Product/Service Management.

Date: 2015-10-07; view: 395.

Marketing consists of the strategies and tactics used to identify, create and maintain satisfying relationships with customers that result in value for both the customer and the marketer.

The 7 Functions of Marketinginclude

Pricing. Setting and communicating the value of products and services. Setting the price at the right level.

Designing, developing, maintaining, improving, and acquiring products and services that meet consumer's needs.

Distribution. Determining the best ways for customers to locate, obtain, and use the products and services of an organization. This involves moving the product each step from the design idea to the consumer.

Financing. Budgeting for marketing activities, obtaining the necessary funds needed for operations, and providing financial assistance to customers so they can purchase the business products and service.

Marketing-Information Management. Obtaining, managing, and using information about what customers want to improve business decision making, performance of marketing activities, and determining what will sell.

Selling. Communicating directly with potential customers to determine and satisfy their needs.

Promotion. Communicating with customers about the product to achieve the desired result—customer's demand for and purchase of the product. This includes advertising, personal selling, publicity, and public relations.