6 Functions of Marketing

Product/Service Management
Activities:
Generating new ideas for products.
Phasing out unpopular products.
Deciding which products to carry
Product/Service Managment
Importance:
To offer what customers want and need
To sell products that are profitable
To attract the target customer
Marketing Information Management
Activities:
Conduct Research
Evaluating accuracy of information
Giving data to the right person
Marketing Information Management
Importance:
To obtain information about customers
To avoid guessing
To help make good decisions
Pricing
Activity:
Deciding how much to charge
Determining amount of profit
Adjusting prices when necessary
Pricing
Importance:
To encourage customers to buy
To keep prices reasonable
To remain competitive
Distribution
Activity:
Selecting transportation methods
Storing products in a warehouse
Deciding on level of inventory
Distribution
Importance:
Controls expenses
To have products available when needed
To avoid tying up too much capital
Promotion
Activity:
Advertising products
Developing store displays
Preparing new releases
Promotion
Importance:
To create demand
To inform customers about new products
To create a good image
Selling
Activity:
Helping customers make decisions
Providing useful information
To persuade customers to buy
Selling
Importance:
To keep customers happy
To build long term relationships
To earn a profit for the business