Marketing is not just about selling or advertising. It is a comprehensive process that includes various functions working together to deliver value to customers and achieve organizational goals. The American Marketing Association (AMA) and many marketing experts agree that the eight marketing functions form the core of all marketing activities.
Each function plays a unique zalo database role, from understanding consumer needs to providing effective promotions and ensuring customer satisfaction. Without proper attention to these functions, businesses risk losing competitiveness and failing to meet market demands.
In this article, we will explore the eight key marketing functions in detail, provide real-life examples, and explain why each is essential for long-term business growth.
1. Market Research: Discovering What Customers Want
Definition:
Market research is the ultimate business impact the systematic process of collecting, analyzing, and interpreting information about customers, competitors, and market conditions.
Key Elements:
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Consumer behavior analysis.
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Competitive research.
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Surveys, focus groups, and data analytics.
Example:
Before launching a new streaming service, Disney+ conducted extensive market research to understand viewing preferences, pricing expectations, and competition from platforms like Netflix and Amazon Prime.
Why It’s Important:
Market research fans data allows businesses to:
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Identify customer needs and gaps.
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Forecast demand.
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Make data-driven decisions.
Without market research, companies risk developing products that do not resonate with their audience.