Marketing is a crucial aspect of any business, and it involves several core functions that work together to achieve success. The seven core marketing functions are:
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Marketing Information Management: This function involves gathering and analyzing data about customers, competitors, and the market to inform marketing decisions.
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Financing: This function involves securing funding for marketing activities, such as advertising and promotions.
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Product and Service Management: This function involves developing and managing products and services to meet customer needs and preferences.
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Pricing: This function involves setting prices for products and services that are competitive and profitable.
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Promotion: This function involves creating and executing marketing campaigns to raise awareness and generate interest in products and services.
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Selling: This function involves the process of selling products and services to customers.
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Distribution: This function involves getting products and services to customers through various channels, such as retail stores, online marketplaces, and direct sales.
Different sources may group these functions differently or use different terminology, but the core functions remain the same. Understanding these functions can help businesses focus their marketing efforts and develop effective strategies to achieve their goals.
