Business owners across the globe recognise that if they want to make money, they need to sell their products or services. Understanding the core functions of marketing can assist you to better focus your efforts and strategies in order to support your business. Not to mention, it’s a whole lot easier to show ROI and relevant KPIs if you know precisely what the marketing department is expected to deliver.
Marketing functions are the foundation for the work which marketing professionals do. Each function consists of a set of responsibilities and tasks for a marketing team to design, organise and execute a successful campaign. There are seven widely accepted marketing functions which contribute to the overall work of marketers. The seven functions include:
- Product management
- Marketing information management
What Are The Different Marketing Tasks?
There are a number of different tasks which fall under the marketing function.
Some of the crucial ones are the following:
One of the most vital tasks of marketing is to plan – as well as research – the market trends. The whole planning exercise is performed by the marketing department/function.
Market planning takes the whole organisation’s view and strategy in order to make sure that the correct market strategy and tactics are utilised for designing and improving the product/service offering for the customers.
Product life cycle design (PLC) and management is a crucial task which is performed by the marketing function. The entire PLC is managed by the marketing function. Product design encompasses product functionalities, customer requirements, research as well as development activities. Branding is also included in this step.
3. Product development
After the product is designed, the product needs to be developed as per the design. It includes prototyping, testing, test marketing and user feedback.
After the confirmation, the product is given over to manufacturing department for development.
Modern marketing necessitates a lot of information effectively, accurately and speedily. Marketing information allows a seller to know when to sell, at what price to sell and who are the competitors,. Marketing information and its correct analysis has led to marketing research which has now become an individual branch of marketing.
Business firms collect, analyse and interpret facts as well as information from internal sources, for example records, sales-people in addition to findings of the market research department. Firms also look for facts and information from outside sources, for example business publications, government reports and commercial research firms.
Retailers have to know about sources of supply as well as about customers “buying motives in addition to buying habits”. Manufacturers have to know about retailers and about advertising media. Firms in both of these groups require information about ‘competitor’ activities and about their markets.
Even best consumers require market information regarding the availability of products, their quality standards, their prices as well as also about the after sale service facility. Common sources for consumers are sales people, media advertisements and colleagues.
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