The Functions of Marketing
Pricing:
The pricing function is mainly managing all the actions that settle the prices for products. With the pricing function, you need to take the competitors’ prices into consideration to guarantee the most beneficial customer service. One of the acts that are involved in the pricing function is settling on a price that will cover any expenses and still provide a helpful earnings towards the company. Another one is changing your price on a product to accommodate the circumstances. An example of the pricing function used in the real world is
Product/Service Management:
This function’s purpose is to establish new products for the company. Another purpose of product/service management is determining which products are placed in certain stores. Some things that happen in product/service management is having to reexamine previous products and determining how to improve it. For example, we witness this through multiple fast food restaurants. McDonald’s recently came out with a spicy Habanero McChicken. This act involved their product/service management area to reexamine a popular product and essentially make it greater than it already is. McDonald’s also place limited time offers on certain upgraded items, which compels customers to try it out before it is too late.
Promotion:
The promotion function is one of the most important function because it compels potential consumers to take an interest in the product. Types of non personal promotion is advertising, public relations, sales promotion, and publicity. At times, sports brands like Nike, use professional athletes as brand ambassadors. This provides publicity/public relation for their brand, which is another way of non personal communication. Nike is also very popular for their commercials that often involve an inspirational story of a professional athlete of all the obstacles they had to go through to get to where they are. Most of the time Nike does display advertisements that are influencing and bring in more customers.
Selling:
The selling function is the personal communication aspect of marketing. The selling function consists of answering questions on the phone, demonstrating how a product operates, helping customers in store. In retail stores, the selling function is the most relied on function. Many retail workers work off of commission. Sometimes that commission is an hourly rate with a percentage of the sales they make. Therefore, many retailer workers have to function well in the selling function to make any change. Another time that we usually see the selling function in action is when sales representatives call you about certain deals and promtions of their product.
https://www.jeopardyapp.com/play/marketing-7
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