9 Marketing Functions Flashcards

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Questions and Answers

What is the definition of Market Planning?

  • Determining the best methods for product distribution
  • Assisting in the pricing of products and services
  • Providing security for products and personnel
  • Identifying and understanding the markets a company wants to serve and developing effective marketing strategies for each market (correct)

What is Product and Service Management?

Assisting in the design and development of products and services to meet the needs of prospective customers.

What does Distribution refer to in marketing?

Determining the best methods and procedures for customers to locate, obtain, and use products and services.

Define Risk Management in marketing.

<p>Providing security for products, personnel, and customers and reducing the risk associated with marketing decisions and activities.</p> Signup and view all the answers

What is the purpose of Pricing in marketing?

<p>Establishing and communicating the value of products and services to prospective customers.</p> Signup and view all the answers

What is Promotion in marketing?

<p>Communicating information to prospective customers through advertising and other promotional methods to encourage them to purchase products and services.</p> Signup and view all the answers

What does Selling involve?

<p>Direct, personal communications with prospective customers to assess needs and satisfy those needs with appropriate products and services.</p> Signup and view all the answers

What is Marketing-Information Management?

<p>Obtaining, managing, and using market information to improve decision making and the performance of marketing activities.</p> Signup and view all the answers

What does Financing involve in marketing?

<p>Budgeting for necessary financing and providing financial assistance to customers to assist them with purchasing products and services.</p> Signup and view all the answers

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Study Notes

Marketing Functions Overview

  • Market Planning involves identifying target markets and creating strategies tailored to each segment.
  • Product and Service Management focuses on the design and development of offerings that meet customer needs.

Distribution

  • Distribution encompasses the methods and procedures that enable customers to find, acquire, and utilize products and services effectively.

Risk Management

  • Risk Management aims to provide security for products, personnel, and customers while minimizing risks linked to marketing decisions and activities.

Pricing

  • Pricing establishes and conveys the value of products and services, influencing customer purchasing decisions.

Promotion

  • Promotion is the process of communicating with prospective customers through various channels, including advertising, to motivate them to buy.

Selling

  • Selling involves personal, direct communication with customers to understand their needs and provide suitable products and services.

Marketing-Information Management

  • This function entails collecting, managing, and utilizing market information to enhance decision-making and improve the effectiveness of marketing efforts.

Financing

  • Financing includes budgeting for necessary funds and offering financial support to customers to facilitate the purchase of products and services.

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