FUNCTIONS OF MARKETING. PURCHASING Buying goods/services for the business operation.
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Transcript of FUNCTIONS OF MARKETING. PURCHASING Buying goods/services for the business operation.
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FUNCTIONS OF MARKETING
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PURCHASING
• Buying goods/services for the business operation
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SELLING
• Providing customers with what they want
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PRICING
• Determining how much to charge• Think of competition
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PRODUCT PLANNING
• Production and sale of goods/service• What products should I sell?• What should my packaging, labeling, branding look like?
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MARKETING INFORMATION MANAGEMENT
• Market research• Learn about the customers likes/dislikes
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PROMOTION
• Communication used to inform, persuade, remind people of a product• Used to improve company image• How does McDonalds use promotion?
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FINANCING
• Obtaining the money needed to run the business• How and what types of credit to offer customers• Cash only• Credit• Debit• check
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DISTRIBUTION
• Where to sell your product• Type of transportation used to distribute products• Storage? Warehouse?
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RISK MANAGEMENT
• Preventing or reducing business loss• Competition – loss of sales• High Unemployment rate• Natural disasters• Floods• Fires