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STUDY SESSION
MARKETING FUNCTIONS
1
Agenda
• Introduction
• Definition of marketing
• Scope of marketing
• Functions of marketing
• Summary
2
INTRODUCTION
MARKETING
3
• "Marketing is getting the right product or service in the right
quantity, to the right place, at the right time and making a
profit in the process".
• Marketing is about identifying and understanding your
customer and giving them what they want. It's not just about
advertising and promoting your business.
• Effective marketing is a result of examining every aspect of
your business and how it affects the consumer's end
experience. It covers everything you'll need to do in order to
deliver your products and services to the consumer
including research, planning, pricing, packaging, promotion,
selling and distribution.
4
DEFINITION
MARKETING
5
Definition
• Marketing Is a Process. A process is a particular method of
doing an activity, generally involving a series of steps or
operations. The classical marketing approach involves four
broad steps: market analysis, market planning,
implementation, and control. Market analysis involves
searching for opportunities in the marketplace.
• Market planning requires segmentation, target market
choice, positioning, and the design of the marketing mix.
Market implementation includes the systems and processes
to go to market with the marketing program. Finally,
marketing control refers to the informal and formal
mechanisms that marketing managers can use to keep the
marketing program on course.
6
Definition
• It Involves a Mix of Product, Pricing, Promotion, and
Distribution. Strong marketing programs do not involve one
action, such as the design of a great product. Rather, the
most successful marketing programs involve mixing the
ingredients of marketing to deliver value to customers. This
mixing entails blending the right amounts of the 4P
ingredients, at the right time, and in the right sequence.
• It Is About Exchange. Marketing is not successful unless
two parties exchange something of value. The buyer may
exchange time, money, or services, while the seller must
exchange something of value to the buyer.
7
Definition
• It Is Intended to Satisfy Individual and Organizational
Needs. The aim of marketing is to provide a satisfactory
outcome for both the firm and the customer.
• Firms can have highly satisfied customers if they provide
services for free. The key to modern marketing is
simultaneously satisfying the customer, the firm, and its
shareholders.
8
SCOPE OF MARKETING
MARKETING
9
Scope of marketing
• It Is Intended to Satisfy Individual and Organizational
Needs.
• The aim of marketing is to provide a satisfactory outcome
for both the firm and the customer.
• Firms can have highly satisfied customers if they provide
services for free. The key to modern marketing is
simultaneously satisfying the customer, the firm, and its
shareholders.
10
Scope of marketing
• The contribution of marketing to society is a subject of
controversy among economists. Contributions such as
refining, transporting, assembling, and packaging are
considered productive; speculating, storing, accepting
commissions, and merchandising activities such as
advertising are considered parasitic and of little value to
society.
• Capitalist economies do acknowledge that marketing has
its excesses, as in cases where a product is stored for an
undue period of time merely to raise the price.
Consumerism has arisen out of a belief that consumers
have rights which are often abused. People like consumer
advocate Ralph Nader have fought to have laws enacted
which would protect these rights.
11
Scope of marketing
• Although marketing activities have expanded tremendously
in the past hundred years, there was little formal study of
the until the past few decades. Today, there are many
publications on the various aspects of marketing and
colleges give courses and degrees in this field.
• Marketing research has developed into a highly specialized
activity employing tens of thousands of people around the
world. There is general agreement among marketing people
that, in many cases and countries, marketing activities
account for more than half the cost of the product to the
consumer. In many countries, those engaged in marketing
activities outnumber those engaged in manufacturing or
production.
12
Scope of marketing
• We have noted that, in general, marketing directs the flow
of goods and services from producers to consumers or
users. Marketing is not confined to one particular type of
economy; goods in all but the most primitive societies must
be marketed. Indeed, a broader concept of marketing does
not limit its application to business enterprises. Schools,
hospitals, libraries, and many other services must also be
marketed to be used.
13
MARKETING VS SALES
MARKETING
14
Marketing Vs Sales
• Basically, think of marketing as selling the idea of a product
and/or service to everyone, whereas sales sells the product
and/or service one-on-one.
• Marketing generates the interest, sales brings in the
money. Marketing does everything they can to reach and
persuade prospects. The sales process does everything
they can to close the sale and get a signed agreement or
contract.
15
Marketing Vs Sales
• Selling the idea, which is marketing’s responsibility, can be
through such media as an advertising campaign, an e-mail
blast, or through the company’s web site.
• Selling to the customer, which is sales responsibility, can be
through such ways as inside sales making phone calls,
outside sales setting up appointments to meet with the
customer face-to-face, or being approached by a consumer
who is interested in the company’s product and/or service.
16
Marketing Vs Sales
• Marketing approaches their work in a think tank
environment constantly looking for ways and ideas to
promote and differentiate the product or service. Sales are
in the real world and are constantly looking for ways and
ideas to try and persuade the reluctant buyer.
• This is why there is often tension between sales and
marketing. Marketing tends to think of salespeople as mere
tools to execute their creative plans, whereas sales tends to
view the marketing staff as unrealistic who would be
hopeless at actually making a sale.
17
Marketing Vs Sales
• The job of sales is one of the toughest and most important
positions in the company. They are the ones who have to get the
customer to give up their money. Marketing, which is usually
located at the company’s headquarters, tends to think
strategically by identifying groups who might need the company’s
product.
• Sales, which mostly resides in the field, tends to think tactically
by going to the individuals within those groups to try to meet
those needs with the company’s product. Strategies are best
explained as the direction the marketing effort takes over some
period of time, while tactics are actionable steps or decisions
made in order to follow the strategies established. Performing
strategic and tactical planning activities before taking action is
considered critical for long-term success. Basically, in most
cases marketing exists to support the salespeople.
18
Marketing Vs Sales
• Much of what determines the relationship between
marketing and sales depends on the product or service. If
an individual customer is buying something for themselves
with their own money, it is considered consumers sales.
Examples of consumer-packaged goods would be cereal or
toothpaste.
• A lot of advertising through marketing is needed to get
people interested in the product. If the individual is buying
something for their organization with the company’s money,
it is considered commercial sales. Commercial sales are
also known as corporate, industrial or business-to-business
sales. Sales has to do more work to get the customer to
purchase the goods.
19
MARKETING FUNCTIONS
MARKETING
20
Marketing functions
There are seven main functions of marketing
• Pricing
• Selling
• Financing
• Promoting
• Product/Service Managemnt
• Market Information Management
21
Pricing
Pricing your product is what will determine how much profit
you make. You must experiment with pricing until you've
found the price point at which you are competitive and
profitable.
You will also need to take your business overhead costs into
consideration when setting your prices. You'll need to find out
what the demand is for your product, as a product is only
worth as much as someone will pay for it.
22
Selling
In a nutshell, selling is providing a way to give your customer
what he wants. You can do this in any number of ways. You
can sell your product directly to the customer, or sell it at
wholesale prices to retailers.
You may sell a product made especially for sale to other
businesses. You can sell your product online if you want a
low overhead.
23
Financing
Financing refers to how your business will obtain the money
it needs to start operations and stay operable. This function
encompasses investors, financing, budgeting and other
financial concerns that your business may have.
It also refers to how a customer will pay for the goods or
services that you are selling.
24
Promoting
• A product or service is useless to your business if no one
knows about it. The promotion function of marketing refers
to the efforts you make to get the word out about what you
are selling.
• This function also encompasses the art of convincing
individuals that your product is necessary, better than those
the competition offers and is of good quality.
25
Promoting
• The distribution function of marketing deals with how you
will get the products you are selling to your customer.
Transportation, warehouses and shipping timelines are part
of distribution.
• Distribution refers to where you will sell your product and
also deals with the timing of your product. For example, a
business that sells pools may focus their marketing efforts
during the spring.
26
Distribution
• The distribution function of marketing deals with how you
will get the products you are selling to your customer.
Transportation, warehouses and shipping timelines are
part of distribution.
• Distribution refers to where you will sell your product and
also deals with the timing of your product. For example, a
business that sells pools may focus their marketing efforts
during the spring.
27
Product Mangement
• Every business wants their product to be in demand. To
ensure that this is the case, businesses manage their
products by changing them to fit current trends, increasing
quality, evaluating market conditions and other criteria. New
products may be developed as the market changes.
28
Marketing Information Management
• If you are trying to decide where to locate a retail outlet,
when to release a new game or how much people will pay
for a latte, you need to gather data that is specific to the
market in which you are selling.
• You may choose to conduct surveys, analyze existing data
or employ other techniques to evaluate whether your target
market will be interested in purchasing your product at the
price point and location that you are considering.
29
SUMMARY
MARKETING
30
Summary
• Marketing is the process of communicating the value of a
product or service to customers. Marketing might
sometimes be interpreted as the art of selling products, but
selling is only a small fraction of marketing. As the term
"Marketing" may replace "Advertising" it is the overall
strategy and function of promoting a product or service to
the customer.
• The American Marketing Association defines marketing as
"the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that
have value for customers, clients, partners, and society at
large."
31
Summary
• From a societal point of view, marketing is the link between
a society’s material requirements and its economic patterns
of response. Marketing satisfies these needs and wants
through exchange processes and building long term
relationships.
• The process of communicating the value of a product or
service through positioning to customers. Marketing can be
looked at as an organizational function and a set of
processes for creating, delivering and communicating value
to customers, and managing customer relationships in
ways that benefit the organization and its shareholders.
Marketing is the science of choosing target markets through
market analysis and market segmentation, as well as
understanding consumer buying behavior and providing
superior customer value.
32
END OF SESSION
MARKETING FUNCTIONS
33

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Ss marketing

  • 2. Agenda • Introduction • Definition of marketing • Scope of marketing • Functions of marketing • Summary 2
  • 4. • "Marketing is getting the right product or service in the right quantity, to the right place, at the right time and making a profit in the process". • Marketing is about identifying and understanding your customer and giving them what they want. It's not just about advertising and promoting your business. • Effective marketing is a result of examining every aspect of your business and how it affects the consumer's end experience. It covers everything you'll need to do in order to deliver your products and services to the consumer including research, planning, pricing, packaging, promotion, selling and distribution. 4
  • 6. Definition • Marketing Is a Process. A process is a particular method of doing an activity, generally involving a series of steps or operations. The classical marketing approach involves four broad steps: market analysis, market planning, implementation, and control. Market analysis involves searching for opportunities in the marketplace. • Market planning requires segmentation, target market choice, positioning, and the design of the marketing mix. Market implementation includes the systems and processes to go to market with the marketing program. Finally, marketing control refers to the informal and formal mechanisms that marketing managers can use to keep the marketing program on course. 6
  • 7. Definition • It Involves a Mix of Product, Pricing, Promotion, and Distribution. Strong marketing programs do not involve one action, such as the design of a great product. Rather, the most successful marketing programs involve mixing the ingredients of marketing to deliver value to customers. This mixing entails blending the right amounts of the 4P ingredients, at the right time, and in the right sequence. • It Is About Exchange. Marketing is not successful unless two parties exchange something of value. The buyer may exchange time, money, or services, while the seller must exchange something of value to the buyer. 7
  • 8. Definition • It Is Intended to Satisfy Individual and Organizational Needs. The aim of marketing is to provide a satisfactory outcome for both the firm and the customer. • Firms can have highly satisfied customers if they provide services for free. The key to modern marketing is simultaneously satisfying the customer, the firm, and its shareholders. 8
  • 10. Scope of marketing • It Is Intended to Satisfy Individual and Organizational Needs. • The aim of marketing is to provide a satisfactory outcome for both the firm and the customer. • Firms can have highly satisfied customers if they provide services for free. The key to modern marketing is simultaneously satisfying the customer, the firm, and its shareholders. 10
  • 11. Scope of marketing • The contribution of marketing to society is a subject of controversy among economists. Contributions such as refining, transporting, assembling, and packaging are considered productive; speculating, storing, accepting commissions, and merchandising activities such as advertising are considered parasitic and of little value to society. • Capitalist economies do acknowledge that marketing has its excesses, as in cases where a product is stored for an undue period of time merely to raise the price. Consumerism has arisen out of a belief that consumers have rights which are often abused. People like consumer advocate Ralph Nader have fought to have laws enacted which would protect these rights. 11
  • 12. Scope of marketing • Although marketing activities have expanded tremendously in the past hundred years, there was little formal study of the until the past few decades. Today, there are many publications on the various aspects of marketing and colleges give courses and degrees in this field. • Marketing research has developed into a highly specialized activity employing tens of thousands of people around the world. There is general agreement among marketing people that, in many cases and countries, marketing activities account for more than half the cost of the product to the consumer. In many countries, those engaged in marketing activities outnumber those engaged in manufacturing or production. 12
  • 13. Scope of marketing • We have noted that, in general, marketing directs the flow of goods and services from producers to consumers or users. Marketing is not confined to one particular type of economy; goods in all but the most primitive societies must be marketed. Indeed, a broader concept of marketing does not limit its application to business enterprises. Schools, hospitals, libraries, and many other services must also be marketed to be used. 13
  • 15. Marketing Vs Sales • Basically, think of marketing as selling the idea of a product and/or service to everyone, whereas sales sells the product and/or service one-on-one. • Marketing generates the interest, sales brings in the money. Marketing does everything they can to reach and persuade prospects. The sales process does everything they can to close the sale and get a signed agreement or contract. 15
  • 16. Marketing Vs Sales • Selling the idea, which is marketing’s responsibility, can be through such media as an advertising campaign, an e-mail blast, or through the company’s web site. • Selling to the customer, which is sales responsibility, can be through such ways as inside sales making phone calls, outside sales setting up appointments to meet with the customer face-to-face, or being approached by a consumer who is interested in the company’s product and/or service. 16
  • 17. Marketing Vs Sales • Marketing approaches their work in a think tank environment constantly looking for ways and ideas to promote and differentiate the product or service. Sales are in the real world and are constantly looking for ways and ideas to try and persuade the reluctant buyer. • This is why there is often tension between sales and marketing. Marketing tends to think of salespeople as mere tools to execute their creative plans, whereas sales tends to view the marketing staff as unrealistic who would be hopeless at actually making a sale. 17
  • 18. Marketing Vs Sales • The job of sales is one of the toughest and most important positions in the company. They are the ones who have to get the customer to give up their money. Marketing, which is usually located at the company’s headquarters, tends to think strategically by identifying groups who might need the company’s product. • Sales, which mostly resides in the field, tends to think tactically by going to the individuals within those groups to try to meet those needs with the company’s product. Strategies are best explained as the direction the marketing effort takes over some period of time, while tactics are actionable steps or decisions made in order to follow the strategies established. Performing strategic and tactical planning activities before taking action is considered critical for long-term success. Basically, in most cases marketing exists to support the salespeople. 18
  • 19. Marketing Vs Sales • Much of what determines the relationship between marketing and sales depends on the product or service. If an individual customer is buying something for themselves with their own money, it is considered consumers sales. Examples of consumer-packaged goods would be cereal or toothpaste. • A lot of advertising through marketing is needed to get people interested in the product. If the individual is buying something for their organization with the company’s money, it is considered commercial sales. Commercial sales are also known as corporate, industrial or business-to-business sales. Sales has to do more work to get the customer to purchase the goods. 19
  • 21. Marketing functions There are seven main functions of marketing • Pricing • Selling • Financing • Promoting • Product/Service Managemnt • Market Information Management 21
  • 22. Pricing Pricing your product is what will determine how much profit you make. You must experiment with pricing until you've found the price point at which you are competitive and profitable. You will also need to take your business overhead costs into consideration when setting your prices. You'll need to find out what the demand is for your product, as a product is only worth as much as someone will pay for it. 22
  • 23. Selling In a nutshell, selling is providing a way to give your customer what he wants. You can do this in any number of ways. You can sell your product directly to the customer, or sell it at wholesale prices to retailers. You may sell a product made especially for sale to other businesses. You can sell your product online if you want a low overhead. 23
  • 24. Financing Financing refers to how your business will obtain the money it needs to start operations and stay operable. This function encompasses investors, financing, budgeting and other financial concerns that your business may have. It also refers to how a customer will pay for the goods or services that you are selling. 24
  • 25. Promoting • A product or service is useless to your business if no one knows about it. The promotion function of marketing refers to the efforts you make to get the word out about what you are selling. • This function also encompasses the art of convincing individuals that your product is necessary, better than those the competition offers and is of good quality. 25
  • 26. Promoting • The distribution function of marketing deals with how you will get the products you are selling to your customer. Transportation, warehouses and shipping timelines are part of distribution. • Distribution refers to where you will sell your product and also deals with the timing of your product. For example, a business that sells pools may focus their marketing efforts during the spring. 26
  • 27. Distribution • The distribution function of marketing deals with how you will get the products you are selling to your customer. Transportation, warehouses and shipping timelines are part of distribution. • Distribution refers to where you will sell your product and also deals with the timing of your product. For example, a business that sells pools may focus their marketing efforts during the spring. 27
  • 28. Product Mangement • Every business wants their product to be in demand. To ensure that this is the case, businesses manage their products by changing them to fit current trends, increasing quality, evaluating market conditions and other criteria. New products may be developed as the market changes. 28
  • 29. Marketing Information Management • If you are trying to decide where to locate a retail outlet, when to release a new game or how much people will pay for a latte, you need to gather data that is specific to the market in which you are selling. • You may choose to conduct surveys, analyze existing data or employ other techniques to evaluate whether your target market will be interested in purchasing your product at the price point and location that you are considering. 29
  • 31. Summary • Marketing is the process of communicating the value of a product or service to customers. Marketing might sometimes be interpreted as the art of selling products, but selling is only a small fraction of marketing. As the term "Marketing" may replace "Advertising" it is the overall strategy and function of promoting a product or service to the customer. • The American Marketing Association defines marketing as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large." 31
  • 32. Summary • From a societal point of view, marketing is the link between a society’s material requirements and its economic patterns of response. Marketing satisfies these needs and wants through exchange processes and building long term relationships. • The process of communicating the value of a product or service through positioning to customers. Marketing can be looked at as an organizational function and a set of processes for creating, delivering and communicating value to customers, and managing customer relationships in ways that benefit the organization and its shareholders. Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer buying behavior and providing superior customer value. 32
  • 33. END OF SESSION MARKETING FUNCTIONS 33