Marketing Functions

Function

A category of activities

Channel

A route a product takes from a producer to a consumer.

Marketing Information Management (MIM)

Gathering and analyzing information about markets, customers, industry trends, new technologies, and competing businesses

Marketing research

MIM is also called

Market planning

Analyzing the potential of different market places in order to create strategies to target a specific market

Target market

Specific group of customers whose needs and wants a company will focus on satisfying

Demographics

Qualities of a specific group of people including age, gender, income, ethnicity, education level, occupation, marital status, and family size

Psychographics

Data about the preferences or choices of a group of people, including hobbies, interests, and lifestyles

Pricing

All activities involved in setting prices for products

Product/Service management

Determining which products a business should offer to meet customer needs

Product Life Cycle

Introduction/Pioneering, Growth, Maturity, Decline

Promotion

Communicating with potential customers in an effort to influence their behavior

Selling

All personal communications with the customers