Success in the business field is not that easily achieved. There are many things entrepreneurs have to do in order to excel in their endeavors. In essence, there are different business strategies that entrepreneurs can make use of and succeed in their enterprises. Marketing function is one of the many roles that businessmen play to thrive in the competitive field. It is a role that helps a company to identify and source successfully products for the market and promote them by distinguishing them from similar products.
Marketing is essential to every business. It helps increase revenue and profits by meeting customers’ needs effectively. It is important for the employee and employers to comprehend customers’ needs and desires so that they can be able to develop right products and provide the highest customer services standards. There are different types of marketing functions. These include;
- Distribution- It is all about deciding how to you will get the products that you want to sell to the people who want to purchase them regardless of the location.
- Financing- For every entrepreneur, it takes certain amount of money to make certain amount of money. As a businessman, it is an exceptional role to find money through investments, loans or your personal capital and finance the creation, advertising and market of your products.
- Market research- It is all about collecting information concerning your customers or the kind of products that most clients need.
- Promotion- Most business personnel are aware of this function. It involves advertising your goods and services to attract more clients and keep them coming back.
- Pricing- This is a role that involves setting the right price for your products.
- Product and service management- After determining your target clients and best prices, it is wise to know how to effectively manage the products.
- Selling- selling happens after figuring out who are your target customers and what products they need.
For many entrepreneurs performing the abovementioned marketing function has not been a smooth journey. Business field is quite competitive and without determination and caution all cannot be well. In fact, there are a number of factors affecting marketing functions to keep in mind always. These include;
- Top management- The organization structure also great influence on the marketing strategies of a company. The amount of support the top management enjoys the decisions a company makes on marketing.
- Manufacturing- It is responsible for ensuring the desired quality and quantity of goods and services. Here factors such as distribution logistics, production capacity technology and efficiency of the production machines matter a lot.
- Company image and brand equity- The image of the firm is essential when looking for finance or mergers or launching a new product.
- Suppliers- The kind of suppliers that an entrepreneur goes for can alter a company’s competitive position and marketing capabilities.
- Customers – A company’s ultimate and industrial customers can influence the kind of products to choose and changes to make within the company.
- Competitors- These are individuals that you products of similar description and in the same marketplace. They influence prices, quality and quantity of products in the market.
- Public- It is the duty of a company to satisfy the needs and requirements of the people. A company can influence other people and form a general public for the company.
- Demographic factors- People form the market, and entrepreneurs need to monitor the population and know where to invest.
- Technological factors- These are factors that increase production or make it easy to assess and access products and impact businesses.
- Legal forces- developments in legal field also affect marketing decisions. Sound marketing decisions cannot be taken into account without following government policies and set trade laws.
At all times, markets should keep into account the many factors that affect marketing functions. External environment factors are beyond control of a company, but the success of a company depends on the extent to which it adapts to the environment. Understanding marketing functions is a great way to push your business to higher level and enjoy better results each day.
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