Transcript MM 1.00 understanding marketing, customer/client/business

MM 1.00
Understanding Marketing,
Customer/Client/Business Behavior,
and Marketing Planning
1.01 Performance Element (MBA Research pg. 5-3):
Understand marketing’s role and
functions in business to facilitate
economic exchanges with customers.
Marketing Main Topics
Review
See “6622 Marketing Mgt Guide – MBA
Research (Student)” pp. 5-5 to 5-6
 What is Marketing?
 What are the 7 Functions?
 We will address 6 Functions for this
course
 What are the 4 P’s?
 What makes up a Promotion Mix?
 What are the steps of a sale?
Marketing – The
Definition
The activity, set of institutions, and
processes for creating,
communicating, delivering, and
exchanging offerings that have value
for customers, clients, partners, and
society at large.
So, what is a Target Mkt?
WHAT ARE THE FUNCTIONS
OF MARKETING?
1. Channel Management
involves identifying, selecting, monitoring, and
evaluating sales channels; it involves logistics.
 Controls the movement of products from the
manufacturer to the customer.
 Determines who will offer products and where
they will be offered
 Develops relationships with channel, members.
 Assesses quality of vendor performance
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2. Marketing-information
management (MIM)
Involves gathering, accessing, synthesizing,
evaluating, and disseminating information.
 Focuses on getting important information about
the customer so better business decisions can be
made. It often involves talking to the customer.
(Think surveys.)
 Provides data that can be used for business
decision-making
 Provides data about effectiveness of marketing
efforts
 Provides data about customer satisfaction,
customer loyalty, needs and wants.
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3. Pricing
involves determining and adjusting prices to
maximize return and meet customers’
perceptions of value.
 Aims to attract the customer to your product
rather than a competitor’s. you must consider
what it costs to make and deliver the product,
what competitors are charging and what
customers are willing to pay.
 Establishes products’ prices
 Determines whether prices need to be adjusted
 Sets policies and objectives for prices
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4. Product/Service management
involves obtaining, developing, maintaining, and
improving a product or service mix in response to
market opportunities.
 Makes the product better (more desirable). The
most effective improvements are made after
doing MIM
 Helps to determine which products a business
will offer and in what quantities
 Aids in determining and developing a
company’s/product’s image
 Provides direction for other marketing activities
based on changes in a product’s life cycle
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5. Promotion
involves communicating information about
goods, services, images, and/or ideas to achieve a
desired outcome.
 Informs and reminds the customer about the
product being sold and persuades the customer to
buy from your company

6. Selling
involves determining client needs and wants and
responding through planned, personalized
communication that influences purchase
decisions and enhances future business
opportunities.
 Is personalized communications between the
company and customer aimed at increasing the
customer’s willingness to buy.
 Creates a following of loyal customers
 Completes the exchange transaction
 Provides services for customers.

Interrelationships among the Marketing
Functions
The 6 Functions don’t exist or operate
independently of each other. For good, effective
marketing to take place the six must work
together.
 Pricing combined with good Promotion
attracts and encourages the customer to make a
buying decision (Selling)
 Solid MIM ensures you are Promoting the
kinds of products the target market wants to buy
 Great Product Service Management (PSM)
only occurs when you have done good MIM
research
 Channel Mgt is completely dependent upon
PSM, MIM, and Selling
 Etc…
The Marketing Mix (4 P’s)
Product
Price
Place
Promotion
Promotion Mix
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2 Types of promotion
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4 Forms of promotion
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Product
Institutional
Advertising
Personal Selling
Sales Promotion
Public Relations
3 Key Words for Promotion
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Inform, Remind and Persuade
WHAT ARE THE STEPS OF A SALE?
Pre-approach
Approach
Demonstrate
the product(s)
Overcome objections
Close the sale
CRM