3.01 Seven Functions Of Marketing

Spencer Doorley

Market-Information Management

Getting information needed to make good business decisions

Ex. Taste test and Surveys

Product/Service Management

Needed to adjust a product in response to market opportunities

Risk Management

Purchasing

Financing

Obtaining money to finance operating a business

Pricing

The value to charge for a product

Promotion

Communication that informs about a product or service

Selling

Personalized communication used to determine the customer needs and wants

Distribution

Where to sell the product and how it gets to the customer