What is the general purpose of the marketing functions?
Making the products customers need and want available.
Describe the six marketing functions?
Pricing, Promotion, selling, channel management, product/service management, marketing information management
Why must the six marketing functions work together?
If a business offers a product that a customer doesn’t want, salespeople won’t be able to sell it. If a business offers the right products but a price that is too high, customers will not buy. If products aren’t available where customers shop, then the business will lose sales competitors.
Describe some of the activities that are part of the product/service management function.
Obtaining, developing, maintaining, and improving a product or service.
Explain what might happen if businesses neglect the marketing-information management function.
Business wouldn’t have good information to make marketing decisions.
Why is pricing an important marketing function?
It helps producers maximize sales return, and needs to meet customers perceptions of value.
Why is channel management important for successful marketing?
It is important to make sure the product gets to the customers in a timely fashion.
Explain the importance of the marketing function of promotion.
Promotion informs, persuades, and reminds customers about a product or service.
How does the selling function benefit businesses, customers, and society?
It provides customers with what they want. It influences future business opportunities. It is a way to make money and goods for society.
What is marketing?
Marketing helps producers to find customers to buy the products. Marketing helps producers find and know what customers want.
Explain the activities that make up the marketing process.
Planning how to carry out the marketing process, offering the products customers want, finding out about customers, deciding how much to charge for the products, communicating with the customers, and having products where they need to be.
Where does marketing occur?
Marketing occurs wherever customers are present, that can be anywhere.
Who takes part in marketing?
What is marketed?
Anything and everything
What is the marketing concept?
The marketing concept is the idea that all businesses should try to satisfy all customer needs and wants.
How does customer orientation play a part in the marketing concept?
When people are persuaded ti buy customers products, producers can make it just how the customer wants it and can become successful.
What is the role of company commitment in the marketing concept?
The entire company needs to commit to satisfying the customer to be a successful business and producer.
What role do company goals play in the marketing concept?
Companies always need to have “do it with success in mind”, and need to continue to keep their organizational goals.
How do the global and economic activities that our world faces impact marketing activities?
Marketing is what keeps producers and customers tied together. If marketers are doing their jobs then the producers on one side of the world will know what customers on the other side are looking for.
Explain three ways in which marketing benefits society.
It provides goods and services, encourages trades between countries, and makes our lives better.
How would our country be affected by the absence of marketing?
We wouldn’t be able to get certain products that are made in other countries. Customers would have problems getting new products and having products made the way customers want. Marketing is what communicates the need and want for customers.
How would you personally be affected by the absence of marketing?
I would have to change my personal life style. I would also not own as many personal items, and would end up making my own belongings.