Download 7 functions of marketing

7 Functions of Marketing
Distribution
Deciding where and to whom products need to be sold in order to reach the
final user. The logistics of physically moving, storing and tracking goods are
part of this. Primary method of transportation is by truck, rail, ship and air
Financing
Is getting money that is necessary to pay for the operation of a business.
Sources of money are bank loans, selling of shares, investors. Financing to
customers is also involved.
Marketing information management
Getting the necessary information to make good sound business decisions.
Most of the information is obtained through marketing research.
Pricing
How much to charge for goods and services in order to maximize profits.
Most pricing decisions are based on competitive pricing and determining
how much customers are willing to pay. Another factor is gaining market
share.
Product/service management
Obtaining, developing and improving a product or service in response to
market opportunities.
Promotion
Communication with potential customers to inform, persuade or remind
them about a business’ products. Public relations – improving the company’s
image – are a part of promotion
Selling
Provides customers with goods and services that they want. This includes
industrial consumers, institutional consumers and individual consumers.