Marketing functions | all about marketing

Marketing functions

We have discussed above what marketing is and defined its goals, objectives and principles. Next, let's get acquainted with the five key functions of marketing:
1. Analytical. A set of measures for the study of external and internal factors that affect the company, the market and consumer demand. This includes analyzing the niche and competitors, studying the needs of the target audience and predicting consumer behavior. In addition, the internal activities of the company are also analyzed – to what extent the corporate environment meets the demands of the time, how the company looks against the background of competitors.

2. Production. These functions are responsible for the introduction of new technologies into the production process. The process itself can be divided into several components: organization of purchases, sale of goods and services, warehousing and others. Also, the production functions solve the tasks of managing the quality and competitiveness of goods in the market, control the compliance of products with quality standards.

3. Thirdly, Management and control. They are responsible for the planning processes of marketing events in the company. This also includes information support for clients and partners, risk management.

4. Fourth, Sales. Everything that is responsible for the formation of the pricing and commodity policy of the enterprise. In a broader sense, sales also include measures to expand demand for goods and services, the development of new markets.

5. Fifth, Innovative. Development and introduction of a new product to the market.The functionality is supported by the following marketing methods – survey, analysis of the market situation, observation, study of consumer demand. In terms of product promotion, advertising technologies are used in online and offline environments, PR, personal sales, consultations.

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