What is marketing
Marketing refers to activities a company undertakes to promote the buying or selling of a product or service. Marketing includes advertising, selling, and delivering products to consumers or other businesses. Some marketing is done by affiliates on behalf of a company.
6 Marketing functions with real example examples
- Support the overall objectives of a business, which is to maximise profits.
- Gather information about customer needs, preferences and buying behaviour and share information with other departments. Example: Market Research.
- Assist the development of the marketing strategy in collaboration with senior management from other business functions. Example: deciding how the new coke flavour drink should taste like based on what customers like.
- Develop a marketing plan using elements of the marketing mix.
- Develop sales forecasts and projections and provide this information to other business functions. Example: How Covid-19 will affect the sale of the new coke drink flavour.
- Decide which products or services the business is going to sell and how the products will be distributed.
- Determine what prices (cash or credit) they are going to sell. Example: How much should the smallest coke can drink be.