Marketing might sound like a term reserved for big businesses or advertising agencies, but in reality, it's something we all encounter every day. From the ads we see on social media to the products we buy at the store, marketing is all around us. But what exactly does it involve? Let's break down the 7 functions of marketing.
1-Market Research
Let’s say you're planning a surprise birthday party for your friend, but you're not sure what kind of cake they like. Market research would involve asking all your friends discreetly about your friend's favorite flavors. It helps businesses understand what customers want, need, and prefer so they can tailor their products or services accordingly.
2-Product Development
Once you know what people want, it's time to create it. Product development can be compared to baking that perfect cake after finding out your friend loves chocolate and strawberries. Businesses use market research to design and refine their products or services to meet customer demands.
3-Packaging and Branding
Have you ever been drawn to a product just because it looked nice or had a catchy logo? That's the impact of packaging and branding. It's wrapping that delicious cake in a beautiful box with a ribbon on top. Packaging and branding make products stand out on the shelf and create a connection with customers.
4-Pricing
Just like you wouldn't charge $100 for a slice of cake at your friend's birthday party, businesses need to set the right price for their products or services. With pricing, you’ll need to consider factors like production costs, competition, and what customers are willing to pay.
5-Promotion
Now it's time to let everyone know about your amazing cake! It includes advertising, public relations, sales promotions, and other methods to attract customers and create buzz around the product or service.
6-Distribution
Distribution involves getting products from the manufacturer to the consumer. It includes activities like transportation, warehousing, and retailing. The goal is to make sure the right products are available in the right place at the right time.
7-Selling
It's time to slice the cake and serve it to your friends! Selling includes activities such as personal selling, online sales, and customer service. The goal is to make the buying process smooth and enjoyable for the customer.
Understanding these seven functions of marketing can help you see how businesses create, promote, and sell products or services to meet customer needs. The next time you see an ad or buy something at the store, you'll have a better understanding of the thought and effort that went into it.
Take the first step towards digital marketing success today! Contact us for a free consultation and let's start brainstorming your brand's storm of success together.
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