Across the globe, the main goal of every business owner is to make money by the way of selling their products or services. But what they don’t realize that there are actually some really important functions of marketing which span everything starting from distribution to pricing. Keeping this important factor in mind, let us discuss the top functions of marketing.
Functions Of Marketing
- Distribution of a product is one of the most important functions of marketing. It is about deciding how one can get its goods or services to the people who have the need to buy them. Having an idea for a product is not enough; if you fail to get that product to the customers the whole idea can fail. Marketing helps you channel your products to the right set of customers. Gone are the days when customers used to find you, now you’ll need to take your products or services to them.
- Making money demands investment. As an owner of a business, one of the most important functions of marketing a product is to find money through investments, loans, or your personal capital to finance the creation and advertising of your goods or services.
- Market research is about gathering information relating to your target customers. Means those people who you want to sell to and why they should choose you over your competitors. To answer these questions, one needs to do some on-the-ground observation of the trends prevailing in the market and the competing products.
- One of the greatest challenge business owner’s faces is setting the correct price for the product or service. If the product is priced too high there are chances to lose the customers and if too low you can face losses. Arriving for the “right” price for your product normally comes through trial and error and doing some market research.
- Once the target market is determined and the price of the product is decided, the next goal is to effectively manage the product or service. The idea is to listen to your customers, respond to their needs and wants and keeps your products or services updated with the changing demand in the market.
- Product advertising if one of an essential part to attract new customers and retain the existing ones so that they keep coming back. The marketplace is dynamic, business owners need to actively respond by suitably modifying their promotional messages.
- The last thing on the list of functions of marketing is selling. This is because of the fact that selling can happen only after the owner has determined the wants and needs of their customer base and are able to respond to them with the right products at the right price point and at the right time frame.
Marketing is should be a top priority in the modern global market. It is just not helpful, but indispensable for success. iSN Global Solutions is a market research company that provides you with the optimum data related to your business needs. Consider outsourcing marketing research to experts like us.
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