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7 terms

7 Functions of Marketing

STUDY
PLAY
Pricing
Setting and communicating the value of products and services. Setting the price at the right level.
Product/Service Management
Designing,developing,maintaining,improving,and aquiring products and services that meet consumer needs.
Distribution
Determining the best ways for customers to locate,obtain,and use the products and services of an organization. Involves moving the product each step from the deign idea to the consumer.
Financing
Budgeting for marketing activities,obtaining the necessary funds needed for operations,and providing financial assistance to customers so they can purchase the business products and service.
Marketing-Information Management
Obtaining,managing,and using information about what customers want to improve business decision making, performance of marketing activities, and determining what will sell.
Selling
Communicating directly with potential customers to determine and satisfy their needs.
Promotion
Communicating with customers about the product to achieve the desired result--customer demand for and purchase of the product. Includes advertising, personal selling, publicity, and public relations.