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