What Are The Functions Of Marketing?

 | 
November 17, 2021
UPDATED: 
November 19, 2021
What Are The Functions Of Marketing?

Marketing can be defined as a set of activities that companies use to create value for customers and build strong customer relationships to capture value from customers in return. The three primary functions of marketing are product management, pricing, and promotion.

The role of marketing has evolved as new technologies have emerged and consumer behavior has changed. Today, marketers must think strategically across digital and traditional channels to deliver a consistent brand experience across every touchpoint with consumers. 

Product Management 

The role of a product manager is to manage the entire lifecycle of a product from conception through launch and beyond. They are responsible for ensuring that their products meet customer needs, have the right features at the right time, and ultimately drive revenue growth. 

Product managers work closely with engineering, design, sales, and marketing teams to deliver these goals.

Pricing

Pricing strategies determine how much consumers will pay for a product or service relative to its perceived benefits, costs, competitive alternatives, etc. At the same time, distribution channels help ensure that products reach target markets efficiently and effectively. 

In addition, it also includes deciding where those products should be sold – online or offline and how much inventory needs to be kept on hand.

Promotion

Promotion fosters brand awareness while educating target audiences on a brand's products or services. Branding seeks to establish an emotional connection with consumers through images and messages about the company's values and personality.

The goal of marketing is to create awareness for your company, build brand loyalty, generate leads, and ultimately drive sales. 

These three functions work together towards one goal - creating value for your business by building strong customer relationships so you can capture value from them in return! It’s all about adding value.

To learn more about various components and strategies of marketing, visit our blog section.

Author

  • Joseph was a fresh marketing graduate when he started working for ScoreLA and has been with the company ever since. This proves that the company has embraced the non-customary type of hiring, wherein we believe that if someone does not have the required experience for the job, then we equip them with the training needed to perform their tasks with excellence.

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