The 7 Marketing Functions
What are the seven marketing functions?
Market Planning, Product/Service Management, Pricing, Promotion, Marketing Informations Management, Channel Management, Selling.
What is selective distribution
Selective Distribution is a type of distribution that lies between intensive and exclusive distribution. This basically involves using more than one, but lesser than all the intermediaries who carry the company's products.
The main goal of selling is to?
Make money for whatever is being marketed
Why is pricing important?
- Pricing decision is important because customers have alternatives to choose from and are better informed - Customers are in a position to seek good value
What is suggestive selling?
A sales technique where the employee asks the customer if they would like to include an additional purchase or recommends a product which might suit the client.
Storefront
The exterior of a business, includes the sign, marquee, landscaping and outdoor lighting
What is personal selling
Any form of direct contact between a salesperson and a customer.
Incentives
Are generally higher-priced products, awards, or gift cards that are earned and given away though contests, sweepstakes, special offers, and rebates.
Why is listening important in sales?
Because you have to find out the customers or representatives needs before you can sell them your product.
Selling influences purchase______?
Decisions
What is pricing?
Determining the product price based on the value of exchange. Personalized pricing has become a common technique, where online pricing will be different depending on info on the customer.
What is exclusive distribution?
Distribution is exclusive when only certain retailers are given the option of carrying a product in its store. Exclusive distribution is an agreement between a supplier and a retailer granting the retailer exclusive rights within a specific geographical area to carry the supplier's product.
What is selling?
Giving over something in exchange for money.
Social Media
Is a growing aspect of promotion
Promotional Mix
It is the cost-effective combination of personal selling, advertising, direct marketing, sales promotion, and public relations strategies used to reach company goals.
Promotion
One of the 4 P's of the marketing mix. Decisions about advertising, personal selling, sales promotion, and public relations used to attract customers.
Selling includes which types of communication?
Planned and personalized
What are the four elements of the marketing mix?
Product, Price, Place, Promotion
What is cross selling?
The practice of selling or suggesting related or complimentary products to a prospect or customer.
What are the purpose and goals of selling?
To help customers make satisfying buying decisions, which create ongoing, profitable relationships between buyer and seller.
selling determines clients___________ and ___________?
Wants and needs
Explain the nature of channel strategies
Where your customer will go to buy your product -wholesaler, online channels, retail outlets, - developed in order to reach target market
channel decisions are made based on:
coverage, control, cost, conflict
What is the Purpose of Channel Management
form physical connections to enable delivery of value, eliminate discrepancies in any economy and execute universal marketing functions
what to consider when pricing a product
how much will the customer pay? what is is made of?
Real world examples
receipts with survey rewards, monkey survey-a company that surveys people for another company
How do companies get the information?
surveys, hiring other companies to research for them, cookies on websites, sales numbers
What is Channel Managment
the design and management of the organization and organizational structure to enable customers to take physical possession of products and services
What is marketing information-management?
the function that involves finding information about the customers and other products
Why is marketing information so valuable?
they need the info to send to other functions to use to make the best product for the best price
How does marketing info relate with other functions?
they share the information with primarily promotion, selling, and channel management
what is the purpose of pricing?
to price a product and make a profit of that product.