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Comprehensive Guide to Essential Marketing Functions in Business Operations

Explore the key marketing functions crucial for business success, including marketing co-op financing, information management, pricing strategies, product/service management, promotion tactics, selling techniques, and distribution decisions.

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Comprehensive Guide to Essential Marketing Functions in Business Operations

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  1. The 7 Marketing Functions Marketing Co-Op

  2. Financing • Getting the money needed to finance the operation of a business • Decisions regarding payment options for customers

  3. Marketing Information Management • Process of getting and analyzing the marketing information needed to make good decisions • Information Collected • Customer’s trends • Habits • Attitudes • Where they live

  4. Pricing • The decisions that dictate how much to charge for goods and services in order to make a profit • Usually based on • Costs • What competitors are charging • How much customers are willing to pay

  5. Product/Service Management • Obtaining, developing, maintaining, and improving a product or product mix in response to market opportunities

  6. Promotion • Any form of communication used to informing, persuading or reminding potential customers about a business’s products or services • Examples • Advertising – Radio and TV • Publicity – Improving public image (recycling, going green, etc.)

  7. Selling • Providing customers with goods and services they want to buy • Types of selling • Retail • Business to Business • Personal

  8. Distribution • Making decisions about where to sell the product and how it will get into the customer’s hands

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