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Download THE SEVEN MARKETING FUNCTIONS DEFINED
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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.