Functions 1
This function focuses on deciding what products to make, improve, or remove based on customer needs.
What is Product/Service Management?
Direct, planned communication to help a customer complete a purchase, either in person or online, is part of this function.
What is Selling?
The specific group of consumers most likely to buy a product is known as this.
What is a Target Market?
Which two groups does marketing connect?
What is producers and consumers OR buyers and sellers?
Communicating value to the customer through setting a cost for a product offered, while balancing company profit.
What is Pricing?
Creating strategies based on company goals, target markets, and competition describes this function.
What is Market Planning?
A car dealership that stays open late during tax refund season is providing this specific type of utility.
What is Time Utility?
This philosophy says a company should focus on satisfying customer needs while meeting organizational goals.
What is the Marketing Concept?
When a buyer gives money to a seller in return for a good or service, this process occurs.
What is Exchange?
What is Promotion?
Obtaining the money needed to operate a business and support marketing activities is this function.
What is Financing?
Name at least two economic benefits of marketing.
What is- lower prices, competition, new and improved products, consumer awareness, globalization, trade, etc
The total amount of money a customer is expected to spend with a business over the entire time they are a customer.
What is Customer Lifetime Value (CLV)?
A concert, a bottle of shampoo, and a Spotify subscription represent three types of products, known as:
What are an idea, good, and service?
Getting the right product to the right place at the right time involves this function, including inventory, transportation, storage.
What is Channel Management (Distribution)?
Managing potential problems that could harm a business, like safety recalls or bad PR, is this function.
What is Risk Management?
Tuckers, a breakfast place, puts together flour, eggs, sugar, milk, and apples to create a fall french toast. Which type of utility is this?
What is form utility?
A company sends thank you emails and personalized discounts to customers to encourage loyalty. What marketing concept is this demonstrating?
What is Customer Relationship Management (CRM)?
List the four elements of the marketing mix.
What is product, price, promotion, and place?
Gathering and analyzing data to make informed business decisions relates to this function.
What is Marketing Information Management?
Name at least 6 of the 9 functions of marketing and apply each to one business or product.
Interpreted by Ms. Snair :)
What is possession utility?
This advanced marketing strategy focuses on developing long-term, customers through trust and communication.
What is Relationship Marketing?
A company adds free shipping, an easy return policy, and personalized service to make their product more attractive. What are they focused on creating?
What is value?