7 Marketing Functions Marketing 1

Marketing Information Management Market research Gathering data and information Seeks to answer questions: What do our consumers want? What else do they need? Think first day of school- the box

Price How much should I charge for my good/service? Many costs factor in: Distribution Materials Employees How do I make a profit but still get people to buy?

Finance Making the product easily attainable to customer in terms of payment Will we accept cash only? Or credit cards? Do we take loans? (Car dealership)

Promotion Advertisements, social networks, word-of-mouth Sales/coupons How do we let people know about our product? How do we get people to buy our product?

Product/Service Management Developing new products to meet customers needs/wants Changing current products How do I make my service better?

Distribution How product gets to location to be sold in the easiest way What is most cost efficient? Boat, plane, truck, plane, hand delivered?

Selling Actual act of exchanging product/service Face-to-face Over the Internet