3.01 7 Functions of Marketing
Marketing- Information Management
Obtaining information needed to make sound business decisions.
EX: Taste tests and surveys
Concepts and procedures necessary to obtain, develop, maintain, improve and eliminate a product or service mix in response yo market opportunities.
Risk Management- preventing or reducing business loss
Purchasing- buying goods or service mix in response to market opportunities
Obtaining money needed to finance the operation of a business; bank loans and offering credit to customers
Determining a value to change for goods and services; consider costs, competitions and what consumers are willing and to pay
Communication used to inform or remind people about a business's products. Promotion involves persuading customers to purchase a product.
Determining customers needs and wants through planned, personalized, communication intended to influence purchase decisions and ensure satisfaction.
The transportation, storing and handling of goods on their way from the manufacturer to the consumer; includes the decisions about where to sell a product.