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# 5.3 Marketing * The marketing function is responsible for selling goods and services to meet consumer needs. The correct product must be sold at the correct price in the correct place, using the best promotion. * The marketing function identifies consumer needs and wants through surveys, then pr...

# 5.3 Marketing * The marketing function is responsible for selling goods and services to meet consumer needs. The correct product must be sold at the correct price in the correct place, using the best promotion. * The marketing function identifies consumer needs and wants through surveys, then provides products that satisfy those needs and wants, using the marketing mix. * The traditional marketing mix consists of Product, Price, Place, and Promotion. # 5.3.1 Product Businesses need to sell the correct product or service that meets customer needs. This involves developing new products and improving existing ones. ## Categories of Products and Services Products and services are categorized as follows: ### Services * **Personal and Professional Services:** Services targeting the final consumer, such as hairdressing, doctor visits, etc. * **Commercial Services:** Services that help businesses improve their marketing processes, such as transportation, insurance, telecommunications, and storage. These are often referred to as B2B (Business-to-Business) services. ### Products/Goods * **Industrial Goods:** Used in the manufacturing process of other goods, including raw materials, spare parts, machinery, and equipment. * **Consumer Goods:** Goods that consumers are interested in purchasing. This category includes: * Convenience goods * Shopping goods * Specialty goods