Various functions of marketing are as follows :
- Gathering and analysing market information :
One the most important functions of a marketer is to gather and analyse market information, With the help of this information, he can identify the needs of the customers and take decisions for successful marketing of products and services.
After marketing research / analysis is conducted, the marketer has to plan a series of steps in order to achieve marketing objectives.
- Marketing communication function :
Marketing communication is a very important function of marketing. Every marketer has to ensure an efficient marketing communication system in his firm. Through advertisements, sales promotion, etc an organisation can communicate the necessary message to the existing or prospective buyers.
- Product designing and Development :
Effective product planning anticipates the wants and expectations of the consumers and develops the product accordingly. It requires improvement in the existing product and development of new products.
An organisation can’t satisfy all the customers by its products, hence every organisation chooses a target market out of the entire market, so that marketing management can focus on the process of acquiring and maintaining, those selected customers of target market and keep them satisfied.
Marketing department identifies need for fund requirements and coordinates with the finance department for the same.
Risk is involved in almost all stages in the marketing process. Right from product planning, there are chances of loss due to change in demand and supply conditions, loss in storage, etc. some of these risks are insurable, while others are not. Therefore, marketing department has to bear these risks and try to minimise the loss due to such risks.
In order to maintain smooth flow of products in the market, to protect against unavoidable delays in delivery or to meet contingencies in the demand, proper storage of goods is required. Warehousing creates time utility.
