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OBJECTIVE 3.01
Understand principles of marketing.
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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.

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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.
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Product/service management
Designing, developing, maintaining,
improving, and obtaining products and
services in order to meet the needs of
customers.
May involve several businesses
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Pricing
Determining and communicating the value of
products and services.
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Place (Distribution)
Using the best ways for customers to locate,
obtain, and use the products and services of a
business.
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Selling
Communicating directly with potential
customers.
Helps determine wants and needs

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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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