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What are the 6 functions of marketing in a business

What are the 6 functions of marketing in a business The job that marketing professionals conduct is built on marketing functions. A marketing team has to do each role in order to plan, coordinate, and carry out a successful campaign. Seven commonly regarded marketing tasks add to what marketers do on the whole. These tasks include:

1. Promotion

Promotion fosters brand awareness while educating target audiences on a brand’s products or services. It emphasizes introducing potential consumers to your brand. This function of marketing varies in form, and marketing professionals tailor each form to relate to a particular product, brand or target audience. Promotion

may include any of the following strategies:

• Email marketing

• Social media advertisements

• Public relations

• Digital or print advertising

• Content marketing

• Brand partnerships

• Influencer marketing

• Events

Each of these methods attempts to generate conversation and excitement about a product or service. However, the promotion itself often requires the support of other marketing functions to be successful.

2. Selling

Selling is a function of marketing that comprises communicating with potential customers and pursuing sales leads. It’s important for marketing professionals to pursue sales leads with subtlety, which helps them build relationships with potential customers. As communication with a potential customer progresses, successful marketers may introduce their product and answer questions customers may have. Effective selling techniques can help you distinguish your brand from competitors. Marketers and salespeople may collaborate to determine how to best position their product within their market and sell it to potential customers.

3. Product management

Product management includes the development, design and improvement of products or services. The role of a marketer in product management is to ensure that a finished product meets customer needs. This includes examining the overall visual of the product, its usefulness and how it’s delivered. Some product management strategies include:

• Analyzing competitors: Researching and analyzing your competitors equips you with information to develop a product that rivals or surpasses theirs.

• Communicating with customers

• : This strategy provides helpful insight into ways to improve your products before they reach the market.

• Implementing feedback: It’s important for marketing professionals to gather feedback from several areas—both inside and outside their organization—to improve their production processes.

• Conducting market research: Researching similar products helps a marketing team determine what customers want and how to satisfy them.

• Coordinating with other departments: Collaborating with other teams in your organization prepares your entire company to release a product, generate ideas for distribution and deliver products seamlessly.

4. Pricing

Establishing a price for a product incorporates several factors of cost and value. Ideally, marketers find a price between customers’ perceptions of a product’s value and the actual cost of producing it. Other factors include the price your competitors set and the amount customers might pay for your product. Marketing professionals consider these elements when deciding how to price a particular product or service.

It can be challenging to determine a price for your product, but using in-depth market research can help you make an informed decision. Whatever price you choose for your product, it’s important for your promotions and branding to match its price. For example, if you sell a handbag for $1,000, you might market it as a luxury item. This emphasizes your product’s value, which could convince customers to purchase your item.

5. Marketing information management

You can optimize your marketing strategies when you focus on data and information. It’s important to collect and store data, such as customer preferences and demographics. Often, this data directly relates to your target audience for your products and services. This also can inform effective business decisions for the entire company, so consider sharing your data and findings with other departments, as well.

You can gather relevant information from various marketing tools, such as:

• Surveys

• Online reviews

• Social media engagements

• Market research reports

Each marketing tool provides unique data and feedback, so choosing the right one depends on your specific needs. For example, if your team wants to measure the effectiveness of your last social media campaign, you could research the number of followers that your brand’s accounts gained during the campaign. This can help you determine whether your efforts succeeded in increasing social media engagement.

6. Financing

Financing is a marketing function that involves securing funding—either internally or externally—to create marketing campaigns. It’s important for marketing teams to secure enough availability in their annual budget to improve previous marketing campaigns and remain updated with industry trends.

A marketing team can demonstrate its added value to its company if revenue continues to increase due to high-quality marketing campaigns. This upward trajectory might also allow that team to secure future funding, as they can demonstrate a quantifiable positive return on their investment.

7. Distribution

Distribution is the process of transporting your company’s products or services to your customers. There are several physical and digital methods of distribution, including:

• Online stores

• Catalogs or magazines

• Sales calls

• Retail stores

• Wholesalers

How to Pass Business Studies  Grade 12 with distinctions

One of the most significant accomplishments in your academic career is passing matric. It provides access to a wide range of post secondary options and employment possibilities. Use our best study advice to complete your matriculation, and you’ll succeed with flying colors.

1. Attend class 
2. Ask questions 
3. Make notes 
4. Study 
5. Practise 
6. Study groups 
7. Extra class 
8. Motivation 
9. Complete assessments 
10. Prepare for the Exams in due time

Download Past Exam Papers & Memo per Province

• Department of Basic Education Grade 9 Exams
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• Northern Cape Papers and Memorandum
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