BUSINESS

The Essential Marketing Functions vital for Business Success

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This post was most recently updated on October 10th, 2018

What is a Marketing Function:

Marketing function is defined as the role that helps a company source relevant products for the market and promote them through differentiation, thus being able to highlight their unique selling propositions.
Typical marketing functions include:

1. Marketing research
2. Developing a marketing plan
3. Product development
4. Standardization and grading
5. Packaging and labeling
6. Pricing
7. Promotion
8. Distribution
9. Customer service and support

Below is each marketing function described in detail:

1. Marketing Research:

Marketing research is the most important marketing function which helps ascertain the wants and needs, and life roles of the target audience. In light of the market research carried out you can determine how and when to launch the product after having gathered and analyzed the market information.

 

2. Market Planning:

Market planning includes laying down a course of action for achieving the objectives that you have set for your business all the way from planning for increasing production and sales, and promoting the product in the marketplace. At this stage you would want to plan the geographic area you would want to cater to and the pricing strategy.

 

3. Product Development:

Product design and development are essential before hitting the market, this is a fundamental stage in the product life cycle, the technology used, focusing on product aesthetics and quality, and determining how to maintain a competitive edge in comparison with competitors present in the market.

 

4. Standardisation and Grading:

This includes abiding by the standards prevailing in the industry and producing goods at predetermined standard specifications thereby adhering to established quality and quantity standards. Grading on the other hand includes classifying goods in groups in accordance with predetermined characteristics including weight, size, and quality of raw materials used.

 

5. Packaging and Labeling:

Packaging and labeling are an essential marketing function as far as the product presentation is concerned and these days producing environment friendly packaging has become the need of the hour. Companies while doing the PESTLE analysis realize that they need to have environment friendly strategies in order to operate in a certain location and packaging is one of the concerns there is. Also, by law companies are obligated to disclose ingredients on the product packaging.

 

6. Pricing:

Pricing is the amount of money a customer has to pay while purchasing a certain product and varies depending on the demand and type of product. If the demand is inelastic and if it’s a specialty product, the pricing could be based on price skimming during the introductory stage. Similarly, if the purpose is penetrate the market with your product being a convenience product then the demand could be elastic and penetration pricing strategies could be employed.


 

7. Distribution:

Distribution channels are set after the product is ready to hit the shelves in the marketing. Depending the product type transportation is managed accordingly, for example, if the product is perishable then vans with cold storage are essential.

 

8. Customer Service & Support:

After sales service and support are of utmost importance especially in the era of social media where third party endorsements are highly trusted. No matter how great the product, if this marketing function is missing then the brand would be short-lived.

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