marketing unit 2 test Flashcards
What are the 7 marketing functions?
1) Distribution
2) Marketing Information Management
3) Selling
4) Financing
5) Product/Service Management
6) Pricing
7) Promotion
moving and handling a product on its way from producer to consumer
distribution
attaining product and consumer information to make sound business decisions
Marketing Information Management
systematic gathering, recording, analyzing and presentation of
information related to marketing products and services
Market Research
all methods of providing customers with the products and services they want
Selling
the study of money management which includes saving, lending and
borrowing money to operate a business
Financing
is obtaining, developing, maintaining and improving a
product or a product mix in response to market opportunities
Product/Service Management
all the different products a business makes and sells
Product Mix
determining how much to charge for products/services in order to maximize
profits
Pricing
communicating with potential customers to inform, persuade, or remind
them about a business’s products/services
Promotion
the usefulness of a product or service
Marketing Utility
5 types of marketing utilities
1) Form Utility
2) Place Utility
3) Time Utility
4) Possession Utility
5) Information Utility
converting raw material into a useable product of value
Form Utility
offering product to customers where they can get it
Place Utility
having product available when the customer wants it
Time Utility
