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Questions
Explain any four facilitating functions of marketing.
Explain any four functions of marketing.
Explain the functions of marketing in detail.
Discuss any five functions of marketing.
Explain the following function of marketing:
Branding
Explain the following function of marketing:
Pricing
Explain the following function of marketing:
Product Designing and Development
Explain the following function of marketing:
Physical Distribution
Explain the following function of marketing:
Storage or Warehousing
Explain the following as function of marketing:
Gathering and Analysing Market Information
Explain the following as function of marketing:
Standardisation and Grading
Explain the following as function of marketing:
Consumer Support Services
Solution
Functions of Marketing:
- Marketing Research/Gathering and Analysing Market Information: Effective marketing is possible when a business takes initiative to identify the needs and wants of the consumers in the market. To identify the needs of the consumers, there is a need to collect information from the consumers and analyse the same is known as Market Research. Analysis of the information helps in the assessment of the need in the market. It helps to find out what do consumers want to buy, when do consumers buy, in what quantity they want to buy and at what price. Marketing Research helps to make various decisions regarding the successful marketing of products.
- Buying and Assembling: It involves collecting raw material from different sources at one place for production. This function is important as the quality and price of raw materials determine the cost and quality of the final product.
- Market Planning: After assessing the need for marketing, the business needs to chalk out the marketing plan and strategies to achieve the desired objective. Market planning is the process of organizing and defining the marketing objectives of the business and creating strategies to achieve them. It is the comprehensive blueprint that will help to draw outline business's overall marketing efforts.
- Product Development and Designing: Product development and design play an important role in the selling of the product. There is a need to develop a product that suits the needs of the consumer. Product design includes decision-related to quality, standards, shape, design, packing, colour etc. of the product. The consumer always prefer better and attractively designed product. Good design of the product gives a competitive advantage to the business. Product development is a continuous process as the requirements of the customer change from time to time.
- Standardisation and Grading: Standardisation means to determine standards related to the process, size, quality, design, weight, colour, etc., of the product. It helps in ensuring uniformity in the quality of the product. It helps in achieving customers' loyalty towards the product. Grading is the process of classification of products according to similar characteristics and/or quality. Grading is done on the basis of their features like size, shape, quality, etc. Generally grading is done in case of agricultural products like wheat, rice, potatoes, etc.
- Packaging and Labelling: Package and Label create the first impression on the consumer about the product. Attractive package and label can help to make the product successful. Packaging means designing the package for the product. It helps to avoid breakage, damage and destruction of the product.
Packing material includes bottles, containers, plastic bags, tin, wooden boxes, jute bags, bubble bags, packing foam, etc.
The label is a slip which is found on the product and provides all the information regarding the product and its producer. The slip-on, which all this information is provided, is called a label and its process is called as labeling. Packaging and labelling not only provide protection to the product but also act as an effective tool of marketing. - Branding: It is the process of coming up with a name, symbol, or a mix of the two to set the company's product apart from its rivals. The choice of whether to offer the product under a brand name or a generic name must be made by the marketer. By giving a foundation for differentiating a company's product from that of its rival, a brand name aids in product differentiation, which in turn promotes consumer loyalty and increases sales.
- Customer Support Service: One of the main goals of marketing is to improve customer satisfaction, loyalty, and retention by offering consumers help, advice, and solutions before, during, and following the purchase transaction. By making client interactions easier, it contributes to the development of strong customer relationships.
- Pricing of Product: The price of a product is the sum of money that buyers must spend in order to purchase it. Price has a significant impact on whether a product succeeds or fails in the marketplace. The product's price and demand are correlated. The demand for the goods will increase with a reduced price and vice versa.
- Promotional Channels: Promotion is the process of informing the consumers about the products, their features, uses, prices, etc., and encouraging them to buy these products. Advertising, personal selling, publicity and sales promotion are some of the important tools of promotion. Business uses a combination of all or some of these four methods for promotion as per the need of the business. Promotional activities help to increase brand awareness in the market.
- Distribution: Distribution is the set of activities which is concerned with the efficient movement of finished goods from the place of production to the consumer. It includes transportation, warehousing, material handling, inventory control, order processing, market forecasting, packaging, plant and warehouse location, and customer service. Distribution accounts for a major part of the marketing budget of the business. Importance of physical distribution for a firm depends on the type of product and level of customer satisfaction desired.
- Transportation: Transportation means the physical movement of goods from the place of production to the place of consumption. Transportation includes transportation of finished goods as well as of raw material. Production, sale, and consumption—all three activities need not be at one place; hence, there is a need for transportation. Place utility is created by transportation activity.
- Warehousing or Storage: There is a time lag between the purchase or production of goods and their sale. It is important to store the goods at a safe place during this time-lag. Any negligence during this period may damage the stock. Warehouse helps to maintain a smooth flow of goods. It also helps in stabilizing prices in the market. The function of warehousing is performed by retailers, wholesalers, and manufacturers. Warehousing creates time utility.
Notes
Students should refer to the answer according to their questions.
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Find the odd one:
