Seven Functions of Marketing
... 1. Product and Service Management – The design, development and maintenance of the
products and services which meet the wants and needs of the customers
2. Financing – Obtaining the funds needed to operate the business
3. Pricing – The process of setting a price by taking into account how much money ...
Key Marketing Functions
... to assess and satisfies their needs. Selling involves not only satisfying
customers, but also anticipating their future needs.
6. Marketing-Information Management is gathering and using
information about customers to improve business decision-making.
7. Financing requires a company not only to budge ...
7 functions of marketing
... Marketing information management
Getting the necessary information to make good sound business decisions.
Most of the information is obtained through marketing research.
How much to charge for goods and services in order to maximize profits.
Most pricing decisions are based on competitive pr ...
Definitions of Marketing
... Marketing consists of the strategies and tactics used to identify,
create and maintain satisfying relationships with customers that
result in value for both the customer and the marketer.
The right product, in the right place, at the right time, at the right
Marketing is essentially about mar ...
Marketing In Today`s World
... Process of getting goods and
services to customers
Includes purchasing, stock handling,
inventory control, physical distribution
Transported by trucks, trains,
Also involves systems that track
products so they can be located at any
... level. With a service product those 4P’s may not be sufficient, given that the customer is present
during the service production and delivery process and will encounter both the “service factory”
and other people who may impact the subjective quality of the service experience. In various
sources tha ...
... and monitor merchandise all the way from the
manufacturer to the retail outlet to the
Marketing Mix Powerpoint 4.1
... THE 7 P’S =THE
>Decisions a business must make.
>Depends on Target Market being clearly
1)Product Planning- 1)Make a decision about the
2)Produce the Product.
1. Marketing is an organizational function and a set of processes for
... 1. Marketing is an organizational function and a set of processes for creating, capturing,
communicating, and delivering value to customers and for managing customer relationships in
ways that benefit the organization and its stakeholders.
2. Marketing is about satisfying customer needs and wants.
... into the two main areas of goods marketing
(which includes the marketing of fast moving
consumer goods (FMCG) and durables) and
services marketing. Services marketing typically
refers to both business to consumer (B2C) and
business to business (B2B) services.
How to Understand Marketing Concept and Its Evolution
... What philosophy should lead a company marketing and selling efforts, and relevant
importances should be given to the interests of the company, the customers, and society?
These interests often crash, yet a company’s marketing and selling activities should be
executed under a reasonable philosophy ...
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. Pro ...
... – Increase in intensity of competition coupled with higher
What is marketing questions 12
... The process of planning and executing the conception, pricing, promotion, and
distribution of ideas, goods, and services to create exchanges that satisfy individual and
What are the two main areas of socially responsible marketing?
The two main areas of socially responsibl ...
Abstract - Florida Atlantic University
... advanced economy like the U.S., which is mainly service-based, services marketing
forms an essential ingredient of the offerings mix of any organization. Better serviceproviding capability leads to smoother business functions for all parties involved in the
exchange processes. Reduced transaction co ...
Services marketing is a sub-field of marketing, which can be split into the two main areas of goods marketing (which includes the marketing of fast moving consumer goods (FMCG) and durables) and services marketing. Services marketing typically refers to both business to consumer (B2C) and business to business (B2B) services, and includes marketing of services such as telecommunications services, financial services, all types of hospitality services, car rental services, air travel, health care services and professional services.Services are (usually) intangible economic activities offered by one party to another. Often time-based, services performed bring about desired results to recipients, objects, or other assets for which purchasers have responsibility. In exchange for money, time, and effort, service customers expect value from access to goods, labor, professional skills, facilities, networks, and systems; but they do not normally take ownership of any of the physical elements involved.There has been a long academic debate on what makes services different from goods. The historical perspective in the late-eighteen and early-nineteenth centuries focused on creation and possession of wealth. Classical economists contended that goods were objects of value over which ownership rights could be established and exchanged. Ownership implied tangible possession of an object that had been acquired through purchase, barter or gift from the producer or previous owner and was legally identifiable as the property of the current owner.More recently, scholars have found that services are different than goods and that there are distinct models to understand the marketing of services to customers. In particular, scholars have developed the concept of service-profit-chain to understand how customers and firms interact with each other in service settings,Adam Smith’s famous book, The Wealth of Nations, published in Great Britain in 1776, distinguished between the outputs of what he termed ""productive"" and ""unproductive"" labor. The former, he stated, produced goods that could be stored after production and subsequently exchanged for money or other items of value. But unproductive labor, however"" honorable,...useful, or... necessary"" created services that perished at the time of production and therefore didn’t contribute to wealth. Building on this theme, French economist Jean-Baptiste Say argued that production and consumption were inseparable in services, coining the term ""immaterial products"" to describe them.