The Marketing Functions

Sports, Entertainment and Recreation Marketing

SWBAT

Define the marketing concept

Recall the seven marketing functions

Define each marketing function

Explain the importance of the seven marketing functions

The Marketing Concept

Satisfying customers’ needs and wants while generating a profit

We can do this by using the 5 P’s and the 7 Marketing Functions

The Seven Marketing Functions

Distribution

Marketing Information Management

Pricing

Product/Service Management

Promotion

Selling

Financing

Marketing Functions

Distribution

Marketing Information

Management

Pricing

Product/Service ManagementPromotion

Selling

Financing

Distribution

Determining the best way to get a company’s products and services to customers

Examples: Stores (electronics)

Right location, ticket sales (online?)

Marketing Information Management

Gathering and using information about customers to improve business decision making

Marketing Research

Predicting consumer demand

Pricing

The process of establishing and communicating to customers the value or cost of goods and services

Product/Service Management

Design, developing, maintaining, improving, and acquiring products or services for the purpose of meeting customer wants and needs

Examples Testing new products

Upgrading new products (Apple)

Promotion

Using advertising and other forms of communication to distribute information about products, services, images, ideas to achieve a desired outcome

Example Coupons on the back of ticket sales

Giveaways at sporting events (hats, etc.)

Selling

Any direct and personal communication with customers to assess and satisfy their needs and wants

Includes online purchases

Uncovering future needs

Example: A salesperson answering questions about a running watch.

Financing

Requires a company to budget for its own marketing activities

Provide customers with assistance in paying for the company’s products or services

Can obtain financing through sponsors, investors or personal finances

Customers receive financing options

Cash, credit, installment payments

More likely to purchase