Monday August 21 st Morning Brew Monday Each

Monday, August 21 st Morning Brew Monday: Each Monday we will try to go through an important topic/headline from the morning brew website. You can go to this on your phone and subscribe, or just wait and go over it with us as a class. Objectives for Today: -explain the marketing functions Marketing I Today • Morning Brew • Binder check and organization • 1. 1 “Work the Big Seven” Marketing Functions Power. Point notes • Functions story as assignment, due tomorrow

Work the Big Seven Marketing Functions Marketing LAP 1

Objectives Explain the marketing functions. Discuss the importance of each marketing function.

Explain the marketing functions.

• Many team activities • Success dependent upon team members working together • Same in marketing • Success dependent upon marketing functions working together

What Is Marketing? • 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 • Goal is to attract the target customer to the business

What Are the Marketing Functions? • Interrelated activities that must work together to get goods and services from producers to customers Ø Market planning Ø Product/Service management Ø Marketing-information management

What Are the Marketing Functions? • Interrelated activities that must work together to get goods and services from producers to customers Ø Pricing Ø Channel management Ø Promotion Ø Selling

Market Planning • Determining activities, goals, objectives, and procedures to carry out strategies to attract target customers

Product/Service Management • Obtains, develops, maintains, and improves a product/service mix • Plans, directs, and controls a product’s life cycle • Generates ideas for new products • Improves or updates existing products • Removes products from the market

Marketing-Information Management • Gathers, accesses, synthesizes, evaluates, and disseminates information

Pricing • Determines and adjusts prices to: Ø Maximize return Ø Meet customers’ perceptions of value

Channel Management • Identifies, selects, monitors, and evaluates sales channels (a. k. a. channels of distribution) • Puts products in the customers’ hands

Promotion • Communicates information about goods, services, images, and/or ideas to achieve a desired outcome • Informs, persuades, or reminds customers about a business and/or its products

Promotion • Uses a variety of methods to communicate with customers Ø Advertising Ø Publicity Ø Sales promotion

Selling • Determines client needs and wants • Responds through planned, personalized communication • Influences purchase decisions • Enhances future business opportunities • Provides customers with the products they want

Discuss the importance of each marketing function.

Marketing Functions’ Important Roles • To carry out a business’s marketing plan • To attract the target customer to the business

Importance of Market Planning • Allows marketers to be successful without wasting time and money • Guides decision-making • Keeps marketing campaigns in line with organization mission and objectives

Importance of Product/Service Management • Must offer products that customers want and need • Determines whether or not marketing is successful • Helps to determine the business’s image or brand

Importance of Marketing-Information Management • Prevents guessing • Helps businesses to: Ø Learn about their customers Ø Predict the future Ø Find out if customers are satisfied

Importance of Pricing • Affects how well a product will sell • Impacts how much profit the business will make • Must set prices customers are willing to pay • Must cover costs • Helps decide when to adjust prices

Importance of Channel Management • Gets products from producers to customers • Makes products available when and where customers want to buy • Determines which channel members should ship, promote, and sell products

Importance of Promotion • Tells customers about products • Generates product demand • Helps create the business’s image

Importance of Selling • Involves contact with customers • Meets customers’ needs • Sells customers the most appropriate products • Benefits businesses, customers, and society

• Think of the last product you purchased • Effects of marketing functions on buying decision?

• Mylan–pharmaceutical company that raised prices over $500 on Epi. Pen medication • People could no longer afford it • Mylan defended price hikes • What do you think? • Does company have the right to increase prices? • Should customers’ interest be considered?

Acknowledgments Original Developers: Christopher C. Burke, Kristen Auletto, MBA Research Version 3. 0 Copyright

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