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Understand principles of marketing. Objective 3.01. Functions of marketing. Functions of Marketing. What happens during the marketing process? Businesses are involved in the process of origin, pricing, promotion, and distribution of products and services.

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Functions of marketing1
Functions of Marketing

  • What happens during the marketing process?

    • Businesses are involved in the process of origin, pricing, promotion, and distribution of products and services.

    • These products and services are made available in order to meet the goals of individuals and businesses.


Functions of marketing continued
Functions of Marketing continued

Seven functions of marketing:

  • Marketing-information management

  • Product/service management

  • Pricing

  • Place (Distribution)

  • Selling

  • Financing

  • Promotion


Marketing information management
Marketing-information management

  • Obtaining, managing, and using information about products and services, customers, and competitors to improve business decision-making and the performance of marketing activities.


Product service management
Product/service management

  • Designing, developing, maintaining, improving, and obtaining products and services in order to meet the needs of customers.

  • May involve several businesses


Pricing
Pricing

  • Determining and communicating the value of products and services.


Place distribution
Place (Distribution)

  • Using the best ways for customers to locate, obtain, and use the products and services of a business.


Selling
Selling

  • Communicating directly with potential customers.

  • Helps determine wants and needs


Financing
Financing

  • Budgeting for marketing, operations, and providing financial assistance to customers.


Promotion
Promotion

  • Involves communicating information such as features and prices about products and services to potential customers.


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