Marketing is one of the most important aspects of business. It is a function through which organizations recognize the needs of the individuals and then plan and communicate their product according to these needs.
Marketing serves a number of functions. However, it is often detailed as serving seven functions. These functions are given below:
- Marketing Information Management: This function is used for obtaining and using the information about the market and making decisions for the organization on its basis.
- Financing: Financing involved financial budgeting or planning for the marketing activities of an organization.
- Pricing: Setting the value of a product or a service at which it will be available to the customer.
- Promotion: Communication tools for familiarizing the organization and its product to the public.
- Product and service management: By designing and developing appropriate products and services.
- Distribution: Chalking out how the customer will access the product or service.
- Selling: Communicating with the potential customers for future sales.