Over the years, marketing has been a means of showcasing a product and enlightening your audience on what the product they want to purchase entails. It is by far the most productive way of advertising. Here, our scope would be drilled towards explaining 7 functions of marketing.
What is Marketing?
Marketing is simply an informative way of showcasing a company or individual products or creating awareness of the services that are rendered. In order for marketing to be successful, it must be captivating to your audience so as for them to want to purchase the said product.
For better understanding, below are 7 functions of marketing with a detailed explanation.
7 Functions Of Marketing
- Good Distribution Channel
- Sustained Finance
- Accurate Market Research
- Setting Prices
- Product and Service Management
- Sponsored Channels
- Matching products to customer
Good Distribution Channel
Distribution, simply implies how you intend getting your products or services to your clients. The distribution process has changed quite a lot.
Usually, the effective way of rendering services in the past was to set up a shop close to where your services are most needed. However, given how fast the world is becoming digitized, you have to meet your customers wherever they are.
Take as an instance, a company that produces skincare products might merge with a reputable store just for the sole aim of gaining customer’s trust. This could transition into an online business via a social media channel.
To be a diligent business owner, you must create an avenue of funds to market your product(s). Sustained finance is highly essential for you to market your products, and sometimes you can decide to derive funds through loans, investments or better still your personal capital to enable you to market the services you render.
For instance, a company that focuses on rendering services online, the marketing tools might be restricted to creating multiple Ads and websites to exhibit its product.
Accurate Market Research
To be successful in any business, you have to have a deep understanding of what you are doing or about to do. Carrying accurate market research can enable you to ask yourself various questions like who needs your product? Why should they patronize you instead of your competitor?
Getting a good answer to these questions can channel your thoughts towards investigating some competing products and finding out also some market trends.
A perfect example is recording the opinions of your clients. In any business that is done, a customer’s feedback can not be overemphasized. Thus, carrying out customer surveys to know what a customer thinks that is not done right is necessary as it helps the company grow and develop a better model to meet the expectation of the customer.
Arriving at a price for your product can become exhausting. If for profit’s sake, you tend to put your products on the high side, then there is every possibility that customers would drift. This is because obviously, nobody would want an expensive rate when they know they can get it cheaper somewhere else.
Also, if you decide to reduce the prices of the products or services to a cheaper rate, then you might end up making zero (0) profit. To arrive at the right price, you would need proper market research or carry out various trial and error before finally getting it.
Take for instance, a business can increase its prices based on the fact that the demand for the product is high. Also, if the firm is the only one around that vicinity selling the required product.
Product And Service Management
Now, this is one of the most important functions of marketing. After correctly setting the price(s) of your product and meeting the target market the next step is to manage the product and services.
This involves giving your customers a voice; this could be done via a questionnaire, to know exactly what is needed and required. Also, by tending to their wants or needs and regularly keeping your products up to date. Once this is complete, you can effectively manage your product and services.
Let’s say a firm that sells housing tiles, might be cautious not to purchase a particular pattern of tiles. Probably because newer designs might spring up and render the previous obsolete. Hence, the need for balancing it by purchasing it in bits until it finishes and subsequently request for more.
Oftentimes, some business owner fails to channel or market their products correctly, which can lead to a negative outcome. One thing is certain when you create enough publicity for your product and services, prospective clients would be compelled to either purchase or inquire about the services.
Now, we all know the world is going digital, but let’s not forget that some people have refused to follow trends. Hence, trying mixing up social media marketing and traditional methods. Believe it or not, newspapers, flyers and magazines are still valuable in creating awareness.
For example, a business that is just starting and wants popularity is encouraged to pay vendors or pay an influential person to market its product. When that is done, people would be moved to want to purchase the product as they feel comfortable due to the trusted source (the marketer).
Matching Products To Customer
This is the last function of marketing, as it entails a producer getting the right product to the customer. Selling can only be administered after critically analyzing what the customer requires and how to deliver the said product accurately and timely as well.
For Example, a bakery that specializes in cakes might have an order from a customer to bake a specific cake he or she sees online. It is important for the vendor to meet or even exceed the customer’s requirement.
What Are The Functions Of Marketing Information?
A marketing function is a detailed activity carried out in marketing. A marketing function is imperative in transporting goods from the place of inception all the way down to the final destination (i.e. consumption). It serves as a guide in helping the producer in finally reaching the customer or consumer.
Difference Between The Marketing Mix And Marketing Functions
The marketing mix can simply be referred to as the four P’s i.e. Product, Price, Place and lastly Promotion. The marketing mix directs the producer in finally achieving its aim, which is to get to the end-user.
The marketing function, on the other hand, has to do with staying in business, that is eliminating all forms of barriers and also developing a cost-effective way to maintain the growth of the business.
In conclusion, marketing or rather the functions of marketing is very essential in any business a company or individual decides to venture into, from the distribution down to the matching products to customer as explained. Detailed analysis must also be carried out to remain in business and to generate income as well.