Marketing Functions Marketing CoOp The 7 Functions of

Marketing Functions Marketing Co-Op

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

Financing O Getting the resources needed to finance the operation of a business O 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 v. This info. must be stored analyzed

Pricing O The decisions that dictate how much to charge for goods and services in order to make a profit O 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 O Any form of communication used to informing, persuading or reminding potential customers about a business’s products or services

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