7 Functions of Marketing
"Buy One Get One Free"
What is the Promotional Marketing Function?
Developing a new Apple iPhone
What is Product?
This involves changing raw materials or putting parts together to make them more useful
What is Form Utility?
The process of developing, promoting, and distributing goods, services, and ideas to satisfy customers needs and wants
What is Marketing?
The people who buy a product
Who are customers?
Gathering information for decisions
What is Marketing Information Management?
Charging $1,000 for the new Apple iPhone
What is Price?
Starbucks and Dunkin sells Pumpkin Spiced Lattes in the Fall.
What is time Utility?
Includes goods, services, and ideas
What is a product?
The people who use a product
Who are consumers?
Obtaining, developing, or improving a product
What is Product Management?
Where will a product be distributed?
What is Place?
A business chooses to sell their items online.
What is Place utility?
The difference between a need and a want
A need is essential for a consumer's survival. A want is a desire for something that isn't essential but enhances quality of life or brings satisfaction.
Focusing all Marketing decisions on a very specific group of people who you want to reach
What is a target market?
Deciding how goods get into customers hands
What is Channel Management/Distribution?
How will potential customers learn about the product?
What is promotion?
A business sends out a monthly newsletter to communicate with the customer
What is Information Utility?
The Marketing Exchange
Takes place every time a product is sold in the marketplace
When demand and production for a product increases in the world of Marketing, what usually decreases?
Price
Getting the money needed to finance the operations of a business
What is financing?
Product, price, place and promotion (4 P’s)
What is the Marketing Mix?
A business accepts Apple Pay as a form of payment
What is possession utility?
What is the Marketing Concept?
How businesses will connect and satisfy customers needs and wants in order to make a profit
The added value of a product in economic terms
What is utility?