1.1 Flashcards
0
Q
What are the seven functions of marketing?
A
- Distribution
- Financing
- Marketing information management
- Pricing
- Product/service management
- Promotion
- Selling
1
Q
Four foundations of marketing
A
- Business, management, entrepreneurship
- Communication and interpersonal skills
- Economics
- Professional development
2
Q
Distribution
A
Involves deciding where and to whom products need to be sold in order to reach the final users
3
Q
Financing
A
Getting the money necessary to pay for the operation of the business
4
Q
Marketing information management
A
Getting the necessary information to make sound business decisions
5
Q
Pricing
A
How much to charge for goods and services in order to maximize profits
6
Q
Product/service management
A
Obtaining, developing, maintaining, and improving a product or product mix in response to market opportunities
7
Q
Promotion
A
Communicating with potential customers to inform, persuade, or remind them about a business’s products
8
Q
Selling
A
Providing customers with goods and services that they want
