How Companies Apply the Marketing Functions
In marketing, 7 core functions dictate the actions a company takes. These functions are channel management or distribution, marketing information management, marketing planning, product or service management, promotion, selling, and pricing. The following are some examples of how companies have used these methods.
The ultimate goal of a company is to have sales and make a profit. If a company is not known, the possibility of clients even considering goods, services, or ideas offered by the company is impossible, which is why promotion is used to inform an audience about a product. Even world renowned and iconic brands, like the Coca Cola Company, regularly use this method. Coca Cola is a sponsor of many different events, a major one being the Olympics. The publicity gained by this company based on being mentioned countless times throughout the Olympics and being associated with this international event increases company exposure. Also, positive sentiments associated with an event like the Olympics helps to be a persuading factor in purchasing products of this brand. Sponsorship is a popular method of promotion used by companies.
A company with many sales also needs a way to track purchases and gather or analyze information about their customers. To do this, companies such as Amazon will use marketing information management. This can be used to see customer purchase trends, find overlap in the types of products bought, and even track what products are searched for. This allows a company such as Amazon to recommend relevant products that the customer will be more likely to purchase.
Product/service management is used by companies to respond to market opportunities with new products. Responding to the increased demand for streaming services for music and other entertainment, many companies have offered subscription streaming services. YouTube is an example of a company that offered their own subscription service: YouTube Red. Though the videos offered on their website can be accessed for free, the demand in the market resulted in their development of this service.
The 7 core marketing functions are used by a wide variety of companies constantly in order to best advance their sales. These three examples demonstrate how companies apply these functions.
The ultimate goal of a company is to have sales and make a profit. If a company is not known, the possibility of clients even considering goods, services, or ideas offered by the company is impossible, which is why promotion is used to inform an audience about a product. Even world renowned and iconic brands, like the Coca Cola Company, regularly use this method. Coca Cola is a sponsor of many different events, a major one being the Olympics. The publicity gained by this company based on being mentioned countless times throughout the Olympics and being associated with this international event increases company exposure. Also, positive sentiments associated with an event like the Olympics helps to be a persuading factor in purchasing products of this brand. Sponsorship is a popular method of promotion used by companies.
A company with many sales also needs a way to track purchases and gather or analyze information about their customers. To do this, companies such as Amazon will use marketing information management. This can be used to see customer purchase trends, find overlap in the types of products bought, and even track what products are searched for. This allows a company such as Amazon to recommend relevant products that the customer will be more likely to purchase.
Product/service management is used by companies to respond to market opportunities with new products. Responding to the increased demand for streaming services for music and other entertainment, many companies have offered subscription streaming services. YouTube is an example of a company that offered their own subscription service: YouTube Red. Though the videos offered on their website can be accessed for free, the demand in the market resulted in their development of this service.
The 7 core marketing functions are used by a wide variety of companies constantly in order to best advance their sales. These three examples demonstrate how companies apply these functions.
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