Marketing Functions: All activities that allow companies to bring products to the market for exchange◦ Pricing◦ Selling◦ Distributing◦ Promoting◦ Product/service management ◦ Marketing information management
Pricing: “means deciding how much to charge for goods & services”
EXAMPLE: a snickers bar is $1 in the School Store
Selling: “providing customers with goods & services they want to buy”
EXAMPLE: The Nike store sells Nike Air Pegasus shoes.
Distributing: “involves making decisions about where to sell your product and method of transportation to use (i.e. train, plane, automobile)”
EXAMPLE: Surfboards arrive via plane from Hawaii and are sold on 17th street in VA Beach.
Promoting: “any form of communication used to inform, persuade, or remind people about a business’s products”
Example:◦ Advertising (paid- commercials, Ads, etc)◦ Sales Promotion◦ Direct Mail◦ Internet and Social Media
Marketing Information Management: “gathering market information about customers, trends and competing products”
Examples: customer surveys
Product/service management: “obtaining, developing, maintaining, and improving a product in response to market opportunities”◦ Product changes overtime to meet the need
of customers
EXAMPLE: The iPod has changed over the last 7 years. It was originally bulky and only black/white; next a smaller/color version called the Nano; next a video iPod; next a smaller Nano; finally iPhone
Students will work with a partner to complete the following activity:
Choose a product and research each of the functions of marketing for that product: ◦ Pricing◦ Selling◦ Distributing◦ Promoting◦ Product/service management ◦ Marketing information management