Introduction to the Functions of Marketing

A set of practice flashcards covering the 7 core functions of marketing and their associated strategic concepts as presented in the lecture.

Marketing

A comprehensive system of interconnected activities designed to plan, price, promote, and distribute products to satisfy customer needs.

Product/Service Management

Involves obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities.

Marketing Information Management

A function that relies on gathering, storing, and analyzing information about customers, trends, and competing products to make sound business decisions.

Pricing

The process of determining how much to charge for goods and services in order to maximize profits while remaining competitive.

Channel Management

The process of deciding how to get goods into the customer's hands safely, efficiently, and cost-effectively, also known as distribution.

Promotion

The effort to inform, persuade, or remind current and potential customers about a business's products or services.

Selling

Directly communicating with customers to determine their needs and providing them with specific goods and services.

Market Planning

Understanding the concepts and strategies used to develop and target specific marketing campaigns to a select audience.

Lifecycle Management

A key activity of product management that involves adapting features as the product matures or declines.

Market Research

A core component of gathering insights through surveys, focus groups, and competitive analysis.

Trend Forecasting

Predicting future shifts in consumer demand and market conditions as part of marketing information management.

Cost-Plus Pricing

A strategy used to ensure the price of a product covers production costs plus a profit margin.

Value-Based Pricing

The practice of charging what the consumer believes the product is actually worth.

Dynamic Pricing

A strategy of adjusting prices in real-time based on supply, demand, and consumer behavior.

Intermediaries

Entities such as wholesalers, distributors, and retailers that help move products through the distribution channel.

Direct-to-Consumer (DTC)

A distribution method that bypasses traditional retail to sell directly via e-commerce platforms.

Advertising

Paid, non-personal communication including TV, digital ads, and billboards.

Public Relations

The function of managing a brand's image and handling media relations.

Sales Promotion

Short-term incentives used to engage customers, such as coupons, contests, or flash sales.

Target Market Identification

Defining the ideal customer demographic and psychographic to align marketing campaigns.