Marketing Functions

The main goal of marketing is harmonizationaspirations of the manufacturer with the solution of many accompanying problems. In this regard, marketing policy is designed to perform a number of tasks. The main functions of marketing are divided into three groups. It is analytical, informational and organizing.

The analytical group of functions involves research, analysis and systematization of the resulting data.

  • The market situation on which the enterprise works is constantly being investigated: the volume of demand and supply, the level of prices, the range of price fluctuations.

  • Data on interests andpreferences of buyers, their changes are predicted. It is necessary to find out what entails an increase in the level of demand for a particular commodity, why it can fall, how to stimulate demand.

  • You need to be aware of the requirements of customers for the products, its consumer properties, to find out what is the attitude to the product, which is still at the development stage.

  • If there are plans to develop a new production, it is necessary, at the planning stage, to carry out thorough studies of the current market for this type of product.

  • You must constantly be aware of the economicas far as possible. Knowledge of their strengths and weaknesses, additional services, features of advertising will help to work more confidently and create winning features of your own product. The prices of competitors should also be known to the experienced manufacturer.

  • The analysis should be internal environment, you need to engage in market segmentation - the division of buyers into groups.

  • It is imperative to constantly monitor and analyze the marketing activities of your company in order to identify possible weaknesses and increase the emphasis on the strong.

All of the above analytical marketing functions are performed in order to minimize risks and uncertainties for organizing preparedness for unforeseen situations.

The organizing group of functions implies work on the process of production and sales of products. It:

  • preparation for profitable production and actual manufacture of popular products and market novelties;

  • control and improvement of the quality of products;

  • developing a strategy and conducting a sound price policy;

  • the organization of advertising;

  • the conclusion of contracts with third-party repair and maintenance organizations or the establishment of own services for the serviced product range;

  • sales promotion;

  • the introduction of innovations that will help improve the production process and products.

The organizing functions of marketing are directly marketing activities in its pure form.

Information functions consist in supplying managers and leading specialists with up-to-date data and news for making correct management decisions.

Economic information is the volume of own production, comparison with the same period last year, the rate of growth (decrease), data on the forecast of exchange rates, inflation.

Demographic information implies information about the population, its age and sex composition in a particular region in order to identify the most profitable market.

Social information is information about income level, behavior patterns, value system, etc.

Political information affects changes in legislation in the field of taxation, economics, finance.

The general requirements that are imposed on the kind of information functions of marketing are reliability, reliability and completeness.

For quality work, marketers shouldprocess a very large amount of data. In this regard, large enterprises create whole departments and marketing systems that fully implement the functions and principles of marketing.

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