Functions of Marketing

9 Functions of Marketing

Market Planning

Identifying target markets and develop effective marketing strategies.

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Product and Service Management

Creating products and services that meet costumer needs.

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Distribution

Involves determining the best methods and procedures to use so that customers can locate, obtain, and use a product or service.

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Pricing

Involves establishing and communicating the value of products and services to customers.

Image Source: http://blogs.sas.com/content/valuealley/files/2013/06/pricing1.jpg

Promotion

The communication of information about products and services to potential customers.

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Selling

Direct, personal communication with prospective customers that involves assessing needs, explaining how the business's products and services can satisfy those needs, and following up to ensure satisfaction.

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Market-information Management

Involves collecting and managing the information needed to make marketing decisions.

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Financing

Businesses must budget to ensure they have financial resources needed to carry out their marketing strategies. Second, businesses may need to provide financial assistance to customers to enable them to buy products and services.

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