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The Functions of Marketing

The Functions of Marketing. Objectives. Define Marketing Identify the seven functions of marketing and give examples of each. Differentiate between Goods and Services. What is Marketing?. It helps connect businesses to their customers It provides a means for exchange

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The Functions of Marketing

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  1. The Functions of Marketing

  2. Objectives • Define Marketing • Identify the seven functions of marketing and give examples of each. • Differentiate between Goods and Services

  3. What is Marketing? • It helps connect businesses to their customers It provides a means for exchange What aspects of marketing have you come into contact with today?

  4. Marketing Marketing: all business functions involved in developing, promoting, and distributing products in order to satisfy customers’ needs and wants. • Products include both Goods and Services

  5. Goods are tangible products • Products that can be touched Services are intangible products • Products that can not be touched

  6. Functions of Marketing All the marketing activities you see daily can be classified into seven functions of marketing.

  7. Seven Functions of Marketing MIM=Marketing Information Management

  8. Marketing Research or Marketing Information Management The process of collecting the marketing information needed to make sound business decisions. • Fashion Trends • Which products to carry • Product Packaging • Labeling • Branding

  9. Product Planning All the decisions a business makes in the production and sales of its goods and services. • Which products to carry • Product Name • Product Packaging • Labeling • Branding

  10. Distribution Making decisions about where to sell your product, how to get them there, and how to store them. Includes: • Marketing Channels: Retail, Online, Door to Door • Methods of transportation • Storage/Warehousing

  11. Financing Locating and securing monies needed to operate a business and develop new products. Includes decisions about customer credit and payment options.

  12. Pricing Deciding how much to charge for goods and services • Price Affected by: • Competition • Customer • Costs of gathering information (Research) • Costs of financing business • Costs of design, fabric, and production of product • Costs of advertising and promotion • Distribution costs • Level of profit

  13. Pricing What is a “reasonable price?” Whatever the customer is willing to pay.

  14. Promotion Any form of communication used to inform, persuade, or remind people about business’s products, and improve it’s public image. • Advertising • Public Relations • Sales Promotion • Personal Selling • Visual Merchandising

  15. Selling Providing customers with goods and services they want to buy. • Includes selling in the retail market to you, and in the industrial market where products are purchased for use in business operations.

  16. Review What is marketing? What are the seven functions of marketing Give an example of a good and a service.

  17. Review Identify the appropriate marketing function:

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