Foundations and Functions of Marketing Foundations of Marketing

Foundations and Functions of Marketing

Foundations of Marketing 4 Key Areas of Knowledge in the Practice of Marketing , s s e n i s u B & t n e m Communication & e g a p i h Man s r u e n Interpersonal e r p e r t n E Skills Economics Professional Development

4 Foundations of Marketing 1. Business, Management, Entrepreneurship i. Understanding the basic concepts that affect business decision making 2. Communication and Interpersonal Skills i. Understanding concepts and strategies needed to interact effectively 3. Economics i. Basic principles and concepts 4. Professional Development i. Concepts and strategies needed for career development

FUNCTIONS OF MARKETING All aspects within the practice of marketing Marketing Information Mgmt Product/ Service Mgmt Selling Distribution Financing Promotion Pricing

DISTRIBUTION/CHANNEL MGMT • The process of deciding how to get goods in customers’ hands • Main methods of transportation are truck, rail, ship, air • Some large retail chains store products in central warehouses for later distribution • Involves the systems that track products so they can be located at any time

FINANCING • Getting the money that is necessary to pay for setting up and running a business • Bank loans • Making decisions whether to offer credit to customers • Customers must have the resources and methods to pay for their purchases • Master. Card, Visa, Store Credit Card

MARKETING INFORMATION MANAGEMENT • Gathering market research, storing it, and analyzing it are all part of MIM • Find out about customers habits and attitudes, where they live, and trends in the marketplace • Companies conduct research so they can be successful at marketing and selling their products

PRICING • Decisions dictate how much to charge in order to make a profit • Based on costs and on what competitors charge for the same product • Need to know how much customers are willing to pay

PRODUCT/SERVICE MANAGEMENT • Designing, developing, maintaining, and improving a product/service in response to market opportunities • Marketing research guides product/service management toward what the customer needs and wants

PROMOTION • The effort to inform, persuade, or remind potential customers about a business’s products or services • Improve image • EX: TV, Radio, Billboards • Concepts and strategies are used to achieve success in the marketplace

SELLING • Provides customers with the goods and services they want • EX: Selling business to customer • Selling business to business (wholesalers, retailers, manufacturers) • Determining clients needs and wants • Responding through planned, personalized communication • Influences purchasing decisions

FUNCTIONS OF MARKETING All aspects within the practice of marketing Marketing Information Mgmt Product/ Service Mgmt Selling Distribution Financing Promotion Pricing

The Marketing Concept • The idea that a business should strive to satisfy customers’ needs and wants while generating a profit for the business. • CUSTOMER FOCUS • Message needs to be consistent • Repeat customers keep a company in business • All 7 Functions need to support this idea