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Transcript
Marketing 1.01-Understand marketing’s roll and function in business to facilitate economic exchanges with customers. Marketing Functions Defined 1. Product/service management: Designing, producing, maintaining, improving, and obtaining products to meet customer’s wants and needs. For example, redesigning the iPad2. 2. Pricing: Determining a value to charge for products. It is important to consider what competitors are charging and the amount customers are willing and able to pay. For example, when deciding what price to charge for their latest athletic shoe, Nike must take into consideration the cost of producing, promoting, and distributing the shoe. 3. Marketing information management (Market Research): Gathering information (such as customer buying habits, prices customers are willing to pay for products, or test marketing potential new products), analyzing information, and utilizing information for use in making marketing decisions. For example, Amazon.com sends a questionnaire to customers who purchased the latest New York Times best sellers. 4. Selling: Determining and responding to customer’s needs and wants through personalized communication. It is intended to influence purchase decisions and increase customer satisfaction. For example, at The Limited, Taylor searches for a birthday present for her sister, when Gwen (a sales associate) asks if she could help her find the correct size. 1.01-Understand marketing’s role and function in business to facilitate economic exchanges with customers. 5. Promotion: Communication used to inform, persuade, or remind customers about a business’s products. The most common form of promotion is advertising. For example, McDonalds decides to broadcast a 30 second television commercial during the Super Bowl. 6. Distribution: Transporting, storing, and handling goods from the manufacturer to the consumer. For example, John Deere lawn equipment is transported to Home Depot by tractor-trailers. ALSO KNOWN AS Channel Management (logistics) is overseeing the distribution process (movement of product/services from producer to consumer). 7. Financing: Acquiring the money for starting and running a business. Business loans for upstart money, cash flow issues, or new business ventures. 1.01-Understand marketing’s role and function in business to facilitate economic exchanges with customers.
