Marketing Functions
related activities that must be completed to accomplish an important marketing goal
Marketing functions refer to the fundamental activities that businesses or organizations use to promote and sell their products or services to potential customers. The following are the essential marketing functions:
1. Product Development: This refers to the process of creating a new product or improving the existing one to meet customer needs and stay competitive in the market.
2. Pricing: This involves setting the right price for the product, which is determined by several factors such as production costs, competition, supply and demand, and customer value.
3. Promotion: This function involves creating awareness and interest in the product or service through advertising, sales promotion, public relations, and personal selling.
4. Distribution: This refers to the process of getting the product to the customer, which involves selecting the right channels of distribution such as wholesalers, retailers, or direct-to-consumer sales.
5. Market Research: This function consists of gathering and analyzing data about customers, competitors, and the industry to help make informed decisions about product development, pricing, promotion, and distribution.
6. Customer Service: This function involves providing high-quality service to customers before, during, and after the sale to build trust and loyalty.
Overall, these marketing functions are interconnected and crucial to the success of any business or organization in today’s competitive market.
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