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 © 2017 MBA Research and Curriculum Center
Digital-Based Photography Sources: Think. Stock Photos Various images used in this presentation are © 2017 Think. Stock Photos. All rights reserved www. thinkstockphotos. com
Copyright: All photographic digital images on this CD are owned by the aforementioned photographic resources or their licensors and are protected by the United States copyright laws, international treaty provisions, and applicable laws. No title to or intellectual property rights to the images on this CD are transferred to you. These sources retain all rights and are not to be used, digitally copied, transferred, or manipulated in any way. To do so is a violation of federal copyright laws.
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