1. Describe marketing functions and related activities (MK:002, MK LAP 1)
6.09 Understand marketing’s role and function in business to facilitate economic exchanges with customers.
Describe marketing functions and related activities (MK:002, MK LAP 1)

2. Describe the six marketing functions.
Channel management
o Involves identifying, selecting, monitoring, and evaluating sales channels
Marketing-information management
o Involves gathering, accessing, synthesizing, evaluating, and disseminating information.
Pricing
o Involves determining and adjusting prices to maximize return and meet customers’ perceptions of value.
Product/Service management
o Involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities.
Promotion
o Involves communicating information about goods, services, images, and/or ideas to achieve a desired outcome.
Selling
o Involves determining client needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunities.

3. Discuss the importance of each marketing function.
Channel management o Determines who will offer products and where they will be offered o Develops relationships with channel members o Assesses quality of vendor performance Marketing-information management o Provides data that can be used for business decision-making o Provides data about effectiveness of marketing efforts o Provides data about customer satisfaction, customer loyalty, needs, and wants Pricing o Establishes products’ prices o Determines whether prices need to be adjusted o Sets policies and objectives for prices

4. Discuss the importance of each marketing function.
Product/service management
o Helps to determine which products a business will offer and in what quantities
o Aids in determining and developing a company’s/product’s image
o Provides direction for other marketing activities based on changes in a product’s life cycle
Promotion
o Reminds customers about products/businesses
o Informs customers about products/businesses
o Persuades customers about products/businesses
Selling
o Creates a following of loyal customers
o Completes the exchange transaction
o Provides services for customers

5. Marketing Functions
Marketing functions are interrelated activities that must work together to get goods and services from producers to customers.

6. Student Activity