Chand role of marketing top 10 important role of marketing

Such functions describe all things that form parts of the marketing practice. We're going to take a closer look at the seven major functions of marketing in this article.

Marketing's seven functions are distribution, market research, pricing, finance, product management, promotional channels, and consumer matching.

1. Finding the Best Distribution Channels

Distribution is about how to get the goods or services that you want to sell to the people who want to buy them. It's great to have an idea for a product, but if you can't get it to the customers, you won't make money.

Distribution can be as easy as setting up a shop in the part of a city where your target customers are – but in an increasingly interconnected world, distributing more often than not means taking your products or services to customers.

2. Financing Your Business

It takes money to make money as the saying goes.

As a business owner, finding the money through investments, or loans, or your own personal capital to finance your business and the marketing and advertising of your goods or services is a very important function of marketing.

3. Deep Market Research

The aim of market research is to collect information about your target customers.

Who are the people you would like to sell to? How, in comparison to a competing company, would they buy from you?

For answer these questions, you need to analyze market trends and competing products in your niche.

4. Setting Prices

It can be a challenge to set the right value for your product or service.

If you're pricing it too high, you might lose customers – but if you're pricing it too low, you may be taking money from yourself.

Usually the "right" price comes from trial and error and some work on the marketing research involved.

5. Product and Service Management

Once the target market is decided and the cost of your product or service is set, the goal then becomes to manage the product or service effectively.

It involves listening to consumers, adapting to their wishes and desires and keeping your product up to date with your customers needs and objectives.

6. Promotional Channels

The definition of marketing is common to most business owners. In order to attract new customers and keep existing customers coming back, advertising your products and services continually is very important.

As the landscape shifts, you're going to want to respond appropriately by tailoring your marketing messages to social media, sticking to more traditional channels, or using an old and new blend.

It all depends on where your prospective customers are located and so finding the promotional channels that reach them is also very important.

7. Matching Products to Customers

Although we tend to think that sales and advertising are closely linked to each other, selling is the last on the list of the seven core marketing functions.

This is because sales can only occur after you have established your customer base desires and needs and are able to respond at the right price point and time frame with the right products or services.

What are the roles and importance of marketing?

The importance of marketing for your business is that it makes the customers aware of your products or services, engages them, and helps them make the buying decision. Furthermore, a marketing plan, a part of your business plan helps in creating and maintaining demand, relevance, reputation, competition, etc.

What is the most important role in marketing?

Marketing, at its core, is about responding to customer needs and wants. In order to really be on top of your game, you need to pay attention to what's going on in the marketplace and identify problems that your customers might have. Responding to customers' needs is the most important role of the marketing department.

What are the 10 marketing activities?

10 Essential Marketing Activities for Small Business Owners: From Beginner to Advanced.

Create a website. ... .

Develop a social media presence. ... .

Start email marketing. ... .

Network in your local community. ... .

Launch a referral or loyalty program. ... .

Utilize video marketing. ... .

Invest in pay-per-click (PPC) advertising. ... .

Engage with influencers..

What are the 5 important things in marketing?

The 5 P's of marketing – Product, Price, Promotion, Place, and People – are a framework that helps guide marketing strategies and keep marketers focused on the right things. Let's take a deep dive into their importance for your brand. Need content for your business?