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The 7 Functions of Marketing

The 7 Functions of Marketing. The Seven Functions of Marketing. Marketing Information Management (MIM) Selling Distribution Product/Service Management Promotion Pricing Financing Economics. 4 P’s of Marketing. Product – what you are selling Price – how much you are charging

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The 7 Functions of Marketing

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  1. The 7 Functions of Marketing

  2. The Seven Functions of Marketing • Marketing Information Management (MIM) • Selling • Distribution • Product/Service Management • Promotion • Pricing • Financing • Economics

  3. 4 P’s of Marketing Product – what you are selling Price – how much you are charging Place – where it is being sold, how it will get from manufacturer to consumer Promotion – Inform, Persuade, or Remind customers about your product

  4. Marketing Information Management (MIM) The process of gathering, sorting, analyzing, and disseminating marketing information for businesses to make daily business decisions.

  5. Selling Determining consumer’s wants and needs through planned, personalized communication (face to face, phone, internet)

  6. Distribution Transporting (physical distribution), storing (warehousing .vs. distribution centers), and handling of goods and services (inventory control methods, logistics) for businesses.

  7. Product/Service Management The process of developing, improving, obtaining, and maintaining the products/services of the business to meet consumer demand.

  8. Promotion Informing, persuading, or reminding potential consumers about a business’s products/services.

  9. Pricing Establishing and communicating the values of products/services to potential consumers and determining profit for the business.

  10. Financing Acquiring the money for starting and running a business. Business loans for upstart money, cash flow issues, or new business ventures.

  11. Group Activity Research a Distribution Channel of a favorite product Where do the manufactures get their materials? How many steps are there from start to finish? Do Items go straight from manufacturer to customer? Prepare a presentation for the class to share your information.

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