What are the marketing functions?

The marketing functions include seven key components - distribution, financing, market research, pricing, product and service management, promotion, and selling. Marketing functions are important because they help businesses to promote their products or services, reach potential customers, and improve brand recognition. Additionally, marketing functions can help businesses to capture market share, increase profit margins, and create new opportunities for growth.

The seven marketing functions include:

Distribution--Distribution Strategy in Marketing

• Distribution strategy in marketing entails how a company is going to deliver its products or services to a customer. This strategy can vary depending on what service or good you're offering, as there are different distribution channels in marketing. You're not going to start a digital marketing agency in the middle of a wheat field in Kansas--you probably want to be in an urban area where there are plenty of businesses around. Distribution strategy in marketing needs to be considered when developing any idea.

Financing--The Role of Marketing in Business

• If you want to have a successful marketing campaign, it's going to take some money. You don't want to throw all your eggs in one basket, but you still want to create a smart financial plan that allocates some ability to spend, but not so much that you don't see a profit.

Market Research--Importance of Market Research

• Market research is arguably the most crucial of the seven functions. What is marketing research? It revolves around researching your target demographic so you can build a sound marketing strategy. Effective market research requires using tools to find out who you should be targeting based on what you're selling. If you're a tech company that came up with a new social media platform, are you going to target octogenarians? Didn't think so. If you want a more in-depth look at how to do market research, this article is a good starting point.

Pricing--Again, the Importance of Market Research

• Once you know how to do market research, you'll find that market research also can help with pricing. Make sure you're not losing any profits by selling too low. However, you don't want to overcharge and then not see any kind of return because customers found a cheaper alternative.

Product and Service Management--Measuring Advertising Effectiveness

• In order to prevent falling behind with your customers, you must constantly make improvements to the product or service you offer. By staying on top of customer feedback and online reviews, you can see what's working and what isn't. Additionally, employing marketing performance metrics is a smart way to keep up with service management. Interested in learning more about marketing performance metrics? Check out this article

Promotion--What Is Promotion in Marketing?

• Promotion involves confirming your advertisements are seen in the right places by the right people. You'll want to make sure there's plenty of advertising from your brand's end, as well as to keep up with which advertising strategies are trending. Advertising on Facebook is certainly a great place to focus your promotion efforts.

Selling--What Is the Difference Between Sales and Marketing?