Marketing Functions

By: Cale Carr

Market Planning

Market Planning is trying to identify the target markets, and how they will they create a healthy exchange relationship.

Product and Service Management

Creating products and services to meet the needs of consumers. Researching, testing, and gathering consumer input are important for Product and Service Management.

Distribution

Determines the best methods and procedures to use so that customers can locate, obtain, and use a product or service.
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Pricing

Establishes the value of products and services to customers. Consumers relate to the satisfaction they get while using the product.
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Promotion

The communication of information about products and services to potential costumers. Businesses may create a promotion blend by using a mix of advertising, publicity, and personal selling.
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Selling

Direct, personal communication with prospective customers that involves assessing needs. Well qualified salespeople are good listeners and problem solvers.
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Marketing-Information Management

Involves collecting and managing the information needed to make marketing decisions.
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Financing

Has two components. Businesses must budget to ensure they have the financial resources needed to carry out their marketing strategies.
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Risk Management

Identifies potential risks associated with marketing decisions and activities and developing a strategy for dealing with and reducing the risks. Businesses almost consider the risks.
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