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Understand principles of marketing.

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Functions of Marketing

What happens during the marketing process? Businesses are involved in the process

of origin, pricing, promotion, and distribution of products and services.

These products and services are made available in order to meet the goals of individuals and businesses.

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Functions of Marketing continuedSeven functions of marketing:

Marketing-information management

Product/service management Pricing Place (Distribution) Selling Financing Promotion

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Marketing-information management

Obtaining, managing, and using information about products and services, customers, and competitors to improve business decision-making and the performance of marketing activities.

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Product/service management

Designing, developing, maintaining, improving, and obtaining products and services in order to meet the needs of customers.

May involve several businesses

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Pricing

Determining and communicating the value of products and services.

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Place (Distribution)

Using the best ways for customers to locate, obtain, and use the products and services of a business.

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Selling

Communicating directly with potential customers.

Helps determine wants and needs

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Financing

Budgeting for marketing, operations, and providing financial assistance to customers.

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Promotion

Involves communicating information such as features and prices about products and services to potential customers.

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