Functions

• Marketing Research

  • a systematic and scientific process of investigating into all aspects of marketing.
  • includes collection, analysis, and interpretation of marketing information to find answers to various problems in marketing
• Product Planning and Development

  The generation of ideas for new products, analysis, and screening of ideas, test marketing of new products, etc.
• Pricing

  Involves decisions about the list price of the product, and discounts, if any to be allowed.
• Promotion

  The process of informing prospective buyers about the product and stimulating them to purchase it.
• Selling

  • The heart of marketing because the purpose of marketing is to sell a product or service.
  • It is the process of finding customers, convincing them to buy, transferring the ownership of goods, and collection of payment.
• Distribution

  Involves choice of channel of distribution and physical distribution.