7 KEY FUNCTIONS OF MARKETING FOR GROWTH

Pricing cannot be too low or too high compared to the market average. Then you have to factor in the target audience and how much they will be willing to pay for a product and the value it brings. Market information management is all about gathering consumer data and using it to improve other marketing functions and facilitate critical business decisions.

The distribution part of marketing is the methods you employ to find the best distribution channels to get your products to the right customers. In simpler terms, distribution is how you plan to distribute your products. When it comes to marketing your product, you probably do a lot of things to make sure that it reaches the right people. You employ methods to create, communicate and deliver your services to customers.

Financing is the less-discussed function of marketing, but they are very important for business. Financing may not seem like a serious concern for the marketing team, but gradually marketers need to think about this matter. If the marketing department can’t secure a space in the budget to fully support the next marketing campaign, the ROI calculation will be difficult in the future. A marketing campaign program that gets the most value out of available resources and applies the right strategies to engage and nurture qualified leads, can show undeniable ROI.

What makes the 7 functions of marketing important?

Distribution Channels are companies and individuals bringing products or services to customers. To put it simply, Distribution is shown through consumers’ places to purchase products or services. For example, it could be traditional store affiliates or online sales sites. Promotions make current customers and potential customers familiar with your product and company.

As more and more companies are focusing on innovation, the role of Product Management has become a critical factor in the success of those organizations. In short, successful marketing delivers a regular revenue stream to pay for operating the business. Whichever route you decide to take with distribution, do your research.

Functions of Marketing for your business‍

If you are marketing products to a small number of business customers, you can transact instantly with them through the sales team. However, if the business expands to other regions or countries, it can be more cost-effective to reach consumers through local distributors. Customer product marketing companies are dispersed through retail stores or over the Internet. So, where to sell the products or services and how to get them into customers’ hands is another important planning of marketing. Marketers need to be aligned whenever a new product, promotion, or campaign is launched so companies can have all of their distribution ducks in a row.

The more information a marketer can gather about the target customer, competitors, and market trends, the more successful the marketing efforts will be. One of the core functions of marketing is to collect valuable data and share it with other departments that might find it useful. The sales team can always use more in-depth marketing insights to help them refine their pitches. Business owners everywhere recognize that if they want to make money, they have to sell their products or services. But what you might not know is that there are actually seven functions of marketing that span everything from distribution to pricing. You’d have to take into consideration the buying power of your target customers as well as the production cost you incur.

Marketing Functions

Besides, financing also impacts decisions such as whether to give credit to customers or not. Sales operations and methods include identifying customer requirements and satisfying them through planned, personalized communication. In addition, the sales process has a lot to do with the customer’s purchasing decision and prospective business development. Marketing has expanded rapidly over the years to include a multitude of facets including public relations, social media, market research and even advertising. This is where your research will come in handy to tell you whether or not social media is the right place for your service, or a boutique retailer, or other outlet. Along with the distribution of your products comes their promotion.

Marketers try to understand the customers’ needs and interests before the product launch so that they can make sure the product fulfills their expectations. Companies get this information through customer feedback, surveys, and most prominently, through social media. This information also helps create on-point promotional campaigns that hit the mark and bring in returns on investment (ROI). A marketer can do the function of pricing for its goods by developing pricing systems based on product life cycles or stages. Price is the actual value that customers perceive your product to be. Therefore, the price of a product should be fixed so that it is not too high, but at the same time, it must also be profitable enough for the company.

Top 5 Marketing Channel Strategy To Grow Your Brand

You’d listen to any query your customers come with, analyze the market and if it seems valid, improve on it. Your brand image would also play a factor here as customers would be willing to pay more for a trusted brand’s product. Plus, knowing the prices your competitors charge can help make sure that the customers would be willing to pay for your product.

Building brand awareness and raising the company profile are major priorities for every marketing department. Promotional strategies sometimes overlap with other awareness-building activities, such as advertising and public relations. So marketers need to plan the promotional campaign in a proper way. Promotional events include everything from content marketing and email marketing to social media and influencer marketing. So promotion is the most essential component of the marketing mix. The seven marketing functions are essential since each of them symbolizes a category of activities that happens in marketing.

Marketing Strategy & Structure

Marketing is an essential function for any business, as it helps to create awareness and interest in the company’s products or services. It is also the process of communicating with customers to build relationships that benefit both parties. Rolex is a perfect example of a brand that can command higher pricing because of its brand perception. The pricing also reflects the buying power of its target audience and the promise of luxury. That’s why pricing is a function of marketing and cannot be set otherwise. This is the toughest of the seven marketing functions since it involves an extensive understanding of the market.

• As the economy becomes more project-focused, the need for highly functional project managers becomes more imperative.
• For instance, marketing builds awareness and branding for a product, allowing a company’s sales staff or retail staff to sell more products.
• During the presentation stage is when that need is addressed, allowing for the product or service to act as the solution to the problem.
• Regardless of the industry, promotion increases brand awareness, lead generation, and product sales for businesses — which are a few of the factors that make marketing important.
• For example, in a store, a salesman can uptalk your product while being real.

The distribution of goods comes in two types – physical and digital. Physically, it happens through manual shipping or managing the inventory of stores. Digitally, it happens on marketing or social media platforms where a company shares its information with customers.

The marketer also helps establish how the market is responding to the cost of service by the business and can help to determine whether or not their financial model is sustainable. The process 7 marketing function combines efficient communication and strategic product prices to meet consumer needs and make the sale. Effective selling will help reach sales targets, increase profit, and grow leads.

Product and service management

Designing the right products helps meet the customers’ needs and reach the business’ goals. This function revolves around the product and service distribution to the list of customers. Choosing the right distribution channels is a part of the marketing team’s responsibility. This ensures accurate targeting of customers and provides better marketing campaign results. From PR and information management, to financing and distribution – these seven functions of marketing are essential in today’s business world.

Businesses that blog get 2x email traffic than businesses without blogs. Yes, the sales team is the one talking to the customer and making the final transaction. However, it’s a marketer’s job to sell the product to the customer long before speaking to a sales rep. Selling involves motivating customers to buy a product or service by telling them how it fulfills customer needs.