Functions Of Marketing

Functions Of Marketing [ Ultimate Guide ]

Marketing can be understood as activities which are undertaken by any organization or company to promote the buying or selling of a product or service. It can also include creating brand awareness, promotions, etc.

The ultimate goal for any individual, business, or organization is to attract the target consumers or customers. To accomplish this goal of targeting and having success with marketing strategies, every business follows seven marketing functions. These functions are inter-related to achieve the desired results or goals from marketing.

So, let's learn in detail about seven functions of marketing and how these play an important role in the marketing sector.

                           

Seven Marketing Functions

The seven marketing functions which are known as a pillar for any marketing activities are market planning, product/service management, marketing-information management, pricing, channel management, promotion, and selling.

  1. Market Planning - It involves coming up with strategies to attract the target audience to your business, any services,  or products. It involves determining activities, procedures, goals, etc. to name a few.
  2. Product/Service Management: It involves managing and handling the product’s life cycle from beginning to end. It involves generating ideas for new products, improving or updating existing products to name a few.
  3. Marketing-information management: It involves gathering, accessing, synthesizing, evaluating, and disseminating information for better marketing decisions.
  4. Pricing: It often involves deciding how much to charge for products, services, etc. so that customers will be willing to buy and the organization will generate revenues and make a profit
  5. Channel management: It involves identifying, selecting, monitoring, and evaluating the sales channel for better performance. Sales channels can be any social media platforms, affiliates, etc. to name a few.
  6. Promotion: It includes communicating information about goods, services, etc. to consumers which may include advertising, publicity, sales promotion, etc.
  7. Selling: It involves selling products or services on a personal level—face-to-face or non-personal levels such as through the use of a computer or any other digital medium.

To conclude, these are the seven functions of marketing which will help you accomplish your marketing goals and strategies also, if you are looking for any guidance, help, or consultancy with your digital marketing goals and to mark your digital presence, you should surely visit or contact StratDev Digital Marketing by filling out the details below.



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