performance
Marketing-information management
o Provides data that can be used for business decision-making
o Provides data about effectiveness of marketing efforts
o Provides data about customer satisfaction, customer loyalty, needs, and
wants
Pricing
o Establishes products’ prices
o Determines whether prices need to be adjusted
Discuss the importance of each marketing function.
Product/service management
o Helps to determine which products a business will offer and in what quantities
o Aids in determining and developing a company’s/product’s image
o Provides direction for other marketing activities based on changes in a product’s life
cycle
Promotion
o Reminds customers about products/businesses
o Informs customers about products/businesses
o Persuades customers about products/businesses
Selling
o Creates a following of loyal customers
o Completes the exchange transaction
o Provides services for customers
Marketing Functions
• Marketing functions are interrelated activities that must work
together to get goods and services from producers to customers.
• Marketing functions are interrelated activities that must work
together to get goods and services from producers to customers.
Student Activity