3.01 7 Functions of Marketing

Tyler Liette

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. This includes bank loans and offering credit to customers

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Pricing

Determining a value to charge for goods and services. It is important to consider what is costs, competition and what consumers are willing and able to pay

Promotion

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

Selling

Determining customer needs and wants 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. This includes the decisions about where to sell a product.