Podcast
Questions and Answers
What is Product and Service Management?
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?
What does Financing involve?
Obtaining the funds needed to operate the business.
What is Pricing in marketing?
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?
What does Distribution refer to?
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What is Marketing Information Management?
What is Marketing Information Management?
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What does Promotion entail?
What does Promotion entail?
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What is Selling?
What is Selling?
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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.
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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.
