What are the Functions of Marketing?
Marketing is the backbone of a business function that helps in selling the product, making the customers aware of the products or services and increases the brand Image of a business.
For achieving good marketing goals the important functions of marketing need to be discussed in detail. We will now discuss the functions of marketing one by one.
Following are the Functions of Marketing:
1. Need of the customer:
The Basic in marketing function is to identify the needs of the consumer about a product or service that are present in the market. First businesses houses must therefore gather information on the customer and perform analysis on the collected information. In this way business houses can design a product or service that matches the customer’s needs.
It is very important for a business to have a plan. The management should be very clear about the company vision and what it wants to achieve from the created plan. The company should then write out a timeline that is essential for achieving the objectives.
3. Product Development:
After the details are received from the consumer research, the product is developed for the consumers keeping in mind a few factors like product design, durability and cost. These 3 factors are Important for a product to sustain in the market.
Branding is a very important aspect of Marketing. When the Brand name is well reached to the customers then the marketing becomes easy to archive for the business house. A good brand name is the reflection of the customer’s goodwill and any product coming from the same brand will be accepted more warmly by the consumers.
Pricing plays a vital role in most of the important parts of marketing function. It is the price of a product that determines whether it will be successful or a failure. Some other factors are market demand, products genuineness and price of competitors.
Promotion is the process of making the customers aware of the product by presenting it to customers across various channels of promotion and entices them to buy the product.
The major channels of promotions are advertising, media, personal selling and using Digital marketing techniques.
7. Customer Service:
A business house has to set-up various kinds of customer service based on their product. It can be pre-sales, technical support, customer support, maintenance services, etc. Good customer service function plays an important role for a product or service to stay longer in the market.
This is all about Functions of Marketing. Here we have discussed 7 Functions of Marketing. I hope you found this blog informative. Thanks For Reading.