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Transcript
Marketing Functions
If you think that marketing only involves selling physical
products at a retail store, you are mistaken. Many other
activities must take place before a consumer buys a product
or service. All marketing activities fall into at least one of
seven key functions:
1.
Production / Service Management—Step 1 is designing,
creating, improving, and maintaining products and services that
satisfy customers’ needs. Twenty years ago museums and malls
did not have diaper-changing tables in the men’s restroom. But
as family roles have changed, many places now provide changing
tables in both restrooms. Businesses adapt their goods and
services to keep their customers coming back.
2.
Distribution—Step 2 involves getting products and services to
the customers in the best way possible. Many electronics
companies sell their products online and in large electronics
stores. Thos way they get the business of those who like to shop
online as well as the business of those who like to see a product
before purchasing it.
3.
Selling—Step 3 refers to direct contact with potential customers
to determine their needs and satisfy these needs. A web site that
sells income tax software might feature a service where you can
talk directly to an accountant or tax lawyer while you are pre
paring your taxes electronically. By providing this direct contact,
the company hopes that consumers are more likely to buy the
product.
4.
Marketing Information Management—Step 4 is the
process of gathering and using information about customers to
improve business decisions. Have you ever answered a phone
survey about a product? The company is gathering information
from you so they can make product decisions based on what
consumers really say.
a.
5.
This step can also be applied to marketing yourself. In the
future, your will probably select a job or higher education
opportunity that is appropriate to what you have to offer.
You wouldn’t try to convince or organization or recruiter to
place you in a role that isn’t appropriate for its needs or
your skills and experience. Just as a producer must present
a beneficial product to consumers, you must shape yourself
into an attractive product that is attractive to future schools
and employers.
Financing—Sep 5 is the process of acquiring the financial
resources to market the product /service. Financing also involves
giving consumers payment options. Yvonne wants to buy a
motor scooter, but she doesn’t have the full amount. She may be
able to get a low-interest loan from the seller so that she can
purchase the scooter now.
6.
Pricing—Step 6 is the process of deciding how much a product
or service will cost the consumer. Price is the value placed on the
product. Businesses have to think about many things when
determining a price: Is the price low enough to attract a lot of
buyers? Is it high enough that people won’t assume the product
is poorly made? Price is very important because it is the only
marketing function that produces revenues. The other six steps
are all costs to the producer.
7.
Promotion—Step 7 refers to communications to inform,
persuade, and remind consumers of a products benefit and
encourage them to buy it. When people think of marketing, they
often think of advertising and selling. There are many other
types of promotional activities, such as writing press releases for
news organizations and sponsoring charitable events.
Marketing Society of You
We discussed earlier that ever business is involved in marketing,
either directly or indirectly. Every business produces a product or
service, and that product or service must be made available and
attractive to potential customers. Examples of marketing
communications are:
a.
b.
c.
d.
Billboards
Television Commercials
Store Displays
Products being transported by truck or train to locations where
customers can buy them.
e. We see the impact of pricing decisions at the checkout counter.
f. We feel the sense of need and want for particular goods or services.
Marketing Ideas
Does your family recycle newspapers? Can you describe the ideas
of a particular political party? If you answer yes, it’s probably
because of idea marketing. Recycling is an accepted social
practice because the importance of preserving the environment has
been marketed for the past 30 years. Political parties “sell” their
plans and values to voters.
Marketing Individuals
Individuals also use marketing. Star athletes market their athletic
ability and success, college applicants market their potential as
students, and job seekers market their potential as contributing
members of an organization.
Actually don’t all people spend some time marketing themselves to
the people around them? As a student you market your self to the
teacher that is determining your grade. You try to be a responsible
student who does their work and turns it in on time.
Marketing Yourself in the Workplace
You will need to sell yourself to get into college, to get
that job you’ve always wanted, to get that scholarship, to
get the promotion you think you deserve, or to convince
others of your ideas, and more.
Remember marketing involves an exchange where two
parties see value in what the other has to offer.
Employment is one type of exchange. Once you are hired
your employer will expect you to add value to the
organization. You go to work and in exchange for your
time and skills, an employer pays you and perhaps
provides benefits such as health insurance and paid
vacation days.
You will need to understand your employer’s needs and
wants so that your job performance meets, or even
exceeds, your employer’s expectations. To build a strong,
mutually beneficial relationship, you should seek out
organizations and positions that can meet your
expectations. Through research, you can develop a target
market of organizations that are most likely to desire your
skills and abilities, as well as determine which companies
can most likely satisfy your employment expectations.
As we begin to conduct more activities on marketing
yourself, we will be setting up information for
Your Personal Portfolio.
Market Research
What are your personal product strengths? Who would
want to buy them and why?
Developing Your Product
You’ll evaluate what makes you attractive to employers
and which type of jobs situations you might be happiest
working in.
Who is your market? You’ll learn how you can get an edge
by targeting organizations that offer a good match between
their needs and your skills.
Promotion
How do you present yourself in the best light and showcase
your value in your resume, job correspondence, and
interviews.
How will you set the price for you (the product)? That is
defining the wages you believe you can earn?