Download c. Persuades customers about products/businesses

Marketing Management
Notes*
#6622
*These course notes are to be supplemented
with your own notes that improve your
understanding of the subjects covered.
Name
Block
Semester
1.00
Understand marketing, customer/client/business behavior, and marketing
planning.
1.01
Performance Element: Understand marketing’s role and functions in business to
facilitate economic exchanges with customers.
Marketing 6622 – Summer 2011
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Knowledge/Skill Statement: Understands the tools, techniques, and systems that
businesses use to create exchanges and satisfy organizational objectives
Level: Career-sustaining.
Performance Indicator: Describe marketing functions and related activities (MK:002, MK
LAP 1) --REVIEW
Objectives:
A.
Define 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.”
B. Define the following terms: channel management, marketing-information
management, pricing, product/service management, promotion, and selling.
1. Channel management involves identifying, selecting, monitoring, and
evaluating sales channels; it involves logistics.
2. Marketing-information management involves gathering, accessing,
synthesizing, evaluating, and disseminating information.
3. Pricing involves determining and adjusting prices to maximize return and meet
customers’ perceptions of value.
4. Product/Service management involves obtaining, developing, maintaining, and
improving a product or service mix in response to market opportunities.
5. Promotion involves communicating information about goods, services, images,
and/or ideas to achieve a desired outcome.
6. Selling involves determining client needs and wants and responding through
planned, personalized communication that influences purchase decisions and
enhances future business opportunities.
C. Explain the purposes of each marketing function.
1.
2.
3.
4.
5.
6.
Channel management controls the movement of products from the
manufacturer to the consumer.
Marketing-information management (MIM) focuses on getting important
information about the customer so better business decisions can be made. It
often involves talking to the customer. (Think surveys.)
Pricing aims to attract the customer to your product rather than a competitor’s.
You must consider what it costs to make and deliver the product, what
competitors are charging and what customers are willing to pay.
Product/Service management makes the product better (more desirable). The
most effective improvements are made after doing MIM.
Promotion informs and reminds the customer about the product being sold and
persuades the customer to buy from your company.
Selling is personalized communication between the company and customer
aimed at increasing the customer’s willingness to buy.
D. Describe the importance of each marketing function to marketing.
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1. Channel management
a. Determines who will offer products and where they will be offered
b. Develops relationships with channel members
c. Assesses quality of vendor performance
2. Marketing-information management
a. Provides data that can be used for business decision-making
b. Provides data about effectiveness of marketing efforts
c. Provides data about customer satisfaction, customer loyalty, needs, and
wants
3. Pricing
a. Establishes products’ prices
b. Determines whether prices need to be adjusted
c. Sets policies and objectives for prices
4. Product/service management
a. Helps to determine which products a business will offer and in what
quantities
b. Aids in determining and developing a company’s/product’s image
c. Provides direction for other marketing activities based on changes in a
product’s life cycle
5. Promotion
a. Reminds customers about products/businesses
b. Informs customers about products/businesses
c. Persuades customers about products/businesses
6. Selling
a. Creates a following of loyal customers
b. Completes the exchange transaction
c. Provides services for customers
E. Explain the interrelationships among marketing functions.
1.
2.
Marketing is composed of six interrelated activities (functions) that must work
together to get goods and services from producers to customers
The six marketing functions work together to attract target customers to the
business.
Marketing 6622 – Summer 2011
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