POB 3.01 & 3.02 Review

The 7 functions of marketing are...

• Marketing-information Mgmt, Product/Service Mgmt, Pricing, Place, Selling, Financing, & Promotion
• Marketing-information Mgmt, Product/Service Mgmt, Pricing, Place, Leading, Financing, & Managing

__________________ is the function that involves designing, developing, maintaining, improving, and obtaining products and services in order to meet the needs of customers.

• Product/Service Mgmt
• Selling
• Financing
• Pricing

__________________________ (distribution) involves using the best ways for customers to locate, obtain, and use the products and services of a business.

• Product/Service Mgmt
• Place
• Selling
• Financing

_____________  involves communicating directly with potential customers in order to determine and satisfy their needs and wants.

• Product/Service Mgmt
• Pricing
• Selling
• Promotion

________________________ involves obtaining, managing, and using information about products and services, customers, and competitors to improve business decision-making and the performance of marketing activities.

• Product/Service Mgmt
• Marketing-information management
• Pricing
• Place

_____________________ involves budgeting for marketing activities, securing necessary funds for operations, and providing financial assistance to customers.

• Product/Service Mgmt
• Financing
• Pricing
• Promotion

________________ involves determining and communicating the value of products and services.

• Financing
• Pricing
• Promotion
• Selling

_________________ involves communicating information such as features and prices about products and services to potential customers.

• Pricing
• Financing
• Promotion
• Selling

What are the 2 steps for developing a marketing strategy?

• (1) Identify a Target Market and (2) Create a Marketing Mix
• (1) Research and (2) Create surveys

The steps in the consumer decision-making process are:

• 1. Recognize a need.
  2. Gather Information.
  3. Select and evaluate alternatives
  4. Make a purchase decision
  5. Determine effectiveness of decision.
• 1. Gather Information.
  2. Select and evaluate alternatives
  3. Recognize a need.
  4. Make a purchase decision
  5. Determine effectiveness of decision.