functions of marketing. purchasing buying goods/services for the business operation
DESCRIPTION
SELLING Providing customers with what they wantTRANSCRIPT
FUNCTIONS OF MARKETING
PURCHASING
• Buying goods/services for the business operation
SELLING
• Providing customers with what they want
PRICING
• Determining how much to charge• Think of competition
PRODUCT PLANNING
• Production and sale of goods/service• What products should I sell?• What should my packaging, labeling, branding look like?
MARKETING INFORMATION MANAGEMENT
• Market research• Learn about the customers likes/dislikes
PROMOTION
• Communication used to inform, persuade, remind people of a product• Used to improve company image• How does McDonalds use promotion?
FINANCING
• Obtaining the money needed to run the business• How and what types of credit to offer customers• Cash only• Credit• Debit• check
DISTRIBUTION
• Where to sell your product• Type of transportation used to distribute products• Storage? Warehouse?
RISK MANAGEMENT
• Preventing or reducing business loss• Competition – loss of sales• High Unemployment rate• Natural disasters• Floods• Fires