Seven Functions of Marketing Flashcards

Questions and Answers

What is Product and Service Management?

The design, development and maintenance of the products and services which meet the wants and needs of customers.

What does Financing involve?

Obtaining the funds needed to operate the business.

What is Pricing in marketing?

The process of setting a price by taking into account how much money needs to be made to finance the business as well as factors related to customer needs and expectations.

What does Distribution refer to?

Getting products and services to the best place for customers to locate, obtain and use them, as well as determining where products will be stored before purchase. Signup and view all the answers

What is Marketing Information Management?

Understanding the market in order to improve business and marketing decision making. Signup and view all the answers

What does Promotion entail?

Communicating the value of the business's products and services to customers to create and increase demand for and purchase of the products and services. Signup and view all the answers

What is Selling?

Directly communicating with customers to determine and satisfy their wants and needs. Signup and view all the answers

Study Notes

Product and Service Management

Involves the design, development, and maintenance of products and services.
Aims to align closely with customer wants and needs to ensure satisfaction.

Financing

Essential for securing the necessary funds required to operate a business.
Involves various methods such as loans, investments, and revenue management to support operations.

Pricing

The process of establishing a price based on financial goals and customer expectations.
Balances profitability with what customers are willing to pay, considering market conditions.

Distribution

Focuses on effectively delivering products and services to locations accessible to customers.
Includes considerations for storage solutions prior to purchase to enhance availability.

Marketing Information Management

Emphasizes the importance of understanding market dynamics.
Aids in improving business and marketing decisions through data analysis and market research.

Promotion

Involves strategies to communicate the value of products and services to target customers.
Aims to create demand and increase sales through various marketing channels and campaigns.

Selling

Direct engagement with customers to identify and satisfy their specific wants and needs.
Utilizes communication skills and techniques to foster customer relationships and drive sales.

Description

Test your knowledge of the seven essential functions of marketing with these flashcards. Each card provides key terms and definitions that are crucial for understanding how businesses manage their products, finances, and pricing strategies. Perfect for students and professionals looking to enhance their marketing skills.