Transcript The 7 Marketing Functions

Marketing
Functions
SERM #42
The 7 Marketing Functions
• Product/service management
• Distribution
• Selling
• Marketing-information management
• Pricing
• Promotion
• Financing
Product/Service
Management
• Obtaining, developing, maintaining, and
improving a product or product line in
respond to customer needs and wants
Product Service
Management Example
• Ex: See how the Coca-Cola bottles have
changed with the times and with
customer’s needs and wants! 
Distribution
• Making decisions about where to sell the
product and how it gets there
Distribution Example
• Ex: Bands pack trailers and busses to
transport their equipment to and from
venues.
Selling
• Providing customers with goods and
services they want to buy.
• This includes retail and business to
business
Selling Example
• Business to
Business
• Corporate Luxury
Boxes
• Business to
Consumer
• Club Seating
Marketing Information
Management
• Process of collecting information about
customer trends, and competitor products
• Marketing Research
• Used to determine customer demographics, buying habits,
and attitudes
• How do we get this information?
• Surveys
• Google search history
• Reward cards
• Credit card purchases
Marketing Information
Management Example
• Ex: J.Crew asks for your zip code before
you purchase something.
Pricing
• How much to charge for goods and
services
• Most decisions take competition into
consideration
Pricing Example
• Ex: Tickets to a Raven’s game are sold on a markup of 25%, based on cost.
Promotion
Any form of communication used to inform, persuade, or
remind people about a business’s products
Promotion example
• Ex: Free baseball hats are given away at a
baseball game
Financing
• Obtaining funding to run a business
• Also involves decisions regarding payment options
(i.e. loans, leasing, credit) for customers
Financing example
• I get investors from Shark Tank to buy into my
company
Activity
• Apply the Marketing Functions to the
Fantasy Football