7 Functions of Marketing

By: Mason Ferkel

Marketing Info Management

Marketing Info Management- Obtaining, managing, and using info about want customers improve the overall healthiness of the business. An example of this would be Walmart's price matching. Another example would be taking surveys to figure out what the company needs to improve on.

Distribution

Distribution- Finding the best way to move products and services, but also the best way to make them available to the customers. An example would be putting your product in every Walmart in the nation. Also locating the product well in the store. Another example would be placing apples in the produce section.

Financing

Financing- Budgeting, getting the necessary funds, and providing financial assistance to the customer so they can buy the product/service. An example would be letting customers use not only cash but credit cards and checks. Another example would be having a financial plan for the year.

Pricing

Pricing- Finding the right price for your product/service to allow most customers to buy your product/service and still having good profit. for example, it costs one dollar to make a Popsicle but you sell it for five and that is overpriced; you then mark it down to two and a half dollars so customers will buy it and you still create profit. Another example would be marking down the price on products for Black Friday.

Product Service Management

Product Service Management- Creating and molding your product/service to fit the customer’s need. An example would be the iPhone, Apple upgrades them according to what customers want. Another example would be modifying cars to fit customers' needs.

Promotion

Promotion- Having relations with customers to achieve the final desired result either directly or indirectly such as advertising, publicity, personal selling, etc. An example would be advertising your business on a billboard. Another example would be flyers around a sub-urban neighborhood for a lawn mowing service.

Selling

Selling- Collaborating straight with potential customers to determine and gratify their needs. For example, having a seminar to show your product to customers and at the end receives feedback to mold your service/product. Another example would be customer service.