Marketing functions form the basis of the work of marketing professionals. Each function includes a set of responsibilities and tasks that allow a marketing team to design, organize and execute a successful campaign. Discover in this guide the different functions of marketing.
Product and service management and market research
The first function of marketing is the development of products. This function includes the creation of a new product or the improvement of an existing product to have more appeal in the market. If successful, this can increase sales volume and help increase a company’s revenue. company.
After marketing research for a new or refined product, it is time to do market research on the target market of that good or service. This marketing function includes the collection of data on the target audience potential and their needs and desires. This allows marketers to be able to effectively launch and promote their products in the market.
This information can help determine where to open outlets, how much to charge, what type of promotion is needed, and whether to open more points of sale or if the existing ones should be closed.
Market researchers use focus groups and surveys as two means of collecting data on consumers they will need at this stage of the marketing process.
Promote and market products and services
The promotion promotes brand awareness while educating target audiences about a brand’s products or services. It focuses on presenting your brand to potential consumers. This function of marketing varies in form, and marketing professionals tailor each shape to a particular product, brand or target audience. The promotion may include one of strategies following:
- Email marketing;
- Advertising on social media;
- Public relations;
- Digital or print advertising;
- Content marketing;
- Partnerships with brands;
- Influencer marketing;
- The events.
Each of these methods aims to generate communication and enthusiasm for a product or service. Several marketing professionals ensure this function. The lescausantes communication service can facilitate the promotion of your product or services. However, the promotion itself often requires the support of other marketing functions to be successful.
The sale is also another function of marketing which includes communicating with potential customers and finding sales leads. It’s important for marketers to research sales leads with subtlety. This helps them build relationships with potential customers.
As the communication establishes itself with a potential customer, marketers can present their product and answer customer questions.
Manage marketing information
You can optimize your marketing strategies when you focus on data and insights. It is important to collect and store data, such as preferences and data demographic client. Often, this data relates directly to the target audience of your products and services. They can also help make effective business decisions for the entire company.
Consider sharing your data and results with other services. Each tool marketing provides unique data and feedback. Choosing the right tool therefore depends on your specific needs.
Fund a product or service
the funding is a marketing function that involves obtaining funds, either internally or externally, to create marketing campaigns. It’s important for marketing teams to get enough uptime in their annual budget to enhance previous marketing campaigns and stay up-to-date with industry trends.
A marketing team can demonstrate added value to their business if revenue continues to grow through campaigns high quality marketing. This upward trajectory may also allow this team to obtain funding futurebecause it can demonstrate a quantifiable positive return on its investment.
Distribute the products or services
Another function of marketing is distribution. This function consists of transporting goods from the place where they are produced or stored to the place where they will be sold. The success of this phase depends on proper pricing and inventory management so that products do not sit on store shelves gathering dust when they could still be sold elsewhere at a price different.
If products are not selling due to high prices, it may be necessary to find sales channels. distribution cheaper. Or if the products are selling well, but there are still excess inventory that need to be taken off the shelves faster, that means lowering the price to sell even more.
In sum, marketing functions are important in understanding the purpose of marketing strategies, processes and tools. These features work cohesively to help professionals develop cohesive marketing strategies for multiple types of brands and organizations.