7 Functions of Marketing

Trevor Carter

Marketing-Information Management

Obtaining info needed to make sound business decisions. Examples taste tests and surveys



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Product/Service Management

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


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Financing

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


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Pricing

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


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Promotion

Communication used to inform or remind people about a business's products; involves persuading customers to purchase a product.


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Selling

Determining customer needs and wants through planned, personalized communication intended to influence purchase decisions and ensure satisfaction


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Distribution

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


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