The Seven Functions of Marketing with Examples

Marketing is an effective tool that helps the company's owners to sell their products regardless of the method of sale. A successful business project cannot exist without marketing. Marketing helps to increase sales, profits, and flow of customers. This helps the company to establish a loyal customer base. All these activities are based on Seven Functions of Marketing.

The Significance of Marketing

The most people barely grasp the essence of marketing. Everyone has heard this word, but if you ask what it is, every second man keeps silent, because he does not find an answer to this question. Marketing can be compared to art. And if you understand all specific of this art, you will understand how it works and takes possession of skills of successful business. It's your main goal, is not it? The main idea of marketing is the human needs.

Distribution

If talking shortly this is how you plan to distribute your products. You have to understand all the advantages and disadvantages of your company, in order to know how it is more profitable to distribute your products.

For example:

A new company that produces handmade items, to create a reputation, will choose a well-known store, in order to earn the trust of customers. As soon as clothes were distributed to a popular boutique, the brand is gaining popularity. After the company has recommended itself, it is possible to switch to the Internet and expand in this direction. Thus, the company will no longer depend on another brand and will open new opportunities for itself.

Product/Service Management

Product management is the planning of the assortment at all stages of their production. The goal of product management is to create a balanced volume of products in terms of maximizing sales in the longest term.

Promotion

This is one of the most important functions of marketing. The goal of promotion is to increase demand and increase brand awareness. Promotion should be seen as an integral part of the marketing complex. Have you noticed that the opening of a new supermarket or store is always accompanied by substantial discounts and promotions? This technique called as an advertising tactic.

For example:

A new store can offer one product for free, with the purchase of two identical products. "2+1=1". Or the supermarket can offer a discount on the goods during the first days after the opening. These are effective advertising strategies that attract customers.

Price

This is one of the most difficult aspects of marketing. Fixing the price of a product requires extensive market research, since this can lead to large losses of the firm.
Prices are constantly changing. The growth and fall in prices is directly related to the economy of the country and the growth in demand for the product.

For example:

Let’s consider a business that sells seasonal vegetables. If the firm is the only one that sells this kind of goods in this territory, then it can afford to set the price above the market prices. In this case, the buyer will have nowhere to go and he will buy this vegetables.

Selling

The sale depends on how much your product is preferable to people.

For example:

You can sell your products directly or indirectly. If you have a store where you sell your own products, you can personally make sure that you have staff that will help customers.
If this is an online sale, then you need to have explanatory brochures for each of the products.

Financing

The basis for the emergence of business is a good investment. The company must have sufficient financial resources to advertise their product. As soon as the product begins to gain popularity, the company should spend more to make its product easily accessible.

For example:

If the company is based on online advertising, the marketing tools will be limited to creating a website to launch its product, etc.

Marketing Information Management

This function includes understanding your target audience, which involves understanding the interests of customers, and their needs.

For example:

Carrying out customer surveys is one of the most effective ways to understand what your customers think of your company. The company can send a part of its promo-personnel to shopping centers and other stores to interview customers. This information is analyze and helps to develop more efficient business models.