1. 7 Key Functions of Marketing Product Service Management Marketing Information Management SellingDistributionPromotionPricingFinancing

2. 1. Product/Service Management Every business sells a product, a service, or a combination of both “Product Service Management” is the decision making process a company goes about when deciding, what to sell, how to sell it, why they are selling it, where to sell it, and when they will sell it. In other words, it is the process of a company making a PLAN.

3. 2. Marketing Information Management We also call this “market research” Determine WHAT your customer wants to buy Can be done through formal surveys; noticing a need in the marketplace, focus groups, etc. You can have the greatest idea in the world, but if no one wants to buy it, it will be a flop!

4. 3. Selling Selling is the physical process of deriving interest in your product among your customers and getting them to purchase your product. You can sell a product, or a service

5. 4. Distribution This is how you get your product to the ultimate consumer. Where will it come from? Where will it be sold? Manufacturer, Wholesaler, Retailer Transportation

6. 5. Promotion How do you “get the word out” about your product/service? Sometimes called “advertising” How do you promote loyalty to your product? How do you differentiate your product from the competition?

7. 6. Pricing How do you determine how much to charge for your product? How much are customer’s willing to pay for your product? How much does your product cost to produce? What is “breakeven”?

8. 7. Financing How do I get the money to operate my business? What are all of the costs associated with my product? What is “working capital”? What are “overhead expenses”?

9. What is the “Marketing Mix”? Product Price “Place”-or Distribution Promotion