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.