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Functions of Marketing Marketing has two main functions: 1) help a business determine its target market 2) give consumers what they want Marketing Function – Questions? Who will buy this product? When do they want to buy? Where do they buy? Why do they buy? Functions of Marketing Target Market: a group of consumers the business wants to reach. Market Research: the gathering and analyzing of data to provide a business with information on consumer needs and wants. Marketing Mix: product, promotion, place and price. The Marketing Mix Product: not just the product/service, also includes product/service’s name, product’s packaging and labeling and it’s guarantees. Brand Name: word(s), number(s), letter(s) of any combination that are used to identify a product/service. Trademarks: Visual elements (logo, symbol, other designs) that are registered so no one else can use them) The Marketing Mix Packaging: container/wrapper (c/w) for a product, the design of the c/w and information printed on the c/w. - packaging must protect the product but also attract the attention of the consumer Labeling: part of packaging that provides the information about the product (i.e. ingredients). Labels in Canada must be printed in both French and English The Marketing Mix Pricing: some businesses price their products/services low to sell more. Others price them high to make more profit but with fewer sales. - businesses need to constantly monitor their competitors prices compared to theirs The Marketing Mix Place: where a company sells its products Channel of Distribution: path a product takes from the manufacturer to the final consumer. Wholesaler: buy goods and sell them to other businesses. Usually buy in bulk and sell them in smaller quantities to retailers. Retailer pays less buying from a wholesaler vs. directly from manufacturer. The Marketing Mix Retailer: sell goods directly to consumer. They can be big like Home Depot or as small as a hotdog cart. • manufacturers fight for “good” shelf space (particularly ones that are at eye level) Four Most Common Channels of Distribution 1) Manufacturer Consumer • craftspeople, small farmers, internet companies 2) Manufacturer Independent Distributor Consumer • door-to-door companies like Avon 3) Manufacturer Retailer Consumer • cars, furniture, clothing sales 4) Manufacturer Wholesaler Retailer Consumer • Groceries, pharmaceuticals, cosmetics The Marketing Mix Promotion: informs consumers about a product/service and encourages them to buy it. Involves personal selling, sales promotion, publicity, public relations and advertising Personal Selling: one-to-one communication of information that tries to persuade a customer to buy a good/service (i.e. sales people in a shoe store) The marketing mix • AIDA: Formula used to train sales people • Attract attention (by generating curiosity about the product) • Hold interest (so they can explain the benefits of the product) • Arouse desire (creates desire in you to buy the product) • Take action( Close the sale when they have your interest) The Marketing Mix Sales Promotion: all the activities designed to stimulate you to buy (i.e. free samples, discount coupons, rebates, in-store displays and demonstrations and contests). - i.e. find a product priced cheaper at a competitor and they will match it The Marketing Mix Public Relations: all the activities by which a business tries to maintain its good reputation and promote good will with the public (i.e. involvement with charities) Publicity: act of bringing company activities to the attention of the public. It is neither controlled or bought by the company, it can be good or bad (i.e. polluting a town’s drinking water). The Marketing Mix Advertising: any paid use by an advertiser to inform a target market about a product/service/idea/organization. The message can be oral/visual/combination of both Advertising has three main objectives i) Inform ii) Persuade iii) Remind Advertising Types of Media • Newspapers, magazines, radio, television, internet, direct mail, outdoor advertising