Core functions of marketing and decision making.

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Instructions: Be sure to save an electronic copy of your answer before submitting it for grading. Unless otherwise stated, answer in complete sentences, and be sure to use correct English, spelling, ... and grammar. Sources must be cited in APA format. Your response should be four (4) double? spaced pages; refer to the “Format Requirements? page located at the beginning of this learning guide for specific format requirements. 1. Describe the core marketing functions within an organization. 2. Discuss the goals and expected outcomes of this organizational function. 3. Explain how companies create customer-centered businesses. 4. Describe how customer-centered businesses impact the consumer decision-making process. 5. Describe what tools are used to make effective marketing decisions. Core Function of Marketing and Decision-Making Student’s Name Institutional Affiliation  Core Marketing Functions Marketing is an essential organizational process that involves moving a product from concept to the consumer. The process involves numerous functions. Some of the core marketing functions include distribution, promotion, and pricing. The distribution function involves determining how the product or service will reach its targeted consumer. Organizations may engage in a variety of distribution channels to achieve this function. These distribution channels assist in bridging the gap between the producer and the final consumer (Lancaster & Massingham, 2010). Distribution is an important function since it moderates the consumer’s access to the product. The second core function is pricing, which involves determining how much to charge consumers for the product/service. The organization needs to set the right price, which is one that is commensurate to the value being delivered to the consumer. A third core function is product/service management. Under this function, marketers develop, improve, maintain, design, redesign, and acquire products/services that respond to opportunities in the market. A fourth core function of marketing is promotion. This process entails communicating with potential customers to drive them towards the desired outcome, such as a purchase. There are at least three other core functions of marketing. The fifth function is financing or market planning, which entails determining how the organization will introduce its products into the market. Marketing information management is a marketing function wherein the business collects information about its customers, which it then uses in decision-making and marketing activities. The final marketing function is selling. Through this function, the organization delivers the product/service to its customers. [Show More]

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