The Marketing Function

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  • The Marketing Function
    • Definition
      • Process of determining the needs and wants of consumers and being able to deliver products that satisfy those needs and wants
    • Four main factors that influence the marketing of product/ service
      • Product or service being sold, Price, Place where product offered for sale and the way the business Promotes the product or service
    • The Role of Marketing Function
      • Business must be certain idea will satisfy consumer needs and it changes yearly- done through market research
        • Publicity is indirect marketing not in control of business. Sales promotion- sample distributed in store or magazine or a 2 for 1
          • Advertising communicate about the uniqueness and benefits of product through verbal and visual stimulation (raidio, tv, magazines and newspapers)
      • Identify trends and expect them before they happen and act. A business will be successful with a good marketing strategy and providing for consumer needs and preferences beforehand
      • Similar product created after market research. Consumers use and test and give feedback to marketing department. Final decision to product manufacturing made
      • Packaging: protects product, provides space for info, promotes product or service. This leads to success or failure of business (purchasing happens on looks)
      • Traditional distribution channel: producer, wholesaler, retailer and consumer. Others involve- buying/selling agents (used for international product)
      • Marketing finance and purchasing department determine price. Selling price higher than cost price look at similar products. Don't sell decrease price or not sell product

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