3.01 Seven Functions of Marketing

Gunter Andrews

Marketing-Information Management

Obtaining information needed to make sound business decisions.


Examples: Taste tests and surveys


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Product/Service Management

Concepts and procedures necessary to obtain, develop, maintain, improve and eliminate a product or service mix in response to market opportunities.



Examples: Risk management and purchasing


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Financing

Obtaining money needed to finance the operation of a business; bank loans and offering credit to customers.


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Pricing

Determining a value to charge for goods and services; consider what it costs and competition and what consumers are willing and able to pay.


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Promotion

Communication used to inform or remind people about a business's product; involves persuading customers to purchase a product.


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Selling

Determining customer needs and wants through planned, personalized communication intended to influence purchase decisions about where to sell a product.


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Distribution

The transporting and storing of goods on their way from the manufacturer to the consumer; includes the decision about where to sell a product.


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