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9 Marketing Functions
Transcript of 9 Marketing Functions
The 9 Marketing Functions
By: Moritz Greiss and Kritin Arya
Identifying and understanding the markets a company wants to serve and developing effecting marketing strategies for each market
Product and service management
Assisting in the design and development of products and services to meet the needs of prospective customers
Determining the best methods and procedures to be used so prospective customers are able to locate, obtain, and use products and services of an organization
Establishing and communicating the value of products and services to prospective customers
Communicating information to prospective customers through advertising and other promotional methods to encourage them to purchase the organization's products and services.
Budgeting for necessary financing, and providing financial assistance to customers to assist them with purchasing products and services
Obtaining, managing and using market information to improve decision making and the performance of marketing activities
Direct, personal communications with prospective customers in order to assess needs and satisfy those needs with appropriate products and services.
Providing security for products, personnel, and customers and reducing the risk associated with marketing decisions and activities.
Market Planning is the first of the 9 Functions (or steps) of any effective marketing plan: in order to be able to continue onto the other functions (pricing, distribution, etc) a company needs to know who they are selling to.
Market Planning is related to the business function of Management. Management involves developing, evaluating, and implementing the activities of a business. Part of Management is determining how the business can best meet the needs of its customers, and this cannot be done without the information obtained by Market Planning
Nike must choose who to market their product to. They aim for athletic people, but by making their product so versatile they market to anyone that wants an athletic shoe!
Marketing Information Management is the next logical step after Market Planning. After information is gathered in the Planning stage, the Management stage works out how to use the gathered info for the companies benefit.
Marketing Information Management falls under the business function of Management: leaders within the company need to use market information to make business decisions.
After the Market Planning and MIM stages, the company needs to move forward with the actual development of their product. This requires money, so the next step is Financing.
Financing falls under the business function of Accounting and Finance. They both involve managing expenses and allocating money.
After the company makes sure that it has the money to finance the production of the product, it can move on to the next Marketing function, Product and Service Management.
This Marketing function is related to the business function of Production. Production involves the creation of a product or service, and Product and Service Management deals with the same thing: designing and developing products.
After the product has been conceived and constructed, companies want to be able to have a "backup plan" if things go wrong (the product malfunctions, etc), so they devise a Risk Management plan.
Risk Management can fall under the business function of "Operations." Operations deals with the activities a business carries out that are designed to keep it running efficiently - such as the backup plan and security aspect of Risk Management.
Now that the product has been thoroughly developed, the company needs to inform its target customers about this new product through Promotion.
This marketing function is an aspect of the business function of Operations. In order for a company to operate effectively, they need to be able to inform prospective customers about the product.
Now that consumers are aware of the existence of the product, they need to be aware of the value of the product. This is where Pricing comes in.
Pricing is part of the business function of Management: someone must decide what the best price of a product is (for example, if it is too expensive for the consumers, or if it is cheaper than the competitors').
After figuring out who to market their products to, Nike must figure out how to get the message out to its target customers. For example, Nike recognizes that it is selling to athletes, so it advertises at places such as athletic sporting events.
Even if the consumers know the product's value, they will not be able to obtain the product without the next Marketing function, Distribution.
Distribution falls under the business function of Operations because one aspect of Operations is the transportation and storage of goods.
Nike then needs to finance the production of their shoes as well as their advertising among other things. This is required for all of the later steps and without it the entire process would fall apart. Cool fact: $2.4 Billion is the financial budget available for the marketing department!
After the product has been financed, developed, and distributed, there is only one thing left to do: actually sell the product to the customers.
Selling falls under the business function of Operations. Operations covers the activities designed to support the primary function of a business, which is selling products and generating revenue.
Nike allow its customers to design their own shoes on their website and searching for NIKEID. Customers can customize their shoe exactly how they want it!
Nike has insurance for everything, from protecting their workers, to even insuring their shoes in case they get lost. That way no one is effected!
Nike sponsers many events and gives away free gear to the pros. This in turn makes the spectators want to have their gear and will pay the price to get it. the same deal applies to TV ads in which they show athletes wearing the gear.
Nike conveys its products in a sense that their products offer a better sole for running among other things like adapters for your iPhone to track the distance that you have run. Based on there perks, they usually set their tennis/running shoe price around $100.
Nike uses the JIN method of distribution. JIN stands for just in time. This means that the product arrives at a certain location just as it is needed, or a day after it is ordered for the stores point of view.
This is an example of a Nike salesman. He brings his customers a variety of different kinds of shoes, varying in color, shape, and size to see what best fits his customer. He makes sure that the customer is 100% happy with his shoe before he leaves the store.