Marketing Functions *NOT on quiz*
budgeting and providing financial assistance to customers
financing
ongoing activities designed to support the primary function of a business and keep it operating efficiently
operations
exchanging products or services with others by agreeing on their value
bartering
the amount that customers pay
price
focuses on developing loyal customers who continue to purchase from the business for a long period of time
relationship marketing
identifying and understanding the markets a company wants to serve and developing effecting marketing strategies for each
market planning
this business function involves developing, implementing, and evaluating the plans and activities of a business
management
established the use of currency as a recognized medium of exchange
money system
also known as place; include the locations and methods used to make the product available to customers
distribution
an approach to customer service that gives employees the authority to solve many customer problems
employee empowerment
providing security for products, personnel, and customers and reducing the risk associated with marketing decisions and activities
risk management
creates or obtains products or services
production
not relying on others for the things you need to survive
self-sufficient
includes the methods used and information communicated to encourage customers to purchase and to increase their satisfaction
promotion
a description of a unique group of prospective customers a business wants to serve and their location
market
direct, personal communications with customer in order to assess needs
selling
plans and manages financial resources and maintains records/ information related to a business’s finances
accounting and finance
concentrating on one thing or a few related activities so that they can be done well
specialization of labor
anything offered to a market by the business to satisfy needs
product
using the needs of customers as the primary focus during the planning, production, pricing, distribution and promo of a product/service.
marketing concept
obtaining, managing, and using market info to improve decision-making and performance of marketing activities
marketing-information management
creation and maintenance of satisfying exchange relationships
marketing
a location where people bring products to be conveniently exchanged
central market
the blending of 4 marketing elements- product, distribution, price, and promotion
marketing mix
offering products produced or manufactured by others for sale to customers
merchandising