Transcript 7 Key Marketing Functions

Marketing Basics –
What Every Real Marketer Needs
To Know!
Sports and
Entertainment
Marketing
What is Marketing?

The planning, & executing the conception, pricing,
promotion, and distribution of ideas, goods, and
services to create exchanges that satisfy individual and
organizational objectives.
American Marketing Association

The creation and maintenance of satisfying exchange
relationships.

Highly visible activity!
What is the Marketing Mix?
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To perform the tasks associated with
marketing, marketers rely on a Marketing Mix.
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Describes how a business blends the four
marketing elements – The Four P’s.
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The Four P’s – Promotion, Price, Product,
and Place (distribution)
Product
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What a business offers customers to satisfy
needs.
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Examples: Mountain Dew, Nike Shocks,
Anderson Windows, Ford Pick-up Truck,
Decorated Cake, Plumbing Repairs
Place (Distribution)
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Involves the location and methods used to
make products available to customers.

Examples: Sell 50 Cent CDs at Boscov’s, Sell
Pepsi products at Pizza Hut franchises,
overseas shipping from Amazon.com.
Price

The amount that customers pay for products.

Examples: $8.99 for a Dominic’s Large Pizza,
$19.99 for a shirt at The Gap.
Promotion
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Describes ways to encourage customers to
purchase products and services, and to
increase customer satisfaction.

Examples: Customers buy Nike shirts because
they like Nike sneakers, Buy 1 Get 1 Free
Sale, Coupons, Free Samples, Free Shipping.
Seven Key Marketing Functions
Pricing
Product/Service
Management
Selling
Promotion
Market
Financing
Information
Distribution
Management
Product/Service Management

Designing, developing, maintaining,
improving, and acquiring products &
services so they meet customer needs.

Example: Fisher Price tests new toys
with children and parents
Distribution

Determining the best way to get a
company’s products & services to
customers.

Example: Sony sells their products
through electronic retailers like Circuit
City
Selling
Includes direct and personal
communication with customers to assess
and satisfy their needs.
 Must also anticipate their future needs.

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Example: Singers spend months touring
and traveling to promote their CDs.
Marketing-Information Management
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Gathering and using information about
customers to improve business
decision-making.
Example: Domino’s Pizza expanding to Japan.
Used market research to adapt the traditional
Domino’s Pizza to Japanese tastes. Made
pizza smaller for a snack not a meal. Also
offered non-traditional toppings such as corn &
tuna.
Financing
Requires a company not only to budget
for its own marketing activities, but
 Also provide customers with assistance
in paying for the company’s products &
services

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Example: General Motors offers loans to
customers through its GMAC division.
Pricing

The process of establishing and
communicating the value or cost of
goods and services to customers.
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Example: Ticket prices for professional
sports events are high because demand
is high.
Promotion

Using advertising and other forms of
communicating information about products,
services, images, and ideas to achieve a
desired outcome.

Example: Coupons on backs of ticket stubs.
Used to promote products & services, and to
entice fans into purchasing them at a
discounted price.
7 Key Marketing Functions
 Basis
of all
marketing
activities!
 Refer to them
often!
Everything you
learn will involve
one of these
functions!
 Responsibility of
all marketers!
