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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