1
1.01 MARKETING NOTES
1.01 Understand marketing’s role and function in business to facilitate economic exchanges with customers.
A. Understand marketing’s role and function in business to facilitate economic exchanges with customers.
a. Define the following terms:
1. marketing =
2. sales concept =
3. marketing concept. =
b. Identify marketing activities.
| | |
| | |
| | |
SWOT Analysis:
S =
W =
O =
T =
7 functions of marketing:
1. 5.
2. 6.
3. 7.
4.
1. CHANNEL MANAGEMENT: Processes by which marketers ensure that products are distributed to customers efficiently and effectively. A marketing function that involves identifying, selecting, monitoring, and evaluating sales channels.
2. FINANCING: A marketing function that determines the need for and availability of financial resources to aid in marketing activities.
3. MARKETING-INFORMATION MANAGEMENT: A marketing function that involves gathering, accessing, synthesizing, evaluating, and disseminating information to aid in business decisions.
4. PRICING: A marketing function that involves the determining and adjusting of prices to maximize return and meet customers' perceptions of value.
5. PRODUCT/SERVICE MANAGEMENT: A marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities.
6. PROMOTION: A marketing function needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome. Marketing element referring to the various types of communications that marketers use to inform, persuade, or remind customers of their products.
7. SELLING: A marketing function that involves determining client needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunities. A marketing function that involves determining client needs and wants and responding through planned, personalized communication that influences purchase decisions and ensures satisfaction.
MARKETING MIX – 4 P’s
P =
P =
P =
P =
c. Categorize items that are marketed:
1. 5.
2. 6.
3.
Products = G__________ & S_________________
Goods =
Durable =
Vs.
Non-durable =
Consumer =
Vs.
Industrial =
Services =
d. Explain where marketing occurs:
e. Explain the elements of the marketing concept.
Marketing Concept =
CRM =
f. Explain the role of marketing in a private enterprise system.
1.
2.
3.
4.
5.
6.
g. Describe ways in which consumers & businesses would be affected if marketing did not exist.
1
2.
3.
h. Explain how marketing benefits our society.
1
2.
3.
4.
5.
6.
5 Utilities of Marketing:
1
2.
3.
4.
5.
B. Describe marketing functions and related activities
a. Define the following terms:
channel management:
marketing-information management:
pricing:
product/service management:
promotion:
selling:
b. Explain the purposes of each marketing function:
1. Distribution/ Channel Mgt
2. Financing
3. Marketing Information Management
4. Pricing
5. Product / Service Management
6. Promotion
7. Selling
c. Describe the importance of each marketing function to marketing.
1. Distribution/Channel Mgt
2. Financing
3. Marketing Information Management
4. Pricing
5. Product / Service Management
6. Promotion
7. Selling
d. Explain the interrelationships among marketing functions.
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