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 Distribution Marketing Information Management Pricing Product/Service Management Promotion 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