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The 6 Marketing Functions
Transcript of The 6 Marketing Functions
The 6 Marketing Functions
There are 6 marketing functions. Channel management, promotion, selling, marketing information management, pricing, and product/service management. All of these functions work together to effectively market a product/service to the target customer.
Marketing Information Management
Marketing Information is the practice of monitoring the marketplace, organizing and analyzing the results of data collection, and developing strategies for future marketing activities. This function is needed to make educated decisions, solve problems efficiently, and plan the future for businesses. One legal issue with this however is making sure the company has the permission to hold third-party information, as well as making sure that information is secure.
Selling provides the customer with the products that they want. This is a big component of the 6 marketing functions because this function is giving the customers the actual product. There are many ethical problems with this function, some of which include the selling of harmful products, selling products of substandard quality, and underpricing to affect sales.
Channel management is the process by which a producer or supplier directs marketing activity by involving and motivating parties compromising it's channel of distribution. A couple of legal issues with the channel management function are customer coverage restrictions, discriminatory pricing, and territorial restrictions.
Promotion is the business of communicating with customers. Promotion is used to attract new customers, build better relationships with current customers, and increase sales. Some ethical issues with this function are being truthful and honest, spamming, and product placement.
This function is an organizational life cycle in which a product undergoes changes to best fit the consumer. This function is used to create new products, improve upon existing products, and eliminate weak products. One ethical issue with this function is the marketing of unsafe, or poor quality products. An example of this would be the long debated topic of selling tobacco products. Although it has been proven they are harmful to the body, companies are still marketing them.
The pricing function is used to determine and adjust the price to maximize profit while meeting customer needs. This is important because if the price is too high then the customers wont buy the products, but if it is too low the company wont make a profit. The Pricing function is used to find a happy medium between the two. An Ethical and legal issue with this product is making sure that there is an established balance of power. In the pricing function companies can practice predatory pricing, which is pricing products extremely low to drive competitors out of the market. This practice is illegal but it is hard to prove that the price reduction was done for those purposes.