What are marketing functions?Marketing functions are the foundation for the work that marketing professionals do. Each function comprises a set of responsibilities and tasks for a marketing team to design, organize and execute a successful campaign. There are seven widely accepted marketing functions that contribute to the overall work of marketers. These functions are:
- Promotion
- Selling
- Product management
- Pricing
- Marketing information management
- Financing
- Distribution
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Economic Benefits to Marketing
Marketing drives a consumer economy, promoting goods and services and targeting consumers most likely to become buyers. Higher sales for a business that employs successful marketing strategies translate into expansion, job creation, higher tax revenue for governments and, eventually, overall economic growth.
Marketing drives a consumer economy, promoting goods and services and targeting consumers most likely to become buyers. Higher sales for a business that employs successful marketing strategies translate into expansion, job creation, higher tax revenue for governments and, eventually, overall economic growth.
In marketing, utility refers to how a product can be useful to customers in a way that convinces them to make a purchase. Marketing utility is the idea that the best way to sell a product to a consumer is to show them how the product could provide value to their life. Also known as the utility marketing model, marketing utility involves identifying the needs of a particular consumer group then finding ways to align business activities with those needs.
Form utility refers to how much value a consumer receives from a product or service in a way that they actually need. Form utility is, therefore, the incorporation of customer needs and wants into the features and benefits of the products being offered by the company.
Place utility is a marketing term that explains making products or services readily available to its customers. Place utility can be used to draw customers to a product or service as well because it associates a specific place to the product or service.
Time. Time utility is the idea that a product is accessible to customers whenever they need them. It is based off the idea of supply and demand , meaning that a company that offers time utility is always able to provide consumers with the amount of products they need whenever they need them.
Possession utility is the idea that customers can gain value from a product simply by owning it. Once a customer has a product in their possession, they gain value by being able to use it in any way they want. The methods that a company uses to make sure that customers can have physical access to their products they purchase can contribute to the value of possession. Possession utility is linked to both time utility and place utility because all three forms of utility emphasize making it easy for consumers to make a purchase.
Information UtilityThe information a company provides to customers about a product can also be an important type of utility. Customers value being able to make an educated decision about their purchases, so businesses can convince them to make purchases by providing useful information. Product details, website descriptions and in-person interactions with sales associates are all ways to provide information utility.
Form utility refers to how much value a consumer receives from a product or service in a way that they actually need. Form utility is, therefore, the incorporation of customer needs and wants into the features and benefits of the products being offered by the company.
Place utility is a marketing term that explains making products or services readily available to its customers. Place utility can be used to draw customers to a product or service as well because it associates a specific place to the product or service.
Time. Time utility is the idea that a product is accessible to customers whenever they need them. It is based off the idea of supply and demand , meaning that a company that offers time utility is always able to provide consumers with the amount of products they need whenever they need them.
Possession utility is the idea that customers can gain value from a product simply by owning it. Once a customer has a product in their possession, they gain value by being able to use it in any way they want. The methods that a company uses to make sure that customers can have physical access to their products they purchase can contribute to the value of possession. Possession utility is linked to both time utility and place utility because all three forms of utility emphasize making it easy for consumers to make a purchase.
Information UtilityThe information a company provides to customers about a product can also be an important type of utility. Customers value being able to make an educated decision about their purchases, so businesses can convince them to make purchases by providing useful information. Product details, website descriptions and in-person interactions with sales associates are all ways to provide information utility.
