Download 7 functions of Marketing!

Understand marketing’s role and function in business
to facilitate economic exchanges with customers.
MARKETING INDICATOR
1.01
Notes: Guided & Printed Week #1
Key Terms

Marketing:
 Process
of planning, pricing, promoting, selling, &
distributing ideas, goods, and services to create
exchanges that satisfy customers
 Links
the producer to the customer
 On-going,
always changing
Marketing Activities
Planning
Pricing
Write, Implement, &
Balances what a
Evaluate plans so customer is willing to
that effective
pay with what a
marketing can occur.
business wants to
charge.
Making a profits is
#1 goal
Promoting
Place
Capture the
customers attention
& generate
demand.
Making sure the
product is available
at locations where
customers can
acquire them
Accomplished
through advertising,
personal selling,
publicity and sales
promotions.
(Online and off.)
Items that are marketed

Broad categories

Goods
Durable – e.g., DVD player (last a long time)
 Nondurable – e.g., gasoline (typically consumed within a short
period)
Services – e.g., delivery services
Organizations – e.g., labor organization
Places – e.g., Charlotte, North Carolina
Ideas – e.g., “Stand” against smoking
People – e.g., “Air Jordan” (Michael Jordan)



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



Almost anything can be marketed.
Marketing occurs where customers are
Marketing Concept


Marketing Concept: A philosophy of conducting
business that is based on the belief that all
business activities should be aimed toward
satisfying consumer wants and needs while
achieving company goals.
Make customers happy while making a profit
Elements of the Marketing Concept


Customer orientation: Do it their way.

Finding out what customers want and producing those products the way they want them

Door-to-Door sales versus a company surveying clients to see what they want
Company commitment: Do it better.



Make/price the product better than the competition’s model.
Putting money into research & development so your products stays #1
Company goals: Do it with success in mind.


Maintain your firm’s purpose while you apply the marketing concept.
Increase profits, be more socially responsible, increase market share, etc…
How Does Marketing Benefit Our Society?

Makes our lives better



Provides us with a variety of goods


New & Improved products are offered at lower prices
Increases our countries standard of living
Products are offered in a variety of colors, sizes, styles, models, etc..
Encourages trade between nations

When a nation lacks resources they can usually acquire it from other countries

Oil, Machines, Vehicles, Pharmaceuticals, Plastic, etc…
7 FUNCTIONS OF
MARKETING
Sports, Entertainment and Recreation Marketing
The 7 functions of Marketing!
Marketing
Information
Management
Financing
Selling
Distribution
Product
Service
Management
Pricing
Promotion
The Core of Marketing


The 7 Functions of marketing are the
basis for all marketing activities
All marketing activities involve at least
one of the functions
Channel Management / Distribution

Making decisions about where to sell the product and
how it gets there
How are you going to get the product to the customer?

Moving/Transporting product

Storing

Tracking product
Distribution
Example:
 Redskins Apparel
 Redskins Store
Department Stores
 Sports Authority
 Kohls
 Target
 Online Website
Financing


Requires a company to budget for its own
marketing activities
Assisting customers in paying for the company’s
products
Financing
Customer Financing


Customers may receive
financing in the form
of different payment
options, such as cash,
credit, and installment
payment
More options = More
purchases
Product/Service Management
*See how the
Coca-Cola
bottles have
changed with
the times and
with
customer’s
needs and
wants! 

Obtaining, developing, maintaining, and
improving a product or product line to
respond to customer needs and wants
Marketing Information Management
Surveys

Process of collecting
information about
customer trends, and
competitor products

Used to determine
customer demographics,
buying habits, and
attitudes
Pricing


The process of
establishing and
communicating to
customers the value of
cost of goods and
services
Price it so its attainable
& profitble
Release of iPhone 5s
Promotion
Any form of communication used to inform, persuade,
or remind people about a business’s products

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
Commercials
Give-Aways
Billboards
Coupons
Magazine Ads
Selling

Any direct and personal communication with
customers to asses and satisfy their needs and
wants is considered selling
 Two

Communication
Selling involves not only satisfying customers
but also anticipating their future needs

EX: A sales person answers questions about the
operation of a running watch
The interrelationships among marketing functions

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Can’t forget to advertise even if you have a great product
Can’t forget to have a sufficient supply of those great products in
stock
Can’t forget to set prices that are competitive and attract customers
Forgetting any of these functions means your marketing effort won’t
be as effective.
Your competitors will have an advantage
Assignment




Choose one company
By yourself or with a partner, illustrate a scene that
reflects how that company conducts that function.
Label each scene.
When drawing your scene make sure you clearly
express the concept. It should be obvious that your
picture represents what you are intending.