3.01 7 Functions of Marketing

Allie Newsome

Marketing- Information Management

Obtaining information needed to make sound business decisions.

EX: 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 yo market opportunities.

Risk Management- preventing or reducing business loss

Purchasing- buying goods or service mix in response to market opportunities


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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 change for goods and services; consider costs, competitions and what consumers are willing and to pay


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Promotion

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


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Selling

Determining customers needs and wants through planned, personalized, communication intended to influence purchase decisions and ensure satisfaction.


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Distribution

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.


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