3.01 Seven Functions of Marketing

By Lexi-Rose Beck

Marketing-Information Management

Obtaining information needed to make sound business decisions.

Product/Service Management

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

Financing

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

Pricing

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

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 want through planned, personalized communication intended to influence purchase decisions and ensure satisfaction.

Distribution

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

Citations

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