Marketing function is a role that helps a company identify and source potentially successful products for the marketplace they operate in and then promote them by differentiating them from similar products. It is one of the pillars of any organization, along with sales, support, manufacturing, and finance. The marketing department performs critical activities like market research and planning, overall branding, product design, media strategy, and distribution. The marketing function is responsible for understanding customer requirements and feedback to ensure that the right product or service offering reaches the market under the brand name. There are seven widely recognized functions of marketing that provide a foundation for business owners, advertisers, and marketing professionals of all kinds. These functions are:
- Promotion
- Selling
- Product/Service Management
- Marketing Information Management
- Pricing
- Financing
- Distribution
Each function carries a different set of responsibilities, and it is crucial to consider all of them for a successful marketing strategy. The seven functions of marketing provide a tried and true methodology that gives a great idea a chance to reach its full potential. By referencing the seven functions while creating a marketing plan, marketing teams stay on track with their objectives, and these functions are vital for comprehending the intention of marketing plans, methods, and strategies.
