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

Functions of Marketing continued

Seven functions of marketing: Marketing-information management Product/service management Pricing Place (Distribution) Selling Financing Promotion
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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
Designing, developing, maintaining, improving, and obtaining products and services in order to meet the needs of

customers. May involve several businesses

Pricing
Determining and communicating the value of products and services.

Place (Distribution)
Using the best ways for customers to locate, obtain, and use the products and services of a business.

Selling
Communicating directly with potential customers.
Helps determine wants and needs

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

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

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