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Marketing is essential for any company that wants to sell products or services. But what exactly is marketing? And what role does it play in the success of a business? Marketing is the process of creating value for a company through the creation and distribution of products or services. It is also about building customer relationships and creating a positive brand image.
It can be challenging to keep track of all the different functions of marketing, but in this article, we will break it down for you. We will discuss seven essential marketing functions that every business should be aware of. Understanding these functions allows you to create a successful marketing strategy that works for your company!
Why are the 7 marketing functions important?
Each of the seven marketing functions represents a category of activities that must take place for marketing to succeed. Marketing teams often refer back to these functions to keep their campaigns focused and on track. In addition, the functions are important for understanding the purpose of various marketing strategies, processes, and tools.
They can help professionals develop more consistent marketing strategies for different brands and organizations when used together. By clearly understanding the seven marketing functions, businesses can develop more targeted and effective marketing campaigns that will ultimately lead to more sales and success in a competitive marketplace.
The 7 functions of marketing
Here are the seven functions of marketing that every business should be aware of:
1. Promotion
At its core, promotion is about creating buzz and generating interest in a product or service. The function of marketing focuses on introducing potential consumers to a brand and educating them about what it has to offer. There are many ways to promote, and each can be tailored to fit a particular product, brand, or target audience.
Some common promotion strategies include email marketing, social media advertising, public relations, digital or print advertising, content marketing, brand partnerships, and influencer marketing. While promotion is important for generating excitement and conversation around a brand, it often requires the support of other marketing functions to be truly successful.
For example, a promotional campaign may need the help of an advertising team to create eye-catching visuals or the support of a PR team to generate positive media coverage. Ultimately, promotion is just one piece of the puzzle when successfully marketing a product or service.
2. Selling
Many marketing professionals view selling as an important part of their job. While it is true that selling can be a function of marketing, it is essential to note that there is more to selling than simply communicating with potential customers. To be successful in selling, marketing professionals must also follow up with sales leads and cultivate relationships with potential customers.
If done correctly, these activities can help to distinguish your brand from competitors. When developing a selling strategy, marketers and salespeople need to collaborate to determine how best to position their product within the market and sell it to potential customers. Developing an effective selling strategy can increase your chances of market success.
3. Product and Service Management
Product management is a function of marketing that focuses on planning, developing, and managing a brand’s products. It encompasses everything from market research Or customer needs and wants to designing and launching new products. Product managers also play an important role in post-launch activities such as monitoring sales, analyzing customer feedback, and making necessary changes to improve the product over time.
An effective product management strategy requires a clear understanding of the target market, the competitive landscape, and the brand’s overall business goals. By developing a well-rounded product management strategy, businesses can bring new products to market quickly and efficiently while also ensuring that they meet customer needs and expectations.
4. Marketing Information Management
Marketing is about driving a company’s growth by acquiring and retaining customers. But to acquire and retain the right customers, marketing needs to be strategic. And being strategic requires having data-driven insights into the customer, the competition, and the market trends.
This is where marketing information management comes in. Marketing information management is collecting all relevant data, distilling it down to the most important insights, and sharing it with other departments that can use it. A sales team, for instance, can benefit significantly from having access to marketing’s data-driven insights.
With this information at their disposal, sales teams can refine their pitches to address the latest industry trends, respond to competitor messaging and speak directly to customers’ pressing needs. In short, marketing information management systems are critical for any company that wants to be serious about marketing.
5. Financing
Securing financing for digital marketing campaigns can be challenging, especially for small businesses or businesses that are new to the market. However, there are a few things that the marketing team can do to increase their chances of getting the funding they need. First, creating a detailed budget outlines how the money will be used is crucial.
Second, marketing teams should try to secure funding from multiple sources, including both internal and external sources. Finally, it’s essential to track the results of previous marketing campaigns so that you can demonstrate a positive return on investment. By following these tips, marketing teams can increase their chances of getting the financing they need to create successful marketing campaigns.
6. Pricing
Pricing is another one of the most critical elements of marketing, as it directly affects how much revenue a company can generate. When setting prices, businesses must strike a balance between the customer’s perceived value of the product and the cost of producing it.
This can be a delicate balance to achieve, and several other factors must be considered, such as the prices set by competitors and the amount customers might be willing to pay.
Marketing research is essential in helping businesses determine an appropriate price for their products or services. Once a price has been set, it is important for promotional materials and branding to match the price point; for example, a luxury product should not be advertised at a discount price. By taking into account all of these elements, businesses can ensure that they are pricing their products correctly.
7. Distribution
An effective product cannot fulfill its purpose if it does not reach the customer. Distribution is making a product available for purchase and delivering it to the customer. An effective distribution strategy will consider the most efficient methods for making the product available to customers and getting it into their hands.
Many factors must be considered when developing a distribution strategy, including eCommerce stores, in-person stores, wholesalers, warehouses, transportation, and shipping methods. All of these elements must work together to create an effective distribution system. Marketing plays a critical role in informing the distribution strategy, as the data collected by marketing efforts can help to identify customer needs and preferences.
By aligning the distribution strategy with the marketing plan, businesses can ensure that their products reach the hands of their target customers.
Final Thoughts
Marketing is a critical function for any business that wants to be successful. Many different elements fall under the marketing umbrella, and each is important in its own right. From financing and pricing to distribution and research, businesses must make sure they have a solid plan for each element of their marketing strategy. By doing so, they can increase their chances of reaching their target customers and achieving their desired results.
What other functions do you think are important for marketing? Let us know in the comments below!
FAQ
What is the function of brand management?
The primary purpose of brand management is to create and sustain a favorable image for a company’s products or services in the marketplace. Brand managers are responsible for all aspects of their company’s brand, including its planning, development, promotion, and maintenance.
What are the Marketing Information Management Systems?
The Marketing Information Management System (MIMS) is a computerized system used by marketing managers to collect, store, analyze, and provide information for marketing decision-making.
How to Secure Financing for Marketing Campaigns?
There are several ways to finance a marketing campaign. One way is to use the company’s resources, such as profits or savings. Another way is to borrow money from financial institutions, such as banks or credit unions. A third way is to raise money from investors.
How to Set Prices?
Prices are set based on several factors, including production costs, the perceived value of the product or service, competition, and market conditions.
Why is financing an important facilitating function of marketing?
Financing is an important facilitating function of marketing because it allows companies to fund their marketing activities. Marketing campaigns can be expensive, and without financing, many companies would be unable to afford to market their products or services.
What is the Importance of an Effective Distribution Strategy?
An effective distribution strategy is important because it determines how and where a product or service will be available to customers. The distribution strategy must be aligned with the company’s overall marketing strategy to be effective.
What is the Relationship Between Marketing and the Distribution Strategy?
The relationship between marketing and the distribution strategy is one of alignment. The distribution strategy must be aligned with the company’s overall marketing strategy to be effective.
How to Use Marketing Data to Inform the Distribution Strategy?
Marketing data can be used to inform the distribution strategy in several ways. First, market research can identify the most effective channels for reaching the target market. Sales data can be used to track customer purchasing patterns and preferences. And finally, marketing data can be used to assess the effectiveness of the distribution strategy itself.
What is the Relationship Between Transportation and Shipping Methods?
The relationship between transportation and shipping methods is one of coordination. The transportation method must be coordinated with the shipping method to ensure that the product or service arrives at the intended destination safely and on time.
What is the Importance of Customer Needs and Preferences?
Customers’ needs and preferences are critical because they determine what products or services they will demand. Therefore, companies must be aware of customer needs and preferences to produce the products or services that customers want.
What is the main function of marketing?
The main function of marketing is to create value for customers. Therefore, marketing activities such as product development, pricing, and promotion are all directed toward creating customer value. In addition, marketing aims to create customer satisfaction, which leads to customer loyalty and repeat business.
