Download THE SEVEN MARKETING FUNCTIONS DEFINED

THE SEVEN MARKETING FUNCTIONS DEFINED
(All 4 P’s of marketing are contained in the marketing functions)
1. Marketing Information Management – a marketing function that involves
gathering, recording, analyzing and disseminating information to aid in making
marketing decisions. Many people refer to this function as market research.
2. Product/Service Management – involves developing a product or service mix in
response to market opportunities.
3. Financing – determines the need for and availability of financial resources to aid
in starting and operating a business. Also involves the types of financing options
provided to the customer (i.e. credit cards, checks, installment plans, etc.)
4. Pricing – involves the determination of a price or an amount to charge a customer
or client for a good or service.
5. Distribution – is responsible for the physical movement, storage, tracking or
transfer of ownership of a good or service from the producer to the consumer.
Paths or routes that goods take to get to customers
6. Promotion – communicates information about products, services, images or ideas
to customers or clients.
7. Selling – a marketing function which involves responding to consumer needs and
wants through planned, personalized communications intended to influence
purchase decisions.