Marketing :
Marketing may be defined as all activities that are facilitating the movement of goods and services from producer to the ultimate consumer.
Functions of Marketing
(1) Marketing Research :
Marketing Research is a process of collecting and analysing market information to identify the needs and wants of the customers.
(2) Marketing Planning :
Another function of marketing is to develop appropriate marketing plans so that the marketing objectives of the organisation can be achieved.
(3) Product Designing and Development:
The products are designed and developed according to the needs and wants of the consumers. It requires decision making on various aspects such as the product to be manufactured, its packing, selling price, quality of the product, etc.
(4) Standardisation and Grading:
Standardisation refers to producing goods of predetermined specifications. Grading is the process of classification of products info different groups, on the basis of quality, size, etc.
(5) Packaging and Labelling :
Packaging refers to designing and developing the package for the products. Packaging gives protection to goods. Also it attracts the consumers to buy the product. Labelling refers to designing and developing the label to be put on the package.
(6) Branding:
A brand is a name, term, sign, symbol, design or some combination of them, used to identify the products of one seller and to differentiate them from those of the competitors.
(7) Customer Support Services :
An important function of the marketing management is to develop customer support services such as after sales services, handling customer complaints, etc. which provides maximum satisfaction to the customers.
(8) Pricing :
Price of a product refers to the amount of money which customers have to pay to obtain a product. Price is an important factor affecting the success or failure of a product in the market. Price is fixed after taking into account the cost of production, desired profit, competitor’s price, govt, policy, etc.
(9) Promotion :
Promotion of products and services involves informing the customers about the rm’s product, its features, etc. and persuading them to purchase these products. It includes Advertising, Personal Selling, Publicity and Sales Promotion.
(10) Physical Distribution :
It includes decision regarding channels of distribution and physical movement of the product from the production centre to the consumption centre.
(11) Transportation:
Transportation involves physical movement of goods from one place to another. It removes the hindrance of place and creates time utility.
(12) Storage or Warehousing :
In order to maintain smooth ow of products in the market, there is a need for proper storage of the products. It stabilizes the prices of products and keep the product without damage until they are sold.
