Marketing or Marketing, maybe you have heard these two concepts, but are they the same, do they have the same functions?
The answer is yes, they are the same, the only thing that changes is the language, since marketing in English translates to marketing.
Having mentioned this context, let’s enter the world of marketing to learn about its main functions and a very practical guide on how to apply its process in a company.
So if you are interested in being part of this world so creative and full of strategies, go ahead and start reading now.
What are the main functions of marketing?
Before starting with the main functions of this method, let’s quickly review the definition of marketing.
Marketing, according to the RAE, is the “set of principles and practices that seek to increase trade, especially demand.” A simple and general description.
However, marketing is the synonym of the word marketing and is known by many professionals and entrepreneurs as: marketing.
Its major purpose is to find strategies that manage to satisfy the needs of a target audience.
It is important to be clear that marketing is not only in charge of selling, but it is a whole process of creation and execution of actions.
Marketing performs different functions in companies, the most important of which are:
- Research: exploring the market is the first exercise to understand competitors and users. Likewise, gathering data on consumer needs and characteristics will be extremely important in order to know which path to take in the marketing plan.
- Development of products/services: with marketing you will be able to create and promote these instruments of your company so that they satisfy the needs of your audience.
In addition, you will be able to design the product, such as its structure, name and visual appearance. Here you can include marketing distribution channels such as advertising, social media marketing, events, email marketing and other communication activities.
- Strategic planning: this management and implementation tool allows you to achieve the objectives defined in the action plan.
With this planning you can make decisions, set deadlines and analyze results for continuous improvement.
- Customer loyalty: it is more profitable to retain existing customers than to acquire new ones, so it is essential to build consistent, long-term relationships.
What are the 5 steps of the marketing process?
For this process to be outstanding, imagine that you are in a laboratory about to create the best “formula” for strategies that will position your business in the market.
Phase 1️⃣
Market analysis and research: think and check if the product or service you are going to promote exists in the market, also give it a gift, a plus, something that stands out from others in the market.
In this way, you will discover the various business opportunities that exist.
This is where we suggest you analyze the current market situation and the company’s environment, since you will be able to determine the target audience for your business or venture, the pains, needs, desires and even trends that attract the user’s attention.
In terms of research, it is key to include minimum variables that serve to make the right decisions. The important thing is to interpret and use the data collected to choose actions according to the proposed objectives.
Phase 2️⃣
Strategy design: for the creation of this point, you must define the why, how, what and where. Here you may find useful the construction and attraction of your Buyer persona, which is the fictitious representation of your ideal customer.
This will be the turning point for the development of the plan after implementing the previous phases.
The strategies you will need to include are:
- Segmentation and attracting new customers.
- Distinguishing the product
- Positioning the product/service
- Evaluating what worked and what didn’t work.
You improve the creation of your strategies with the digital marketing report examples.
Phase 3️⃣
Choose the tactics: you can do it under the 4 marketing principles (known as the 4P’s), which refer to: Product, Price, Place and Promotion. It will help you define how you want to lead your company in this marketing “formula”.
Let’s address these principles according to Philip Kotler, marketing expert:
- Product: is the offer provided by the company under the market needs converted into desire and then becomes a demand.
- Price: it is the value that you will supply to that product/service, you can evaluate if it is inferior, equal or superior to the competition. This figure will be chosen under different variables such as cost, what we want to convey and the brand positioning status.
- Place: answer the question: where are you going to sell, in what place? You must take into account modern places (digital channels) and traditional places (physical place).
In this phase you will match supply with demand.
- Promotion: it is the way in which you are going to make the product known and communicate its advantages. This can be done in different media such as digital advertising.
If you see is very simple its definition and implementation in the action plan.
Designing a calendar with the actions and techniques will allow you to keep control of the process.
Bonus fact:
With the evolution of the digital era and social networks, the 4P’s have been transformed, and are also called the 4C’s, a concept designed by Professor Robert Lauterborn.
Customer, Cost, Coexistence and Communication, where the prominence of the product is left aside to focus on the audience and the user experience.
Phase 4️⃣
Application: all of the above is applied, all the elements are united so that the process is compact and gives results.
This step will serve you as a route to know how to act in each moment, so test, experiment and analyze the data to keep updated.
Phase 5️⃣
Evaluation: review if the process was successful, if the “formula” was a success or if something should be added or removed. It is making changes and adjustments to strategies and techniques.
In this phase you will be able to determine whether or not there was a return on investment that shows the sustainability of the business.
In addition, you will be able to make a comparative between previous and current processes to identify points of improvement.
Tip: there are many more steps to this process, however, marketing is a field in continuous progress, so you must be willing to adapt to better understand each evolution and trend.
What is the importance of this process?
To deepen the above, we want you to take into account the importance of this process, because we must consider that it is one of the fundamental pillars within a company, as it allows you to define the activities and strategies to meet the established goals.
However, at this point we need to pause to look at something important… its evolution.
Before continuing to review the scope of marketing, take a look at how it has evolved over the years.
Vilma Nuñez, a marketing expert, mentions the following stages of marketing evolution:
Marketing 1.0: product-focused.
Since the Industrial Revolution, the focus was on the product and when machinery arrived, it was realized that it could produce in large volumes and at a low investment cost, an action that allowed marketers to focus on price and people’s needs.
Because of this, “marketing 1.0 began, the public just wanted to buy the products they couldn’t before, so everything revolved around it.” Vilma Nuñez. Evolution of marketing.
Marketing 2.0: the protagonist is the consumer.
In this stage came the social networks, which triggered many changes in the way of promoting and selling the product. It was also a great challenge for companies, since the concept of value proposition, the differential of each brand, was born.
Here companies decided to give their full attention to the public and show them what made them different from the market.
Marketing 3.0: focused on brand value.
In this phase, some of the contributions of the modern father of marketing: Philip Kotler, stand out:
- To give benefit to the products.
- Create a customer segmentation.
- Companies should not only be interested in selling, but in making the world a better place.
Companies began to focus on important aspects of consumers such as production, the way they sell and the whole process that involves corporate social responsibility.
Marketing 4.0: the digital era, online sales.
New technologies are here to stay, and so it happened in this stage, as they are an excellent channel of contact between the company and the audience, an example: social networks, which have been platforms for online sales.
Marketing 5.0: new technologies such as AI (Artificial Intelligence).
Technological progress has arrived to benefit businesses and we can see it in automation tools, sales CRM, applications, and of course, in AI tools.
Now, let’s go back to the importance of this term in companies and let’s check the following relevant aspects:
-This process is of great interest, either when starting the business or when they make a launch or a promotion.
-Satisfying customer needs, which we have emphasized throughout this content, as it is their focus, understanding what they want and what they desire.
-This process helps to position the brand in the users’ minds, which implies a correct and distinctive creation of the corporate image, as this can influence the customer’s decision when choosing the company.
-The proper management of this process contributes to the optimization of company profits, which implies maintaining a balance between the cost and price of the product in order to generate sustainable and real income.
Marketing management is essential for the life and success of companies, especially in such a competitive market.
How to achieve an effective implementation in your company: final tips
In order to have a good implementation process, it is necessary to consider having an excellent business strategy that encompasses marketing?
The marketing area is one of the most important sectors within the company, although in some cases it is underestimated, but, when used well, it is a powerful field for the brand.
In this sense, we can give you a list of recommendations, as tips, to strengthen this process:
Use the neuromarketing methodology as an alternative, as it has led companies to improve their user experience. This discipline studies the buying process and the consumer’s decision making process at the time of purchase.
In marketing, this technique analyzes the levels of emotion and reaction of the public when they are stimulated with advertising or ads.
You can take the brand from unknown to recognized, but it must have a solid foundation and follow the steps of each phase to the letter.
Establishing a bond of trust and authenticity between users and the brand is not an easy task, but you can work on it, and how: by positioning yourself in different communication and digital channels, for example, social networks, which generate interaction and are also ideal for companies to be alert and receptive to what their public is saying.
Adjust and optimize frequently, because when obtaining market research data and feedback, you will be able to adjust the strategy, keep the points in favor and take advantage of the results.
So don’t limit yourself, and take control of the challenge.