Product/Service Management includes developing and obtaining a product to the customers wants and needs.
Market planning shows how a business will plan to advertise their product-guides decision making-less money and time wasted
. involves determining and adjusting prices to maximize return and meet customers’ perceptions of value. Well recognized brands may use value-based pricing.
Gathering data from targeted audience, analysis. This helps with accurate information for customers.(ex:surveys, customers sharing analytics to help them develop better software)
marketing info information
pricing
Identifies, selects, monitors, and evaluates sales channels (a.k.a. channels of distribution)Puts products in the customers’ hands
Channel management involves identifying, selecting, monitoring, and evaluating sales channels
Examples may include:a luxury bakery that only sells certain products in upscale areas, sales and operations planning.
Selling involves interaction with customers. influences purchase decisions and enhances future business opportunities.
Promotion Informs, persuades or reminds customers about a business and/or its products(ex: ads, deals, sales, public relations)