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9 Functions of Marketing: Nike
Transcript of 9 Functions of Marketing: Nike
By: Evan Ryan and Justin Hyman
Identifying and understanding the markets a company wants to serve and developing effective marketing strategies for each market.
Ex. Nike wants to serve the athletic market, so they make commercials appeal to athletes.
This would go into Management, because depending on who you are selling to, your product will go to different stores. Once they know who their selling to, they can start to design the products.
Product and Service Management
Assisting in the design and development of products and services to meet the needs of prospective customers.
Ex. Nike designs their product to be sleek and often colorful to appeal to buyers.
This would fit into Production, because this section the company is developing what they will sell. After this, the company will begin to put products in stores.
Determining the best methods and procedures to be used so prospective customers are able to locate, obtain, and use the products and services of an organization.
Ex. Nike usually will distribute to sporting good stores like Dicks and Dunhams. They also put their products in malls as well.
This will go into Operations, because the company is deciding exactly where to sell the product.
Next they decide how much to sell it for.
Providing Security for products, personnel, and customers and reducing the risk associated with marketing decisions and activities.
Ex. The way Nike will reduce risk for its customers is through allowing them two return products within 30 days of buying.
Also, for product and personnel, there are cameras to prevent theft and protect employees.Fits into Operation, because you are guaranteeing satisfaction of the product. Theft and customer returns happen every day in stores.
Communicating information to prospective customers through advertising and other promotional methods to encourage them to purchase the organizations products and services.
Ex. Nike runs advertisements that show athletes working hard using their product. This makes people think that if they but the product, they will work harder and achieve more. Nike sponsors famous athletes to wear and promote their products. This again makes customers think Nike products will improve their athletics. Also, customers may simply want to wear what their favorite athlete wears.
This fits into Management. Next is the physical act of getting customers to buy product.
Direct, personal communications with prospective customers in order to assess needs and satisfy those needs with appropriate products and services.
Ex. Nike has Nike Stores in many malls that have Nike representatives to communicate directly with prospective customers, rather than through stores like Dicks.
This fits into Operations, because the amount you sell is directly related to how much it costs. Next is reviewing your sales.
Establishing and communicating the value of products and services to prospective customers.
Ex. Because Nike has created a brand everyone knows, customers are willing to pay more for the product. Just putting the Nike logo on a shoe will make the price go up.
This will obviously fit into Accounting and Finance. Next is the act of getting the product known.
Marketing- Information Management
Obtaining, managing, and using market information to improve decision making and the performance of marketing activities.
Ex. Nike will see what products are doing well in stores and which are not. Newer products like the fitness watch are monitored closely to see if they will be profitable.
This fits into Management. You are seeing how well your product has done in the market.
Next, you see how the company will spend the money made.
Budgeting for necessary financing, and providing financial assistance to customers to assist them with purchasing products and services.
Ex. Nike definitely budgets for advertising, as this is how they keep their product known. The way they help customers with financial assistance is through coupons and store rewards cards.
This would fit into Accounting and Finance, because coupons help lower the price for customers.
Next is allowing reassurance for the customer that they are buying the right product.