3.01 Seven Functions of Marketing

Eli Hedrick

Marketing-Information Managment

Obtaining information to make business decisions.

Ex: Surveys and taste tests

Product/Service Managment

Procedures needed to obtain, develop, and improve a product or service and respond to market opportunities.

Financing

Obtaining money needed to finance the operation of the business; involves bank loans and credit.

Pricing

Determining a value to charge for the product.

Promotion

How to inform, remind, and persuade a customer to buy a product.

Selling

Determine customer needs to influence purchasing decisions.

Distibution

The storing, transporting, and handling of goods on their way to the customers.