A successful marketing strategy requires a well-rounded team. Each function supports the next, ensuring your business resonates with your audience and achieves its goals.

While every industry has its own set of specific responsibilities, all businesses must operate on a set of fundamental principles. For marketers, this includes a strong understanding of the eight marketing functions. These are: promotion, selling, product/service management, marketing information management, pricing, financing and distribution.

Marketing information management involves collecting, analyzing and managing market information to drive strategic decisions. Its a critical marketing function that provides a wealth of data to support your overall strategy, including your target audience’s needs and preferences. It also helps you identify and communicate the value of your offering, a key differentiator that can drive sales.

As the name suggests, this function promotes products or services to consumers, driving sales and brand awareness. This can take a variety of forms, from traditional advertising to content marketing and social media campaigns. This function can also involve events and trade shows to help you grow your reach.

Product management focuses on ensuring your company offers a high-quality, competitively priced product to meet your target market’s needs and objectives. This can include market research to understand your customers’ preferences, as well as competitor analysis and positioning.

Selling is a core marketing function that enables the transfer of ownership between producers and consumers, often through resellers or retail outlets. This includes the use of short-term promotional strategies such as coupons, rebates or contests to entice potential buyers to purchase your product. It can also involve long-term customer service activities, such as a consumer helpline, maintenance services and credit facilities.