Marketing Functions
Businesses decide how much to charge in order to make a profit.
Pricing
Product, Place, Price, and Promotion are the 4 basic marketing strategies called this
The 4 P's
Also known as distribution.
Channel management
Changing the raw material of gold into a ring
Form Utility
The group that is identified for a specific marketing program.
What is a target market?
The process of transporting products to get them to customers.
Channel management
Price strategies reflect this
What customers are willing and able to pay.
Creating and improving a product.
Product/service management
Selling Halloween costumes and candy in October is this utility
Time Utility
A wholesaler who sales to a retailer is a part of this market.
What is an organizational market?
A businesses effort to inform, persuade, or remind people about products or services.
Promotion
The activities related to advertising, personal selling, sales promotion, and publicity.
What is Promotion?
Based on costs and on what competitors charge.
Pricing
Cash app, PayPal, credit cards, checks, and cash are this type of utility
Possession Utility
Includes information such as age, gender, income level, marital status, ethnic background, geographic residence, attitudes, lifestyle, and behavior.
What is a customer profile?
Gathering, storing, and analyzing information about customers and trends happen in this function.
What is Marketing information management?
The purpose of the 4Ps.
What is to communicate with and reach their intended target market?
Can be used to improve a company’s public image.
Promotion
Promotional messages and advertising are this type of utility
What is Information Utility?
Refer to statistics that describe a population in terms of personal characteristics such as age, gender, income, marital status, ethnic background, education, and occupation.
What is Demographics?
This function involves understanding concepts and strategies used in deciding a target market.
What is Market planning?
Before marketers can develop marketing strategies, they do this.
What is clearly define each target market?
Customers get the goods or services they want in this transaction.
What is Selling?
A convenient store location, catalogs, or online store is this type of utility.
What is Place Utility?
Refers to segmentation of the market based on where people live.
What is Geographics?