7 Key Functions of MarketingProduct Service Management

Marketing Information

Management

Selling

DistributionPromotion

Pricing

Financing

1. Product/Service Management

• Every business sells a product, a service, or a combination of both

• “Product Service Management” is the decision making process a company goes about when deciding, what to sell, how to sell it, why they are selling it, where to sell it, and when they will sell it.

• In other words, it is the process of a company making a PLAN.

2. Marketing Information Management

• We also call this “market research”• Determine WHAT your customer wants to buy• Can be done through formal surveys; noticing

a need in the marketplace, focus groups, etc.• You can have the greatest idea in the world,

but if no one wants to buy it, it will be a flop!

3. Selling

• Selling is the physical process of deriving interest in your product among your customers and getting them to purchase your product.

• You can sell a product, or a service

4. Distribution

• This is how you get your product to the ultimate consumer.

• Where will it come from? Where will it be sold?

• Manufacturer, Wholesaler, Retailer• Transportation

5. Promotion

• How do you “get the word out” about your product/service?

• Sometimes called “advertising”• How do you promote loyalty to your product?• How do you differentiate your product from

the competition?

6. Pricing

• How do you determine how much to charge for your product?

• How much are customer’s willing to pay for your product?

• How much does your product cost to produce?

• What is “breakeven”?

7. Financing

• How do I get the money to operate my business?

• What are all of the costs associated with my product?

• What is “working capital”?• What are “overhead expenses”?

What is the “Marketing Mix”?

• Product• Price

• “Place”-or Distribution• Promotion