Marketing is the methodology of communicating the value of a product or service to customers for the purpose of selling that product or service. Marketing techniques include choosing target markets through market analysis and market segmentation, as well as understanding consumer behavior and advertising a product's value to the customer. From a societal point of view, marketing is the link between a society's material requirements and its economic patterns of response. Marketing satisfies these needs and wants through exchange processes and building long term relationships. Marketing blends art and applied science (such as behavioral sciences) and makes use of information technology.
The functions of marketing are those professional actions marketer should undertake in order to achieve your set marketing objectives. Some of the functions are...
1. Research functions: This is the first step to marketing because the research function of marketing enables you to gather adequate information regarding your particular target market. You must carry out adequate research to identify the size, behavior, culture, belief, gender etc. of your target market segment, their needs and want, and then develop effective product that can meet and satisfy these market needs and want.
2. Buying functions: The function of buying is performed in order to acquire quality materials for production. When you design a good product concept, you should also ensure you're buying the essential materials for the product. This function is carried out by the purchase and supply department, but your specifications of materials goes a long way in assisting the purchasing department to acquire the necessary materials needed for production.
3. Product development and management: Product development is an essential function of marketing since it is the duty of the marketing department to identify what the market needs or wants and then design effective product based on the identified needs and wants of the market. Product development passes through some basic stages carried out by the marketers to develop a targeted market specified product. And you can also manage your product by evaluating its performance and changing them to fit the current market trend. Production is the function performed by the production department. Though, this is interrelated to the department of marketing, because your product must possess the essential characteristics that can meet the target market needs and want as identified during your market research, such characteristics as in your product Test, Form, Packaging etc.
4. Promotion function: Promotion is one of the core functions of marketing since your finish product must not remain in the place of production, hence, you as a marketer must design effective communication strategies to informing the availability of your product to your target market. You must be able to design effective strategies to communicate your product’s availability and features to your target market, such strategies as in; advertisement, personal selling, public relation etc.
5. Standardization and grading: The function of standardization is to establish specified characteristics that your product must conform to, such standard as in having a specific taste, ingredient etc. That makes your product brand so unique. Grading comes in when you sort and classify your product into different sizes or quantities for different market segments while maintaining your product standard.
6. Pricing function: You perform the function of pricing on your product offerings by designing effective pricing systems based on your product stage and performance in the product life cycle. Price is the actual value consumers perceive of your product, so you as a marketer should ensure that your value of your product is not too high or too low to that of your costumers.
7. Distribution function: The function of distribution is to ensure that your product is easily and effectively moved from the point of production to the target market, the kind of transportation system to employ e.g. Road, rail, water or air, and ensure that the product can be easily accessed by customers. You as a marketer should also design the kind of middlemen to engage in the channel of distribution, their incentives and motivations etc.
8. Risk bearing function: The process of moving a finished product from the point of production to the point of consumptions is characterized with lots of risks, such risks as in product damaging, pilferage and defaults etc. So you must provide effective packaging system to protect your product, good warehouse for the storage of your product until they are needed, effective transportation system to speedily deliver your product on time.
9. Financing function: Financing deals with the part of marketing to providing incomes for your business. It refers to how you can raise capital to start operation and remain in business. It refers to your modes of payment for the goods and services transferred to your costumers.
10. After sales-service: in a more complex and technical product, you as a marketer should make provision in order to assist your customers after they have purchased your product. In terms of machines or heavy equipment product that requires installation or maintenance, most marketing organization renders such services like installing the machine or maintaining it for stipulated periods on time for free or by a little service charge. After sales services is an effective marketing strategy to building a long lasting customer relationship, staying ahead of your competitors while making profit for your organization.
Adequate understanding of these functions enables you as a marketer to know what is required to be done to have an effective transfer of ownership between you and your costumers, creating a big picture of your business, while also making profit for your organization.
If you are thinking of advertising in Nigeria, please contact PoiseMedia Communications at www.poisemedianigeria.com or check our contact at the bottom of this blog. We can help you identify your market and reach them. We apply both BTL and ATL strategies to project our clients’ brands to the right audience. We can do same for you at very affordable price.
PoiseMedia Communications Ltd