What Are The Functions Of Marketing

Marketing will be given top priority in any business, no matter what kind of business it is. Without marketing, there aren’t sales and there isn’t a business. 

There are various functions of marketing such as market planning, promotion, distribution, and lots more.

So let’s look into what are the functions of marketing. Below is a list of 15 functions of marketing that a business must be aware of. Let’s check out each one in detail.

What Are The Functions Of Marketing

Market Information

This is one major functions of marketing. As a business, you must understand the needs, wants as well as demands of your target audience, and then should take various decisions to market your organization’s products and services. 

You must understand the company’s internal weakness and strength along with your target market.

Research

Much needed function of marketing is the research process. It will include gathering sufficient information about the target market. 

A good amount of research is needed to identify the behaviour, size of the market, genders, social norms, etc of your target audience and then preparing an effective product or service which will satisfy their needs and wants.

Buying Function

In order to produce a complete product, marketers must obtain the quality materials which is required for production. 

This function is basically done by the purchase and supply department but it is the job of the marketer to assist them in purchasing the essential materials for designing the product.

Market Planning

When a business is established it will have certain objectives like to dominate the market or increase the market share in their niche. And is the responsibility of the marketers to make sure it is going in line.

Exchange Function

The exchange functions of marketing involve buying and selling aspects. It will ensure that the organization’s offering is available in sufficient numbers to meet the demands of the buyers. This function is supported by sales promotions and advertisements.

Product Designing And Development

In today’s competitive world you must think about the product style, size, shape, etc, and not just about the cost of the product. This will help you to make the product eye-catching to the target market.

You must develop the product by analyzing the requirements of your target market and this is an essential function of the marketing department. You must design an effective product on the basis of needs and wants of your market.

Production

You might be wondering how a production comes under the functions of marketing as it is performed by the production department. 

But to be honest, this is interrelated with the department of marketing because the production of the product which takes places must meet the requirements of the targetted audience.

Promotion

No doubt, promotion comes in top priority when it comes to the functions of the marketing department. 

This requires effective communication as well as content marketing strategies so that your product reaches to your target audience. It might include advertisements, direct marketing, events, exhibitions, trade shows etc

Standardization And Grading

The standardization might involve the product offerings that will meet the predetermined specifications which will help in receiving uniformity.

Grading involves dividing or grouping of products into a certain group based on certain specifications and this is one of the functions to be taken care by the marketing department.

Pricing

This function is performed by the marketers on how to price the products they have designed. 

Marketers must make sure that the product gives value to the consumers and the price shouldn’t be too high or too low. Pricing can be changed or varied by analyzing the performance of the product cycle.

Distribution

Distribution, as the name suggests how the product is distributed to the end consumers from the point of production. It is the duty of the marketers to ensure that the products reach to the end-user and it is easily accessed. 

Marketers must determine how the distribution is going to place, for example, whether it is done directly by the manufacturer or by making use of indirect channels or intermediaries. 

Packaging, Labelling And Branding

Packing refers to how the product is wrapped or how it is displayed to the customers. It is used to protect the product from damages. 

Labeling refers to the information given which is related to the product and it must include everything that consumers must know, for example, ingredients used, how to use that product etc. 

Branding is very much essential as it sets your business apart from the competitors and it gives an identity to your product. For example, a supercar is a generic name whereas Porsche is a brand name. Branding isn’t done only for products, in the service industry as well it is very much required.

Financing

Financing is a part of marketing and it deals with providing the necessary income for the business. 

It refers to how marketers must raise capital in order to start and remain in the business and also the modes of payment options given to the consumers.

Risk-Taking

Risk-taking is one important marketing function. The market is uncertain, one cannot predict the future. 

Marketers need to understand the effect of taking risks and how it might impact in the long run both for the business as well for your consumers.

Customer Support

Not to mention, this is a needed function in the field of marketing. It might include things like answering your customer questions, providing maintenance services, handling customer complaints, providing great after-sales services that will make them feel delighted with your support and service. It is the duty of the marketers to make their customers always feel special.

Final Word

These were some needed functions of marketing that every business or marketers must take into consideration. The functions of marketing basically revolves around the needs and wants of customers along with managing your business goals.

A quick look at the main points of the functions of marketing

• Market Information
• Research
• Buying Function
• Exchange Function
• Market Planning
• Pricing 
• Distribution
• Product Design And Development
• Production
• Promotion
• Standardization And Grading
• Packaging, Labelling And Branding
• Customer Support
• Financing
• Risk-Taking