Marketing consists of hundreds of activities, and they can be organized in several different ways. There are seven functions of marketing: channel management, marketing-information management, market planning, pricing, product/service management, promotion, and selling. In a small company these activities might be performed by one or two people. In a large company these functions may have their own department.
A company conducts marketing research on customers, markets, trends, and competition. This will help the company identify market channels, and help plan, price, promote, and sell and service their products.
The seven functions of marketing help businesses develop a marketing mix or a strategy for product, price, place, and promotion, also known as the 4P’s.
The keys to a successful marketing mix are choosing the right product, selling it at the right price, making it available in the right place, and promoting it to reach your target market.
Opening graphic credit: Copyright MBA Research and Curriculum Center (mbaresearch.org). Used with permission.