7 Functions of Marketing

A company uses information from its sales records to reduce its product line by eliminating the products that did not sell well in the past two years.

• Product Service Management

• Inventory Control

• Market Analysis

• Sales Forecasting

Assessing customer needs to determine the perfect type of running shoe for the customer's upcoming half marathon.

• Marketing

• Selling

• Advertising

• Promoting

When the tan colored M&M was removed from the standard M&M package, the Mars candy company held a contest and allowed fans to vote on the next color of M&M. Blue won the customer voting contest. What does this process exemplify?

• Product Service Management

• Market Research

• Consumer Behavior

• Brand Loyalty

The rapper Eminem appears on a talk show to discuss his new album launching. They ask him to share information about the singles on the album and the creative process behind the production of the album.

• Promotion

• Collaboration

• Distribution

• Production

Process of collecting information about customer trends, and competitor products.

• Market Research

• Marketing Information Management

• Consumer Behavior Analysis

• Competitor Analysis

Steve works in marketing research. His main job is to gather data from focus groups and analyze it to discover marketing trends and customer buying patterns.

• Marketing Information Management

• Data Analysis Techniques

• Consumer Behavior Studies

• Market Segmentation Strategies

A team of workers approach customers in a mall to ask them their opinion about the upcoming political election and the candidates running for office.

• Marketing Information Management

• Political Campaign Strategy

• Customer Engagement Techniques

• Public Opinion Analysis

The hot Christmas toy for children jumped in price from $35.99 to $54.99 because consumer demand increased, therefore suppliers could charge more and parents were willing to pay that to make their children happy.

• Pricing

• Supply and Demand

• Consumer Behavior

• Market Trends

A retail store employee puts a pair of shoes on a customer and asks the customer if the shoe fits right.

• Selling

• Marketing

• Advertising

• Customer Service

Offering retail store credit cards and layaway options to customers to make it easier to purchase items.

• Financing

• Budgeting

• Investing

• Saving