Why Marketing Functions are important in growing a business?

Why Marketing Functions are important -1

“The aim of marketing is to know and understand the customer so well the product or service fits them and sells itself.” Peter F. Drucker

What are Marketing functions?

Marketing functions are roles which help companies to identify and source potentially successful products for the marketplace they operate in and then promote them by differentiating them from similar products.

Why are they important?

They are an essential part of any company as they establish a strong presence in the market and connect with the target audience. Moreover, without effective marketing, businesses may struggle to reach their target audience, compete in the market, and achieve their objectives.

The 7 marketing functions and their importance:

  1. Marketing information management:

Refers to the act of compiling, organizing, storing, analyzing, and reporting analytics based on marketing information and data.

In a deeper detail it systematically gathers and reports on data relevant to your marketing processes. You can optimize your marketing strategies when you focus on data and information. It’s important to collect and store data, such as customer preferences and demographics. Often, this data directly relates to your target audience for your products and services.

  1. Financing:

One of the most important functions of marketing is securing funding for your campaigns.

Marketers need to ensure they have enough budget each year, or quarter, to run the necessary campaigns and stay ahead of the competition.

This can be one of the trickiest of the seven marketing functions because business owners want to see a strong return on marketing investment. Good marketers can show that their marketing budgets help to increase revenue, helping the business achieve an upwards trajectory.

  1. Product management:

Product management includes the development, design and improvement of products or services, this includes examining the overall visual of the product, its usefulness and how it’s delivered. This process involves having a deep understanding of your customers, their interests, and their pain points. Then examine the delivered product and ensure it meets these standards.

  1. Pricing:

Pricing is not always up to marketing professionals, but marketers also play a crucial role in the company pricing strategy as they do the market research, understanding the target market, following industry trends, and ensuring the product’s pricing matches your target audience’s marketing perspective. Pricing and marketing are closely linked because a lot of value is often communicated through the brand.

  1. Promotion:

Is about getting your company’s name on top of your list. In a marketing perspective, promotion can include everything from digital marketing services – “like content marketing, email marketing and social media”, to text marketing, influencer marketing and traditional marketing tactics.

  1. Selling:

Effective selling techniques can help you distinguish your brand from competitors. Marketers and salespeople may collaborate to determine how to best position their product within their market and sell it to potential customers. Selling is an important marketing function as it is delivering a product to your customer while building relationships and value.

  1. Distribution:

It is crucial that one can connect the company’s products or services to the consumers, as this is what distribution is all about. A marketer should also be well informed of all the online and Offline distribution options.  It is crucial that the marketer matches the right distribution strategy with the company’s target customers. A marketer must know where the most prospective customers are and how to reach them.

Without intention, the marketing function can also sometimes slip into a supporting or operational role, where its true potential is lost. This pressure leaves many CMOs feeling overwhelmed. But it’s not all doom and gloom. There are plenty of ways CMOs can help their organizations to compete and win in the market.

All your marketing efforts should be set out to achieve something. By understanding this, you can adjust your tools, budget, and strategy in a more optimal way. This will help you achieve better results, which will make it easier to grow your business.

Creating a culture of love and respect in the workplace is essential to building a positive and supportive work environment. By encouraging open communication, fostering a positive attitude, and providing opportunities for growth and development, companies can help their employees feel valued, respected, and appreciated. A culture of love and respect can help to increase productivity, improve morale, reduce turnover, and build better relationships, which can lead to success for both the company and its employees.

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