In this article, we will explore the main functions of this commercial and administrative methodology, unraveling each component so that you have a clear and complete vision of its impact.
What is business marketing?
Before we break down the functions of marketing, it’s critical that you understand what business marketing actually is . In its simplest form, marketing refers to the strategies and tactics that businesses use to identify, anticipate, and satisfy consumer needs and wants. This discipline goes far beyond simple advertising and sales; it involves analyzing, planning, implementing, and controlling programs designed to create mutually beneficial exchanges for the business and the customer.
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Main functions of marketing
1. Market research
One of the basic pillars when trying to understand what the marketing function is is market research. This function is responsible for collecting, analyzing and interpreting data about the target market and the environment in which it is located. Through qualitative and quantitative methods, valuable insights are obtained that allow the company to better understand its audience, understand its needs and desires, as well as identify trends and opportunities.
Types of market research
- Primary research: data collected firsthand through surveys, interviews and focus groups.
- Secondary research : Data collected from existing sources such as industry reports, academic studies, and government statistics.
2. Product Development
Another of the main functions of marketing is product development, which involves not only the creation of new products but also the management of the life cycle of existing products. This function is crucial for the innovation and competitiveness of the company. Decisions in this area must be based on market research to ensure that the products meet the needs of the target audience.
Phases of product development
- Conceptualization: generation of ideas and development of concepts.
- Design and prototype: creation of preliminary models for evaluation.
- Market testing: launching the product in a limited market to evaluate consumer response.
- Commercial launch: introduction of the product into the mass market.
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3. Pricing Strategies
Pricing is one of the most delicate and strategic functions of marketing. The price of a product or service not only affects the company’s revenue, but also the customer’s perception of value. A well-thought-out pricing strategy can be the difference between success and failure in the market.
Pricing Methods
- Cost-plus: adding a profit margin to the total cost of production.
- Competitive: Setting the price based on the prices of competitors.
- Perceived value: setting the price according to the value that the customer perceives in the product or service.
4. Communication and promotion
If you’ve ever wondered what marketing function you see most in action, it’s undoubtedly communication and promotion. This area ranges from advertising and public relations to direct selling and sales promotion. The goal is to effectively communicate the value of the product or service to potential customers, creating a positive image and motivating purchase.
Promotion tools
- Advertising: advertisements in media such as television, radio and the Internet.
- Public relations: managing public image through events, press releases and sponsorship.
- Sales promotion: discounts, special offers, free samples.
- Digital marketing: use of social networks, email marketing, SEO and SEM.
5. Distribution
Marketing functions would not be complete without mentioning distribution. This area is concerned with the way products get from the manufacturer to the final consumer. The choice of distribution channels affects both the availability of the product and its cost and convenience for the customer.
Types of distribution channels
- Direct: direct sales to consumers aqb directory through physical or online stores.
- Indirect: use of intermediaries such as wholesalers and retailers.
- Hybrids: a combination of direct and indirect channels.
6. Customer serviceLast but not least is customer service. Customer satisfaction doesn’t end with the purchase; maintaining a good after-sales relationship is vital to foster loyalty and positive word of mouth. Customer service must be attentive, fast and efficient to resolve any issues and ensure the best possible experience.
Key aspects of customer service
- Personalized attention: listening digital marketing trends and opportunities in thailand in 2022 and understanding the client’s needs.
- Problem resolution: manage and resolve complaints and queries efficiently.
- Loyalty: implement loyalty programs and post-sale follow-up.
Do you want to know more about marketing?
As you can see, marketing functions are varied and range from initial market analysis to after-sales service. Each of these interconnected functions helps form an integral mechanism that drives the company towards success.
And now that you have a more complete vision, it’s the perfect time to take this knowledge to the next level. If you are interested in exploring this fascinating field of study further and acquiring the skills necessary to excel in it, we invite you to study the Bachelor’s Degree in Marketing at UNIVA. This could be the gateway to an exciting career full of opportunities!
