Ch 1.1 Marketing Basics

Marketing Mix

7 Functions of Marketing

Distribution

Price

Product

Promotion

The product is what the business offers to the costumers to satisfy their needs

Distribution involves the locations and methods used to make the products available to the customers

Price is the amount that costumers are willing to pay for the products

Promotion describes ways to encourage costumers to purchase products and to increase costumer satisfaction. It includes advertising, publicity, personal selling, and public relations

Distribution

Promotion

Selling

Pricing

Marketing- Information Management

Product/Service Management

Financing

Product/service management is designing, developing, maintaining, improving, and acquiring products or services to fit the needs of the consumers

Pricing is the process of establishing and communicating the value of goods and services to the consumers. In some cases the prices may be set higher, knowing that the consumer will be willing to pay this price for the product or service

Promotion is utilizing advertising and other forms of communication to put across a desired message to the target consumers

Distribution is determining the best methods to make the product easily accessible to the consumer

Selling includes understanding the wants and needs of the consumer through direct and personal communication. It also involves planning for the future needs of these consumers.

Marketing- information management is gathering and using information about the customers to improve aspects of the business.

Financing requires a company to budget for its own marketing activities, and also provide the customer will financial aid in paying for the company's services or products