7 Functions of Marketing
Marketing Information Management
This is obtaining, managing, and using information in order to improve your business by determining what your customers want.
Example: You own a clothing store and realize that all of your clothes are Reebok and your customers want Nike so you replace the Reebok clothes for Nike clothes. Also, your company studies the prices of competitors to make sure that they have fair and low prices.
The movement and availability of products which allows your customers to locate, obtain, and use your products/services. It is also the where the product is placed in a store/
Example: Delivering clothes to the clothing store by truck. Also, having a clothing store in every state in the United States along with an online store for other customers.
The ways you can assist your customers by allowing them to purchase your products/services in different ways, obtaining the required funds for certain processes, and the budgeting for certain marketing events.
Example: Having layaway for all customers so that they can purchase clothes from my clothing store. Also, allowing your customers to pay for your products with all credit and debit cards, checks, and cash.
Determining the right price of your products so that they are affordable for the customers but still profitable for your company.
Example: One of the shirts costs $5 to make so the store sells the shirts for $7. (Good profit, still affordable for customers) Also, stores price match in order to get customers to shop at your store versus another.
Product Service Management
The improvement of the quality, style, development, and maintenance of products so that they meet your customers’ needs and standards.
Example: Your customers want a shirt in orange and black and all the store has is blue and red shirts so you make the some shirts in orange and black. Also, computers over time have improved based on the technology that has been created and to please the customers wants.
Promotion informs, persuades, and reminds potential customers about your product. This is the communication about the store with customers through ads and through publicity.
Example: Having a commercial for your that is played on TV in the local areas. Also, having a billboard in popular areas of the city.
The communication with customers through direct contact in order to get them to purchase your products. It also is communicating directly with customers in order to meet their needs.
Example: Having a hotline so that anybody can call about your products. Also, having employees go up to customers in the store and recommending clothes for them to buy.