What is marketing
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
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.
Extra:
- Determine what prices (cash or credit) they are going to sell. Example: How much should the smallest coke can drink be.