Marketing and its importance and marketing functions
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Marketing and Its Importance and Marketing Functions. PoM – Briefing #1. Marketing Defined:.

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Marketing and Its Importance and Marketing Functions

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Marketing and Its Importance and Marketing Functions

PoM – Briefing #1

Marketing Defined:

  • In 2007, the American Marketing Association updated its marketing definition to “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.”

Identify Marketing Activities

1. Product

2. Pricing

3. Promoting

4. Distributing/Place

Categories of Items being Marketed

1. Goods

a. Durable

b. Nondurable

2. Services

3. Organizations

4. Places

5. Ideas

6. People

Marketing Concept

Marketing concept defined: a philosophy of conducting business that is based on the belief that all business activities should be aimed toward satisfying consumer wants and needs while achieving company goals

Elements of the Marketing Concept

Explain the role of marketing in a private enterprise system.

  • 1. Marketing fits into every facet of our lives.

  • 2. Marketing provides benefits that make our lives better, promote using natural resources more wisely, and encourage international trade.

  • 3. Without marketing, we would be forced to be self-sufficient.

How does marketing benefit our society?

  • 1. Makes our lives better.

  • 2. Promotes using the earth’s resources more wisely.

  • 3. Encourages trade between nations.

Describe ways in which consumers and businesses would be affected if marketing did not exist.

  • 1. Without marketing, our nation would have difficulty linking producers with customers.

  • 2. Without marketing, our own routines would be different because marketing shapes even the little things we do.

Marketing Functions:

  • Marketing functions are interrelated activities that must work together to get goods and services from producers to customers.

  • The six marketing functions must work together to attract target customers to the business.

The 6 Marketing Functions

  • 1.Channel management involves identifying, selecting, monitoring, and evaluating sales channels

  • 2.Marketing-information management involves gathering, accessing, synthesizing, evaluating, and disseminating information.

  • 3.Pricing involves determining and adjusting prices to maximize return and meet customers’ perceptions of value.

The 6 Marketing Functions (cont.)

  • 4.Product/Service managementinvolves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities.

  • 5. Promotion involves communicating information about goods, services, images, and/or ideas to achieve a desired outcome.

  • 6. Selling involves determining client needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunities.

The Importance of Each MKTG Function

1. Channel management

    a. Determines who will offer products and where they will be offered

    b. Develops relationships with channel members

    c. Assesses quality of vendor performance

2. Marketing-information management

a. Provides data that can be used for business decision-making

    b. Provides data about effectiveness of marketing efforts

    c. Provides data about customer satisfaction, customer loyalty, needs, and wants

3. Pricing

    a. Establishes products’ prices

    b. Determines whether prices need to be adjusted

    c. Sets policies and objectives for prices

The Importance of Each MKTG Function (cont.)

4. Product/service management

    a. Helps to determine which products a business will offer and in what quantities

    b. Aids in determining and developing a company’s/product’s image

    c. Provides direction for other marketing activities based on changes in a product’s life cycle

5. Promotion

    a. Reminds customers about products/businesses

    b. Informs customers about products/businesses

    c. Persuades customers about products/businesses

6. Selling

    a. Creates a following of loyal customers

    b. Completes the exchange transaction

    c. Provides services for customers

6 Marketing Functions

  • 1.Channel management

  • 2.Marketing-information management

  • 3.Pricing

  • 4.Product/Service management

  • 5. Promotion

  • 6. Selling

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