Key Marketing Functions

Sports and Entertainment

Marketing

Product/Service Management

Designing, developing, maintaining, improving, and acquiring p/s so they meet customer needs

Ex: Fisher Price tests new toys w/ children and parents

Distribution

Determining the best way to get a company’s p/s to customers

Ex: 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

Ex: Singers spend months touring and traveling to sell their CD

Marketing-Information Management

Gathering and using information about customers to improve business decision making

Ex: Domino’s expanding to Japan. Used Market research to adapt the traditional Domino’s pizza to Japanese tastes. Made pizza’s smaller for a snack not a meal. Also offer non-traditional toppings.

Financing

Requires a company not only to budget for its own marketing activities

Also provides customers with assistance in paying for the company’s p/s

Ex: 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

Ex: Ticket pricing for professional sports events are high because demand is high

Promotion

Using advertising and other forms of communicating info about products, services, images, and ideas to achieve a desired outcome

Ex: Coupons on backs of ticket stubs. Used to promote p/s and to entice fans into trying them at a discounted price

7 Key Functions

Basis of all marketing activities

Refer to them often

Everything you learn will involve one of these functions

Responsibility of all marketers