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Marketing
Functions of Marketing
Unit 2, Lesson 1
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2
Marketing Functions
Goal
Students will be able to
Explain the marketing concept
Describe each marketing function and how it
illustrates the marketing concept
Explain each component of the marketing mix
Illustrate the importance of marketing strategies
in the marketing mix
Explain the importance of target markets.
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3
Marketing Functions
Terms to know
Market
Customer
Consumer
Marketing Concept
Marketing Functions
Marketing Mix
Target Market
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Marketing Functions
Marketing Concept
Businesses must satisfy customers’ needs
and wants in order to make a profit.
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5
Marketing Functions
Customers
Purchase products
Consumers
Consume products
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Marketing Functions
Market
All potential customers who share common
needs and wants, and who have the ability
and willingness to buy the product.
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Marketing Functions
Marketing Mix
Four P’s
Product
Place
Price
Promotion
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Marketing Functions
Marketing Mix
Product includes all aspects of the product
Type of product
Packaging
Warranties
Price strategies need to consider how much
a customer is willing and able to pay while
still making a profit.
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Marketing Functions
Marketing Mix
Place strategies must consider where best
to sell the product and which channel of
distribution will be used.
Promotion strategies must consider how to
inform, persuade, and remind customers
about the product.
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10
Marketing Functions
Financing
Pricing
Promotion
Product/Service Management
Distribution
Selling
Marketing Information Management
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Marketing Functions
Financing
Getting the money necessary to pay for the
operation of the business
Loans
Sell stock
Offering credit to customers
Credit cards
Finance goods/services
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Marketing Functions
Pricing
How much to charge for goods/services
Maximize profit
Competitive pricing
Gaining market share
Creating customer perception of value
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13
Marketing Functions
Promotion
Inform, persuade, or remind
Advertising – television, radio, magazines
Can be used to improve companies image
Communicate information about product,
services, images
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Marketing Functions
Product/Service Management
Obtaining, developing, maintaining, and
improving a product, product mix, or
service.
Decisions made mostly on marketing
research.
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Marketing Functions
Distribution
Deciding where and to whom to sell
product.
Physically moving and storing product.
Primary methods of transportation are truck,
rail, air, and ship.
Includes systems that track products
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Marketing Functions
Selling
Proving customers with goods and services
they want.
Retail selling
Industrial or business-to-business sales.
Determine customers needs and wants
Respond through planned, personalized
communication that influences customers
Enhance future business opportunities
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17
Marketing Functions
Marketing Information Management
Most information from marketing research
Questionnaire’s about service or products.
Information used to determine customers
preferences.
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Picture Sources
http://www.sxc.hu/photo/717442
http://www.sxc.hu/photo/978940
http://www.sxc.hu/photo/662389
http://www.sxc.hu/photo/189883
http://www.sxc.hu/photo/1115856
http://www.sxc.hu/photo/854196
http://www.sxc.hu/photo/854196
http://www.sxc.hu/photo/1128414
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