Market functions

Marketing functions

These are 8 core functions that orgs. perform to satisfy consumer demand and achieve organizational goals.

Environmental analysis (Macro)

These are external and internal forces that affect an orgs. success or failure and they must be evaluated and monitored continuously.

Importance of EA

It allows a business to identify threats and opportunities in the market and adapt accordingly.

Eg of EA

A government introduces new regulations that all smartphones must use a standardized USB charging port.

This is an uncontrollable factor.

A company has no choice but to adapt it’s product design ahead of time to remain in market.

Market research (Micro)

It is the gathering and analyzing of data regarding specific market problems and market conditions periodically

Less broad/more problem-specific

What does MR focus on?

Consumers, competitors, suppliers and market performance.

Eg of MR

A company wants to know if it’s youth audience will buy beverages at a premium price point so they issue surveys.

Consumer analysis

It is the evaluation of consumer’s buying motives, needs, and decision-making processes.

Eg of CA

Do people prefer this or that, what stimulates their buying decisions, and what are the potential consumers.

Broadening the scope of market

Now, marketing principles and techniques apply to non-business entities, and societal causes—any situation involving an exchange of values.

Such as:

1. Beyong tangible goods

2. Nonprofit & Public Sector Marketing

3. Globalization

1. Beyond Tangible Goods

Beyond Tangible Goods such as banking, safety, wellness, environmental conservation.

2. Nonprofit & Public Sector Marketing

such as educational institutions or non-governmental organizations (NGOs) using marketing to attract donors, and volunteers.

3. Globalization

Globalization means they cater to everyone and now through social media marketing.

Product planning

Is developing and sustaining products and packaging.

It defines the idea of the product and it's features.

Eg; Apple designs iPhones, adding new camera tech. and packaging it in minimalist box. They pass out old iPhones to focus on newer ones.

Price planning

Is determining price levels, and comparing it to the competition, and giving away discounts.

Eg; Netflix offers discounts and tier subscriptions.

Promotion planning

Is to communicate with customers through advertising, social media, and ambassadors.

To make people want to buy your products.

Place planning (Distribution)

Forming logistics relation with suppliers and distribution networks so they may place your product and help it reach the consumers.

Eg; Coca-Cola has the largest distribution network compared to any other beverage.

Marketing management

Marketing Management serves as the overarching administrative process that ties everything together.

1. Planning

• Setting long-term marketing objectives,

• Evaluating target markets, and selecting strategies for the 4 Ps

What products to sell to who?

2. Implementation

Executing the strategy by organizing staff

Assigning tasks, allocating budgets, and putting the marketing program into motion.

The product must be defined and promoted.

3. Controlling

Measuring actual performance against standard metrics (sales volume, market share, ROI), detecting deviations, and making necessary adjustments.

Track reviews and make changes accordingly.