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.
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 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 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.