1. 1.01 Understand marketing’s role and function in business to facilitate economic exchanges with customers.
Marketing Management 1.01

2. What is marketing?
The process of developing, promoting, pricing, selling, and distributing products to satisfy customer’s wants and needs.
All the activities necessary to get a product from the manufacturer to the consumer.
Dynamic activities that focus on the customer to generate a profitable exchange.
In 2007, the American Marketing Association updated its marketing definition to “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”

3. What are the marketing functions?
Product/service management
Marketing-information management
Channel management (distribution)
Pricing
Promotion
Selling
Marketing is composed of six interrelated activities that must work together to get goods and services from producers to customers.
The functions must work together to attract target customers to the business.

4. Product/Service management involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities.
Helps to determine which products a business will offer and in what quantities
Aids in determining and developing a company’s/product’s image
Provides direction for other marketing activities based on changes in a product’s life cycle

5. Marketing-information management involves gathering, accessing, synthesizing, evaluating, and disseminating information.
Provides data that can be used for business decision-making
Provides data about effectiveness of marketing efforts
Provides data about customer satisfaction, customer loyalty, needs, and wants

6. Channel management involves identifying, selecting, monitoring, and evaluating sales channels.
Determines who will offer products and where they will be offered
Develops relationships with channel members
Assesses quality of vendor performance

7. Pricing involves determining and adjusting prices to maximize return and meet customers’ perceptions of value.
Establishes products’ prices
Determines whether prices need to be adjusted
Sets policies and objectives for prices

8. Promotion involves communicating information about goods, services, images, and/or ideas to achieve a desired outcome.
Reminds customers about products/businesses
Informs customers about products/businesses
Persuades customers about products/businesses

9. Selling involves determining client needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunities.
Creates a following of loyal customers
Completes the exchange transaction
Provides services for customers