Transcript Mkt 1.01b

TUESDAY, SEPTEMBER 4TH
UNIT 1 – OBJ. 1.01
 Unit
1 – Obj. 1.01 & 1.02
 6 Functions of Marketing
Slide Show
 Notes
 Functions Group Activity

 Review
1.01 – Questions
 Obj. 1.02 – Part A – Marketing Mix

Slide ShowNotes
1.01B MARKETING FUNCTIONS
Work The Big Six
MARKETING FUNCTIONS LIKE PARTS OF
A GAME...
 You
must understand ALL parts to
win
 Forgetting any function gives
competitors an advantage
 Losing might be the result
6 FUNCTIONS OF MARKETING
1.
2.
3.
4.
5.
6.
Product Service Management
Marketing Information Management
Pricing
Distribution
Promotion
Selling
PRODUCT/SERVICE MANAGEMENT
 Designing,
producing, maintaining, improving,
and obtaining products to meet customer’s
wants and needs.
What do customers want
 Is the package appropriate
 Does the product meet standards
 What is the image of the business or product

 ANYTHING
to do with the actual product
 Responsible for product life cycle
MARKETING-INFORMATION
MANAGEMENT
 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.
 Who, What, Why, When, Where



Questionnaires and Surveys
Data Mining
Product movement
PRICING
 Decides
how much to charge so:


Customers want to buy
Business makes a profit

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.
 It
is important to consider what competitors
are charging and the amount customers are
willing and able to pay.
 Adjust
prices when necessary
CHANNEL MANAGEMENT
(DISTRIBUTION)
 Channel
Management (logistics) is
overseeing the distribution process -channel of distribution -- movement
of product/services from producer to
consumer
 Moving, storing, locating and/or
transferring ownership of products
PROMOTION
 Communication
used to inform,
persuade, or remind customers about a
business’s products. The most common
form of promotion is advertising.

For example, McDonalds decides to
broadcast a 30 second television commercial
during the Super Bowl.
PROMOTION (CON’T)
 Advertising



Television, radio, newspaper, magazine, directory,
online
Direct mail
Out-of-home—billboards and transit
 Publicity

News releases, press conferences, personal
appearances by celebrities, special events, feature
articles
 Sales

Promotion
Displays, samples, contests, coupons, trade shows,
demonstrations, novelty items
SELLING
 Determining
and responding to
customer’s wants and needs through
personalized communication. It is
intended to influence purchase decisions
and increase customer satisfaction.

For example, at The Limited, Taylor
searchers for a birthday present for her
sister, when Gwen (a sales associate) asks if
she could help her find the correct size.
IMPORTANCE OF FUNCTIONS IN BUSINESS’S
MARKETING PLAN:
 Product/Service
Management
Offer products that are needed/wanted
 Carry products that attract target market
 Decide on image to project

 Marketing
Information Management
(MIM)
Prevents guessing
 Research helps predict the future, find out if
customers are happy and helps keep up with
the times

IMPORTANCE OF FUNCTIONS (CON’T):
 Pricing
Set prices customers are willing and able to
pay
 Cover costs and make profit
 Know when to adjust

 Channel
Management (distribution)
Must have products to sell
 Best method of transport
 Right level of inventory

IMPORTANCE OF FUNCTIONS (CON’T):
Promotion
 Tells
about products
 Attracts attention
 Generates interest
 Draws customers to business
 Creates image
IMPORTANCE OF FUNCTIONS (CON’T):
Selling—contact
 Creates
with customers
a positive experience for
customers
 Meeting needs and offering most
appropriate products
 Benefits everyone—businesses,
consumers and society
INTER-RELATIONSHIP
 The
6 functions MUST work together
to get goods and services from
producers to consumers
 If any one function is not doing its
job the others are affected
 Functions are important in carrying
out a business’s marketing plan
BUSINESS SUCCESS…
Comes
from effectively carrying
out the six marketing functions
 Profits
are earned
 Relationships are established with
customers
MKT FUNCTIONS GROUP ACTIVITY
 Divide
into groups
Select a product. (KEEP IT SECRET!)
 Brainstorm and list information about the
product for each function on a separate piece
of paper.
 Each group will present their information by
selecting cards and sharing the information.
 Once all of the functions have been reviewed,
have the class guess the product.

REVIEW PRACTICE QUESTIONS
 Practice
Questions Slideshow