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MARKETING FUNCTIONS Marketing 1
THE MARKETING FUNCTIONS • Marketing Functions: All activities that allow companies to bring products to the market for exchange • Pricing • Selling • Distributing • Promoting • Product/service management • Marketing information management
PRICING • Pricing: cost of the item & retail price • PROFIT • EXAMPLE: a snickers bar is $1 in the School Store
SELLING • Selling: “providing customers with goods & services they want to buy” • EXAMPLE: The Nike store sells Nike Air Pegasus shoes.
DISTRIBUTING • Distributing: where the product is sold AND how it gets there (transportation) • Channel Management • EXAMPLE: Surfboards arrive via plane from Hawaii and are sold on 17 th street in VA Beach.
PROMOTION • Promoting: “any form of communication used to inform, persuade, or remind people about a business’s products” • Example: • Advertising (paid- commercials, Ads, etc) • Sales Promotion • Direct Mail • Internet and Social Media
PRODUCT/SERVICE MANAGEMENT • Product/service management: Product changes overtime to meet the need of customers • EXAMPLE: The i. Pod has changed over the last 7 years. It was originally bulky and only black/white; next a smaller/color version called the Nano; next a video i. Pod; next a smaller Nano; finally i. Phone
MARKETING INFORMATION MANAGEMENT • Marketing Information Management: “gathering market information about customers, trends and competing products” • Examples: customer surveys
MARKETING FUNCTIONS ACTIVITY • Students will work individually to complete the following: • Choose a product and research each of the functions of marketing for that product: • Pricing • Selling • Distributing • Promoting • Product/Service Management • Marketing Information Management