1. 1 Understand principles of marketing.

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3. 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. 3

4. Functions of Marketing continued Seven functions of marketing:  Marketing-information management  Product/service management  Pricing  Place (Distribution)  Selling  Financing  Promotion 4

5. 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. 5

6. Product/service management  Designing, developing, maintaining, improving, and obtaining products and services in order to meet the needs of customers.  May involve several businesses 6

7. Pricing  Determining and communicating the value of products and services. 7

8. Place (Distribution)  Using the best ways for customers to locate, obtain, and use the products and services of a business. 8

9. Selling  Communicating directly with potential customers.  Helps determine wants and needs 9

10. Financing  Budgeting for marketing, operations, and providing financial assistance to customers. 10

11. Promotion  Involves communicating information such as features and prices about products and services to potential customers. 11