7 Key Marketing Functions

Question 1

List the 7 key marketing functions

Answer 1

1. Product/service management
2. Distribution
3. Selling
4. Marketing-information
5. Financing
6. Pricing
7. Promotion

Question 2

Explain Product/service management

Answer 2

Designing, developing, maintaining, improving and acquiring goods/services so they meet customer needs

Question 3

Explain Distribution

Answer 3

Determining the best way to get a company’s product/service to the customer.
E.g. Retailer, wholesaler, manufacturer

Question 4

Explain Selling

Answer 4

Includes direct and personal communication with customers to assess and satisfy current and future needs

Question 5

Explain Marketing-information management

Answer 5

Gathering and using information about customers to improve business decision making.
E.g. Demographics, needs, wants, preferences

Question 6

Explain Financing

Answer 6

A company has to budget for its own marketing activities.
Provide customers with assistance in paying for the company’s product/service

Question 7

Explain Pricing

Answer 7

The process of establishing and communicating the value or cost of goods/services to customers

Question 8

Explain Promotion

Answer 8

Using advertising and other forms of communication information about products, services and ideas