Marketing concept torn newspaper headlines reading marketing, stSo you just bought a new generation iPod.  That is wonderful, but why?  Your answer might be that it is a “cool” and “easy to use” devise.  Great, but why do you think that?  Additionally, from where, from who, and how did you come up with this information?  It is likely that you might have seen an ad on television or walked into an Apple store and was approached by a salesman.  One or all of these techniques worked effectively into making you want to buy the product. This is marketing at work; it is a business or a company working with one or all of the seven functions of marketing to sell their product.  Many consumers are not aware of the seven functions of marketing, mostly because they are busy being on the receiving end of the business model.  To help you get better acquainted with the purpose and function of the seven functions of marketing, read on!

Why is Marketing Important

Marketing is important, because it is the way in which a business, company, or seller reaches out to their customers.  If you are selling a wonderful product, brand, or service – but no one knows about it, then you will not be able to profit financially from your efforts.  Marketing is ultimately about understanding what people want, and then applying that data to the marketing activities of your company or business.  Let’s take a look at the Seven Functions of Marketing that make business wheels turn.

The Seven Functions of Marketing

When applying marketing, there are seven functions that pop up in at least one type of marketing tactic.  They are as follows:

  1. Financing
  2. Information Management
  3. Pricing
  4. Product and Service Management
  5. Promotion
  6. Selling
  7. Distribution

Let’s take a closer look at these in a bit more detail.

Example:  Providing surveys either through mail or online to determine customer satisfaction.  If a burger franchise from the United States is thinking of opening a store in China, they will collect data and analyze habits of Chinese consumers to try to cater their food to meet the needs overseas.

Example:  A company that sells shoes will want to get their products to malls and online.  They will target stores such as JCPenney’s, Macy’s, Amazon, and possibly work to create their own website that customers can directly buy from.

Example:  If you have noticed, the shape, coloring, and font style of Pepsi bottles have changed over time to comply with customer needs and wants.

Example:  During NBA Basketball season, ticket prices can go through the roof because of the supply and demand.  There are a limited number of tickets and seats, but people love being entertained by basketball, and there will always be hardcore fans ready to pay.

Example:  Free limited edition teddy bears are given out to the first 100 customers who buy a company’s new watch.

Example:  A salesperson at a mall helps a man choose a suit for a wedding.  They assist him with choosing the right colors, fit, and style.  This helps and encourages him to make a purchase.

Example:  A woman wants to buy a computer for her college-bound son.  However, she cannot afford to pay the entire sum at once.  A company offers her a loan that she is required to pay back within the next 2 years.

Let’s Get Marketing!

By understanding and applying these seven functions of marketing, you will see the importance of marketing as a whole.  Not only does the marketing team within a company or business need to understand marketing, but so does everyone involved in a brand, product, or service – as they are all essential to its success.   There are some wonderful online courses that will help you develop your own marketing strategies pertaining to your own business models, so check Udemy for help on supplementing your marketing needs.

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