{"id":10803,"date":"2017-03-22T16:52:13","date_gmt":"2017-03-22T16:52:13","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/masterybusiness2xngcxmasterspring2016\/?post_type=chapter&p=10803"},"modified":"2017-03-31T17:39:22","modified_gmt":"2017-03-31T17:39:22","slug":"putting-it-together-marketing-function","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/suny-hccc-introbusiness\/chapter\/putting-it-together-marketing-function\/","title":{"raw":"Putting It Together: Marketing Function","rendered":"Putting It Together: Marketing Function"},"content":{"raw":"

Synthesis<\/h2>\r\nOn February 1, 2015, a notable\u00a0event occurred in the history of television: 114.5 million Americans\u00a0watched a football game on TV, making it the most watched television program in U.S. history.\u00a0Are there really 114.5 million football fans in the United States? Probably not. Why did so many people watch?\u00a0Answer: the commercials!\u00a0<\/em>\r\n\r\nAdvertisers paid $4.5 million for 30 seconds of commercial airtime during\u00a0this event. That works out to $150,000 per second. What were those\u00a0companies doing when they made the decision to spend so much\u00a0money? Marketing!\r\n\r\nThis is of course an\u00a0extreme example of marketing in action, but if you begin to look closely at the world around you, you'll\u00a0find that companies' marketing efforts are everywhere. Why do you shop where you shop? Are you a Coke or a Pepsi drinker? Do you only purchase items when they are on sale? Is your keychain (real or virtual) full of customer-loyalty cards? Marketing efforts are at work\u00a0practically every\u00a0time a customer perceives the value of a product or service and decides to swap some hard-earned money for it. Such\u00a0marketing triumphs\u00a0are just not the happy result\u00a0of arbitrary circumstances, though\u2014they're the product\u00a0of strategic planning and research. Understanding how marketing efforts are created\u00a0and conducted can help you\u00a0be a better-informed consumer of products, goods, services, and information.\r\n

Summary<\/h2>\r\nThis module covered the\u00a0marketing function and its contributions to\u00a0business success. Below is a summary of the topics covered in this module.\r\n

Role of Customers<\/h3>\r\nAll marketing centers on creating, delivering, and communicating value to the customer. A value proposition is a clear and succinct statement to the customer of the value being offered by a company's products or services.\r\n

Segmentation and Targeting<\/h3>\r\nOne of the first steps in effective marketing is identifying and reaching the right customers. Marketers use segmentation and targeting to do this. Market segmentation is the process of splitting buyers into distinct, measurable groups that share similar wants and needs. Common segmentation approaches include geographic, demographic, psychographic, and behavioral criteria. Once different segments are identified, marketers determine which target segments to focus on to support corporate strategy and growth.\r\n

Marketing Mix Introduction<\/h3>\r\nThere are multiple\u00a0factors that can\u00a0influence someone's\u00a0thinking and decision about what to buy\u2014a mix<\/em> of factors. Taken together, these factors are all part of\u00a0the \u201cmarketing mix.\u201d The marketing mix, also known as the four Ps, is represented by the four main factors\u00a0below:\r\n
    \r\n \t
  1. Product: the goods and services offered<\/li>\r\n \t
  2. Promotion: communication and information<\/li>\r\n \t
  3. Place: distribution or delivery<\/li>\r\n \t
  4. Price: ensuring fair value in the transaction<\/li>\r\n<\/ol>\r\nA major part of marketing is getting the marketing mix right for the target customer.","rendered":"

    Synthesis<\/h2>\n

    On February 1, 2015, a notable\u00a0event occurred in the history of television: 114.5 million Americans\u00a0watched a football game on TV, making it the most watched television program in U.S. history.\u00a0Are there really 114.5 million football fans in the United States? Probably not. Why did so many people watch?\u00a0Answer: the commercials!\u00a0<\/em><\/p>\n

    Advertisers paid $4.5 million for 30 seconds of commercial airtime during\u00a0this event. That works out to $150,000 per second. What were those\u00a0companies doing when they made the decision to spend so much\u00a0money? Marketing!<\/p>\n

    This is of course an\u00a0extreme example of marketing in action, but if you begin to look closely at the world around you, you’ll\u00a0find that companies’ marketing efforts are everywhere. Why do you shop where you shop? Are you a Coke or a Pepsi drinker? Do you only purchase items when they are on sale? Is your keychain (real or virtual) full of customer-loyalty cards? Marketing efforts are at work\u00a0practically every\u00a0time a customer perceives the value of a product or service and decides to swap some hard-earned money for it. Such\u00a0marketing triumphs\u00a0are just not the happy result\u00a0of arbitrary circumstances, though\u2014they’re the product\u00a0of strategic planning and research. Understanding how marketing efforts are created\u00a0and conducted can help you\u00a0be a better-informed consumer of products, goods, services, and information.<\/p>\n

    Summary<\/h2>\n

    This module covered the\u00a0marketing function and its contributions to\u00a0business success. Below is a summary of the topics covered in this module.<\/p>\n

    Role of Customers<\/h3>\n

    All marketing centers on creating, delivering, and communicating value to the customer. A value proposition is a clear and succinct statement to the customer of the value being offered by a company’s products or services.<\/p>\n

    Segmentation and Targeting<\/h3>\n

    One of the first steps in effective marketing is identifying and reaching the right customers. Marketers use segmentation and targeting to do this. Market segmentation is the process of splitting buyers into distinct, measurable groups that share similar wants and needs. Common segmentation approaches include geographic, demographic, psychographic, and behavioral criteria. Once different segments are identified, marketers determine which target segments to focus on to support corporate strategy and growth.<\/p>\n

    Marketing Mix Introduction<\/h3>\n

    There are multiple\u00a0factors that can\u00a0influence someone’s\u00a0thinking and decision about what to buy\u2014a mix<\/em> of factors. Taken together, these factors are all part of\u00a0the \u201cmarketing mix.\u201d The marketing mix, also known as the four Ps, is represented by the four main factors\u00a0below:<\/p>\n

      \n
    1. Product: the goods and services offered<\/li>\n
    2. Promotion: communication and information<\/li>\n
    3. Place: distribution or delivery<\/li>\n
    4. Price: ensuring fair value in the transaction<\/li>\n<\/ol>\n

      A major part of marketing is getting the marketing mix right for the target customer.<\/p>\n\n\t\t\t

      \n\t\t\t

      Candela Citations<\/h3>\n\t\t\t\t\t
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      CC licensed content, Original<\/div>