3.01 Seven Functions of Marketing
By: Alivia Laws
Marketing-Information Management
Obtaining information needed to make sound business decisions.
Example: taste tests; surveys
Product/Service Management
concept and procedures necessary to obtain, develop, maintain, and improve a product or service mix in response to market opportunities.
- Risk Management- preventing or reducing business loss
- Purchasing- buying goods and services for use in the day-to-day operations; where a product is sold
product/service management
Financing
obtaining money needed to finance the operation of a business; bank loans and offering credit to customers.
Pricing
determining a value to charge for goods and services; consider cost and what customers are willing and able to pay.
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Promotion
Communication used to inform or remind people about a business's products; involves persuading customers to purchase a product.
Selling
determining customer needs and wants through planned,personalized communication intended to influence purchase decisions and ensure satisfaction.
Distribution
the transporting, storing and bonding of goods on their way from the manufacturer to the consumer; includes the decisions about where to sell a product.