3.01 Seven Functions of Marketing

Cameron Hughes

Marketing-Information Management

Obtaining info needed to make sound business decisions.

Product/service management

concepts and procedures necessary to obtain, develop, maintain, and improve a product or service mix in response to market oppurtunities.

Financing

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

Pricing

Determining a value to charge for goods and services; consider what is cost competition and what consumers are willing able and to pay.

Promotion

Communication used to inform or remind people about a businesses products; involves persuading customer to purchase product
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Selling

Determining customer needs and want through planned , personalized communication intended to influence purchase decisions about where to sell a product

Distribution

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