Marketing Core Functions
Decides how to get goods to customers
Channel Management
Having a product where customers can buy it
Place
Utility
This "P" is the item, good, or service being sold to satisfy consumer needs, including its features, quality, branding, and packaging
Product
**DQ**
Measures purchasing power to determine if buyers want budget, mid-range, or luxury goods.
Income Level
**DT**
Marketing adds value to products by making them easier to get and use
Economic Utility
Gathers, stores, and analyzes customer trends and competition.
Marketing Information Management
Having a product or service available at a certain time of year or a convenient time of day
Time Utility
This "P" refers to the distribution channels, locations, or methods used to make the product available to the target market at the right time.
Place
Pinpoints where customers live (urban, suburban, or rural), affecting climate and local needs
Geographic Location
Marketing increases consumer demand.
Lower Prices
**DD**
Maintain and improves product mix in response to market opportunities
Product/Service Management
Communication with consumer
Information Utility
This "P" determines the monetary amount customers pay for a product, which impacts profit margins and reflects customer value.
Price
**DD**
Identifies traditions and cultural backgrounds that can influence brand loyalty and preferences
Ethnic Background
**DD**
Marketing pushes companies to stand out, leading to better product designs, new features, and higher overall quality goods.
New & Improved Products
Based on cost and what competitors charge for the same product/service
Pricing
**DT**
Changing raw materials into usable goods or putting parts together to make them more useful
Form Utility
This "P" covers the communication strategies used to persuade customers to buy, such as advertising, public relations, and sales outreach
Promotion
**DD**
Hobbies, daily routines, media consumption, and social habits
Lifestyle
**DQ**
Successful marketing also helps businesses expand
Job Creation & Economic Growth
**DT**
Targets specific marketing strategies
Market Planning
The exchange of a product for money
Possession Utility
**DD**
The employees, customer service reps, and target audience who create, deliver, and experience the brand.
People
**DT**
How a customer interacts with a product or service
Behavior
**DT**
Greater pricing power over suppliers and consumers & Stronger brand recognition and customer loyalty.
Market Share