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2.02 Classify the
functions of marketing and
the marketing mix.
Classify the functions of
Product/service management
Marketing Information
Management (MIM)
Product/Service Management
Designing, producing,
maintaining, improving, and
obtaining products to meet
customer’s wants and needs.
For example, redesigning the
2009 Honda Accord
Determining a value to charge for
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.
Marketing Information
Management (MIM)
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.
Determining and responding to
customer’s needs and wants
through personalized
It is intended to influence
purchase decisions and
increase customer satisfaction.
Communication used to inform,
persuade, or remind customers
about a business’s products.
The most common form of
promotion is advertising.
For example, Blockbuster Video
decides to broadcast a 30
second television commercial
during the Super Bowl.
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.
Summarize the marketing mix
Marketing mix: A combination
of decisions a business makes
in order to best reach its target
market. Known as the four Ps
(product, price, place,
Marketing Mix: Product
Businesses must decide which
products to offer customers.
Marketing Mix: Price
The amount a business
charges customers for a
Marketing Mix: Place
Having the product available at
the right time and location.
Also known as distribution.
Marketing Mix: Promotion
Informing and reminding
customers of the products
available to them and
persuading them to purchase.
Promotion includes
advertising, personal selling,
sales promotion, and publicity.