Marketing Functions Marketing Co-Op

The 7 Functions of Marketing Marketing Functions Pricing Promotion Selling Marketing Information Management Product & Service Management Financing Distribution

Financing Getting the resources needed to finance the operation of a business Decisions regarding payment options for customers

Marketing Information Management Process of getting and analyzing the marketing information needed to make good decisions Examples of information collected: customer’s trends, habits, attitudes, where they live This info. must be stored and analyzed

Pricing The decisions that dictate how much to charge for goods and services in order to make a profit Based on costs - what competitors are charging, and how much customers are willing to pay

Product/Service Management Obtaining, developing, maintaining, and improving a product or product mix in response to market opportunities Guides management toward what the consumer needs and wants

Promotion Any form of communication used to informing, persuading or reminding potential customers about a business’s products or services There are different ways to promote a product in different areas of media. Promoters use internet advertisement, special events, endorsements, and newspapers to advertise their product. Many times with the purchase of a product there is an incentive like discounts, free items, or a contest. This is to increase the sales of a given product.

Providing customers with goods and services they want to buy Selling Providing customers with goods and services they want to buy Types of selling Retail Business to Business Personal

Distribution Making decisions about where to offer the product/service The process of deciding how to get goods into consumers’ hands