Marketing Foundations

Marketing Foundations

By Georgia Gayle

Objective

Students will be able to classify the functions of marketing and the marketing concept.​

Some text here about the topic of discussion

What are the marketing functions, and what’s their importance

It is important that businesses provide consumers with the opportunities to purchase the products and services they need.

​They accomplish this by going through the process of the 7 functions of marketing.​

Some text here about the topic of discussion

The 7 functions of marketing are as follows:

​Product/Service management: 

​

Designing, producing, maintaining, improving, and obtaining products to meet customer’s wants and needs. For instance Apple decides to make improvement to the Iphone and release a new version

Some text here about the topic of discussion

Pricing:

​Determining a value to charge for products.  It is important to consider what competitors are charging and the amount customers are willing and able to pay.  For example, when deciding what price to charge for their latest athletic shoe, Nike must take into consideration the cost of producing, promoting, and distributing the shoe

Some text here about the topic of discussion

Marketing information management

Gathering information such as customer buying habits, How the consumer uses the product, prices the customers are willing to pay for products, or analyzing and utilizing information for use in making marketing decisions.​

Some text here about the topic of discussion

Selling​

Determining and responding to customer’s needs and wants through personalized communication.  It is intended to influence purchase decisions and increase customer satisfaction.  For example, at Forever 21, Taylor searches for a birthday present for her sister, when Gianna (a sales associate) asks if she could help her find the correct size; also known as personal selling.​

Some text here about the topic of discussion

Promotion:

Communication used to inform, persuade, or remind customers about a business’s products. The most common form of promotion is advertising.  For example, McDonalds decides to broadcast a 30 second television commercial during the Super Bowl.

Some text here about the topic of discussion

Distribution​

Distribution function helps to improve living standard of the customer in the society. Proper distribution of necessary goods and services to the consumers easily at right time does not only satisfy them but also brings change in their living standard. Distribution Channel can be either Direct; Indirect or a combination of both.

Some text here about the topic of discussion

Financing

An important function of marketing a product is finding the money through investments, loans, or your personal capital to finance the creation and advertising of your goods or services. Financing also plays a role in marketing success by offering customers alternative methods of payment, such as loans extended credit terms or leasing. ​

Some text here about the topic of discussion

7 functions of marketing are:

Product or service management​

Pricing​

Marketing information management​

Selling​

Promotion​

Distribution

Financing​

​

​

​

​

​

​

Some text here about the topic of discussion

Any Questions ?????

Some text here about the topic of discussion