Describe the marketing functions.
The 7 marketing functions are:
- 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.
- Pricing: Setting and communicating the value of products and services. Setting the price at the right level.
- Product and Service Management: Designing,developing,maintaining,improving,and aquiring products and services that meet consumer 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.
- Selling: Communicating directly with potential customers to determine and satisfy their needs.
Marketing-information management
A marketing function that involves gathering, accessing, synthesizing, evaluating, and disseminating information to aid in business decisions. Examples can include questionnaires, customer surveys, and observing customers.
Promotion
A marketing function needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome. Examples: TV ads, magazine ad, direct mail.
Marketing functions
Interrelated activities that must work together to get goods and services from producers to customers
Selling
A marketing function that involves matching and satisfying of customers needs and wants with available goods or services.
Product/Service management
A marketing function that involves creating the correct product mix for a business and working to meet the wants and needs of the customer.
Channel Management
A marketing function that is responsible for the flow of goods or services from the producer to the consumer and determines where products should be sold.
Pricing
A marketing function that involves the determining and adjusting of prices to maximize return and meet customers' perceptions of value
Testimonial
An endorsement of a product by someone claiming to have benefited from its use.