Post on 17-Jan-2016
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The Functions of Marketing
1. Define Marketing
2. Identify the seven functions of marketing and give examples of each.
3. Differentiate between Goods and Services
Objectives
It helps connect businesses to their customers
It provides a means for exchange
What aspects of marketing have you come into contact with today?
What is Marketing?
Marketing
Marketing: all business functions involved in developing, promoting, and distributing products in order to satisfy customers’ needs and wants.
Products include both Goods and Services
Goods are tangible productsProducts that can be touched
Services are intangible productsProducts that can not be touched
Functions of Marketing
All the marketing activities you see daily can be classified into seven functions of marketing.
Seven Functions of Marketing
Selling
Promotion
Pricing Financing
Distribution
Planning
ResearchMIM
Marketing
MIM=Marketing Information Management
Marketing Research or Marketing Information Management
The process of collecting the marketing information needed to make sound business decisions.
Fashion Trends
Which products to carry
Product Packaging
Labeling
Branding
Product Planning
All the decisions a business makes in the production and sales of its goods and services.
Which products to carry
Product Name
Product Packaging
Labeling
Branding
Distribution
Making decisions about where to sell your product, how to get them there, and how to store them.
Includes:
Marketing Channels:
Retail, Online, Door to Door
Methods of transportation
Storage/Warehousing
Financing
Locating and securing monies needed to operate a business and develop new products.
Includes decisions about customer credit and payment options.
Pricing
Deciding how much to charge for goods and services
Price Affected by:
Competition Customer Costs of gathering information (Research) Costs of financing business Costs of design, fabric, and production of product Costs of advertising and promotion Distribution costs Level of profit
Pricing
What is a “reasonable price?”
Whatever the customer is willing to pay.
Promotion
Any form of communication used to inform, persuade, or remind people about business’s products, and improve it’s public image.
Advertising
Public Relations
Sales Promotion
Personal Selling
Visual Merchandising
Selling
Providing customers with
goods and services they want to buy.
Includes selling in the retail market to you, and in the industrial market where products are purchased for use in business operations.
Review
What is marketing?
What are the seven functions of marketing
Give an example of a good and a service.
Review
Selling
Promotion
Pricing Financing
Distribution
Planning
ResearchMIM
Marketing
Identify the appropriate marketing function: