7 Functions of Marketing

Question 1

Product / Service Management

Answer 1

Obtaining, Developing, maintaining, & improving:
-Product’s life cycle
-New Ideas
-Improves / updates
-Removes products from market that no longer meets customers’ needs

Question 2

Marketing Information Management

Answer 2

Market research - Gathered, stored, analyzed, & evaluated to help marketers make decisions:
-Predict & determine which products will be successful

Question 3

Pricing

Answer 3

Establishing & communicating the value & costs of goods and services:
-How much to charge
-Compare competitors
-How much willing to pay and make profit

Question 4

Financing

Answer 4

How you are going to assist customers in paying for a company’s product:
-More options for paying = ^ buying products
-How much is being spent for marketing / how capital is being raised

Question 5

Selling

Answer 5

Determine what the client wants / needs through direct, planned, & personalized communication:
-Influences & creates loyal customers
-Retail market
-Buisness market

Question 6

Distribution

Answer 6

Getting goods into customers’ hands:
-Manages transport, storage, inventory, tracking systems
-Key to the business’s success
-Successful when convenient

Question 7

Promotion

Answer 7

Communicate info. to customers to inform persuade or remind current / potential customers:
-Advertising
-Publicity
-Sales promotion