Functions Of Marketing: An entrepreneur who does not understand everything the marketing department can do to maximize the results his company achieves is hardly able to exploit all its benefits fully. Marketing actions can be responsible for taking your brand to the customer, creating new sales opportunities, and building a good reputation in the market.
So that you can explore the full potential of the marketing department, let’s better understand the main functions of marketing:
Table of Contents
Study The Market
The market study is a planning stage carried out by marketing, seeking to understand better the market situation in which the company is inserted. It is how the company can identify the best opportunities to take advantage of and stand out from competitors.
Functions Of Marketing – Pricing
Product or service pricing is one of the most significant and complicated functions of marketing. Choosing a high price can lead to lower demand for the product, and a low price can lead to bankruptcy. Thus, the price must be set after considerable research and considering factors such as production cost, competitors’ price, market conditions, target customer type, extra expenses incurred, profit margin, etc.
The company must understand that the price of a product largely determines how much it will earn from the customer; therefore, changing the price frequently can adversely impact the company’s revenue.
Position The Company In The Market
After studying the market, marketing is also responsible for defining the best positioning for the company in the market. In need full of companies, perhaps adopting a younger and more informal approach is the big difference in attracting the public’s attention, for example.
Understand The Stages Of The Sale
Your decision to buy a t-shirt is undoubtedly quite different from the process experienced when purchasing a car. Every company has additional sales phases, right? When marketing can understand the stages each company’s consumer has gone through, it is possible to work on actions encouraging this path.
Functions Of Marketing – Meet The Consumer
A reasonable consumer study makes all the difference in sales results. What are your consumer’s tastes and desires? Why would he look for your company and not your competitors? The more information you have, your marketing actions can be more efficient.
Developing a Business Plan
Once the company has all the necessary information about the market and customers, it needs to outline a strategy that helps it achieve its objective, considering the market environment. The company needs to plan how much it will produce, how it will distribute, and how it will promote its products. All this is decided, and a schedule is drawn up according to which the company takes further steps.
Of course, social media is of paramount importance in today’s world, but don’t let that make you ignore offline actions.
Functions Of Marketing- Company Communication
Among the functions of marketing is also communication with the public. All interactions carried out by the company contribute (positively or negatively) to its reputation.
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Functions Of Marketing- Packaging and Labeling
Packaging is an activity performed to protect the product from damage from the external environment. It aims to prevent breakage, injury, damage, or destruction of goods during transport or storage.
Labeling is defined as designing and developing the product label to provide consumers with relevant information about the product. It helps in easy product identification and can help the brand stand out in the market.
Packaging and labeling are the first things consumers come into contact with. Therefore, considerable importance should be given when finalizing the marketing plan.
Attract New Customers
When we talk about marketing functions, this is the most remembered function. Marketing actions aim to attract new customers interested in purchasing your company’s products or services.
Promote Promotional Campaigns
What’s the best way to get your business seen by the public? The creation of promotional campaigns should be based on a plan that considers the best way to reach your potential customers.
Build Industry Authority
Functions Of Marketing : The goal of any business is to have its brand recognized and well-regarded among the public. Marketing actions also contribute to building authority in the market – improving public perception.
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