Role of

Marketing

Functions of Business

Marketing Concept

Using the needs of customers as the primary focus during the planning,

production, distribution, and promotion of a product or service

Marketing Mix

Marketing Information Management• Gathering and

using information about customers to improve business decisions

Financing

• Budgeting• Customers paying

for products purchased

• Loans and capital needed to operate a business

Pricing

• Process of establishing and communicating the value of cost of goods and services to customers

Promotion

• Using advertising and other forms of communicating information about products, services, images, and ideas to achieve a desired outcome

Product/Service Management

• Designing, developing, maintaining, improving, and acquiring products or services so they meet customer needs

Distribution

• Determining the best way to get a company’s products or services to customers

Selling

• Direct and personal communication with customers to access and satisfy customer needs