Top 10 Functions of Marketing

There are different functions of marketing that make it an important and inevitable practice in operating a business. Without marketing, the long-term existence of any business is almost impossible since marketing is crucial for maintaining the popularity of the brand among customers.

In this article, we will be discussing the functions of marketing and how they add value to a business.

Table of Contents

• What is marketing?
• Strategies for effective marketing
• Functions of Marketing

What is Marketing?

Marketing is a process that is opted for promoting services and products offered by a brand. It involves different activities such as content creation, promotional events, advertisement campaigns, branding, etc. The aim is to establish a brand presence positively among the target audience. There are different types of marketing that help in building brand presence on different platforms. This includes social media marketing, digital marketing, e-marketing, PR marketing, telemarketing, etc.

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Strategy for Effective Marketing

While we have understood the basics of marketing, let us now take an in-depth look at the effective strategies of marketing. 

1. Market research: Companies should conduct marketing research to understand the market they are entering. They should also gather data on the type of products customers need and prefer, recent trends and projections. This will give the company an upper hand to easily enter the market.
2. Conducting SWOT analysis: This is an important marketing function to identify the strengths and weaknesses of a business. Based on this analysis, businesses can understand their competitive position and accordingly develop strategic planning. 
3. Analyzing competition: Companies need to understand their positioning in marketing and how their competitors differ from them. Based on this analysis, a company can establish its identity in a unique and better way.

Functions of Marketing

Let us now discuss the important marketing functions in the following section:

1. Finding the target audience: One of the important functions of marketing is identifying the target audience or customers. This is an important step since the entire marketing strategy is based on customers. Once the segment of customers is identified, businesses can develop and market their products in an accurate direction based on consumer behaviour. 
2. Identifying customers’ requirements: Another important function is to identify what customers require and are seeking. This is an important part of marketing since the growth of the business is primarily dependent on customer satisfaction. Through marketing, businesses aim to connect with customers on an individual and personal level. The message that marketing campaigns deliver plays an essential role in building an emotional connection.
3. Product development: Once the company understands the requirements of its target audience, marketing team works on product development. This is extremely important since the product is developed based on the research and current market trends. If the product lacks any of the two factors, it may not be as successful as it was expected. 
4. Setting prices: Another important function in marketing is to set prices that are both affordable to customers and profitable for the business. The production cost, expenses in marketing, logistics and other processes must be considered by the marketing team.
5. Establishing brand identity: Another important function in marketing is to establish a positive and unique brand identity. For the purpose of branding, marketers assess the market data, conduct market research and study trends as well as projections. This detailed process helps in coming up with a brand identity that has a personal and customized touch.
6. Building market presence: Once branding is done, it is also important to promote the company with this brand identity. To achieve this, establishing a brand’s presence in the market is extremely important. To achieve this purpose, various promotional activities are conducted. This includes advertising campaigns, social media marketing, digital marketing, press releases, and other media gigs.
7. Rebranding: This comes later on when the company is trying to upmarket. Whenever a company wants to revamp its identity, new marketing strategies are employed. This involves creating a new logo, theme, positioning statement, advertising campaigns and a new motto. Rebranding aims to eradicate any negative sentiments associated with the brand in the past.
8. Promotion: This is another important function of marketing since brand needs to stay fresh in the memory of its customers. This is to prevent ‘out of sight, out of mind’ situation since people have short-term memory. Print and media advertisements are crucial in keeping the media presence of the brand alive amongst customers. Holding events is also a part of promoting the brand. 
9. Increasing sales: One of the most important functions of marketing is increasing sales. Revenue and profit generation is the most important objective for any business. Effective marketing strategies help in increasing the customer base, which in turn increases sales and thus, profits.
10. Capturing bigger market share: Apart from increasing sales and profits, businesses also use marketing to increase their share in the market. Different marketing strategies and platforms are optimized. They are used to promote the brand so that more customers can identify and relate to the brand value.

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Conclusion

Without marketing, the long-term existence of most businesses is almost impossible. With effective marketing strategies, businesses can continue to make profits, increase sales and market share. Most importantly, it increases and maintains the popularity of brand among customers.

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