FUNCTIONS OF MARKETING. PURCHASING Buying goods/services for the business operation

FUNCTIONS OF MARKETING

PURCHASING

• Buying goods/services for the business operation

SELLING

• Providing customers with what they want

PRICING

• Determining how much to charge• Think of competition

PRODUCT PLANNING

• Production and sale of goods/service• What products should I sell?• What should my packaging, labeling, branding look like?

MARKETING INFORMATION MANAGEMENT

• Market research• Learn about the customers likes/dislikes

PROMOTION

• Communication used to inform, persuade, remind people of a product• Used to improve company image• How does McDonalds use promotion?

FINANCING

• Obtaining the money needed to run the business• How and what types of credit to offer customers• Cash only• Credit• Debit• check

DISTRIBUTION

• Where to sell your product• Type of transportation used to distribute products• Storage? Warehouse?

RISK MANAGEMENT

• Preventing or reducing business loss• Competition – loss of sales• High Unemployment rate• Natural disasters• Floods• Fires