SEVEN CORE FUNCTIONS Marketing 1112 Seven Marketing CORE

SEVEN CORE FUNCTIONS Marketing 11/12

Seven Marketing CORE Functions Channel Management Marketing Information Management Market Planning Pricing Product/Service Management Promotion Selling

Channel Management Also known as DISTRIBUTION Process of deciding how to get goods into customer’s hands Moving and storing goods � Truck, rail, ship, air � Warehouses � Tracking systems May choose to have multiple methods (or Channels) AMWAY (Quixtar), Fed. Ex

Marketing Information Management Solid decisions rely on solid information about � Customers � Trends � Competing products/services Gathering, storing and analyzing this information Facebook, “push” ads, location services, Costco samples

Market Planning Developing and targeting specific strategies to a select audience � Determine business needs � Design data-collection processes � Collect and analyze data � Present data Use all this to create a plan that includes methods for reaching different types of customers Tim Hortons (US/Canada), Canucks – season tickets, bundle packs, single

Pricing How much to charge in order to make a profit Based on: � Costs � Competitors � Customer willingness to pay Safeway - Save-On – Price. Smart – Superstore, Bentley, Apple vs. PC

Product/Service Management Obtaining, developing, maintaining, and improving a product/service or a product mix in response to market opportunities � Research guides toward what consumers need/want � New technology and trends are big influence 8 -track – Tape – CD – MP 3, Blockbuster vs. Netflix, Beta vs. VHS (Blueray/HD)

Promotion The effort to inform, persuade, or remind current and potential customers about a business’ products or services Commercials are a form of promotion called “Advertising” � Can you think of other forms of promotion? Also used to improve a company’s public image � Think “Green” for example Superbowl Ads, sponsorships, “naming” rights, Gold Card

Selling Provides customers with the goods and services they want Includes: � Business to customer – (retail) � Business to business – (wholesalers, manufacturers) Amazon, Dell, exclusive distribution

7 Core Functions Channel Management Marketing Information Management Market Planning Pricing Product. Service Management Promotion Selling Work with a partner to identify two businesses that cater to teenagers One should sell goods, the other, services Explain how each business caters to its customers by trying to identify each of the 7 functions (areas) and how they use them How effective are those businesses in satisfying their customers’ needs and wants? Develop a rating scale to present your

Checklist One company is a provider of GOODS One company is a provider of a SERVICE We have created a SCALE to rate each area (use during the last step below) and the company overall We have evaluated (given our ideas) about how these companies use each one of the 7 CORE FUNCTIONS We have evaluated how effective these companies are at meeting customer needs and wants (again, using the 7 CORE FUNCTIONS)