Functions of Marketing Management

Marketing plays a crucial role in a business. It brings the public relationship into the equation along with the relationship with other investors. Just having a great product that is far above from your competitors doesn’t necessarily mean success. Unless people do know about the products and aware of their advantages, there’s possibly no chance of the business to grow. That’s why marketing plays a crucial role in spreading the words out thus bringing new customers into the picture.

Here are a few functions of marketing management.

  1. Selling – If you won’t sell the products, business will start to die as revenues play a great role in sustaining a business. It brings more audiences and brings more customers. Without selling a product, you don’t have other opportunities to earn the revenues.
  2. Buying and assembling – Buying and assembling will play a crucial part in a business. With marketing, one can understand the demand of the products and hence can estimate how much raw materials he needs build the product. Assembling is putting the raw products together to manufacture the end product.
  3. Transportation – Transportation is the stage where goods are sent from one place to another place. Since transportation costs money, one has to take a special attention that, the cost of transportation shouldn’t go so much high that it can affect the price of the end product in a significant change.
  4. Storage – Sometimes you also need to store the products so that, when the sale starts you have the inventory to meet up with the demands.
  5. Financing – It involves bringing capital into the business so that growth can occur. You will need financing at various stages of business. To establish or to spread the tentacles, it doesn’t matter. What matters is the capital.
  6. Risk taking – Business doesn’t go smooth always. Sometimes you have to take risks and of you will win, and then you will be regarded as someone.

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