Market functions
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Marketing involves identifying customer needs and meeting them profitably by getting products to customers through various functions. These functions include market research to understand customers, financing, standardization and grading of products, packaging and labeling, branding, pricing, promotion through advertising and sales, transportation, storage, and customer support services. Successful marketing uses information gathered on customers and competitors to predict demand and bring the right products to customers.
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Market functions
- 2. MARKETING The management task that links the business to the customer by identifying and meeting the needs of customers profitably. Get the right product at the right price to the right place at the right time.
- 3. Marketing Management Functions Gathering and Analysing Market Information Financing Standardisation and Grading Packaging and Labelling Branding Pricing of Products Promotion Transportation Storage or Warehousing Customer Support Service
- 4. MARKET RESEARCH Process of collecting information about customer trends, and competitor products. Used to determine customer buying habits, and attitudes . Successful marketing involves using marketing info to predict consumer demand and estimate the right quantities of merchandise.
- 5. FINANCING Requires a company to budget for its own marketing activities. It takes money to make money. Banks and other financial institutions provide money for the production and marketing of products. Also provides customers with assistance in paying for the company’s p/s.
- 6. PRICING Process of establishing and communicating to customers the value of cost of goods and services. Prices assigned are directly related to consumer demand.
- 7. PRODUCT SERVICE MANAGEMENT Obtaining, developing, maintaining, and improving a product or product line to respond to customer needs and wants.
- 8. PROMOTION Conducts activities to capture attention about a good or service o Advertising—e.g., television commercials Personal selling—e.g., door-to-door sales, professional sales Publicity—e.g., press releases Sales promotion—e.g., logo-imprinted giveaways Advertising products and services is essential to attract new customers and keeping existing customers coming back.
- 9. STANDARDISATION AND GRADING Determining of standard regarding size, quality, design, weight, colour, raw material used. Products having the same characteristics are placed in a given category or grade. This placing is called grading. Makes sale-purchase easy.
- 10. PACKAGING AND LABELLING Packaging facilitates handling, lifting, conveying of the goods. Label is a slip which is found on the product.
- 11. BRANDING Every producer/seller wants that his product should have special identity in the market. Giving of distinct name to one’s product is called branding.
- 12. SELLING Any direct and personal communication with customers to asses and satisfy their needs and wants is considered selling Selling involves not only satisfying customers but also anticipating their future needs. Making decisions about where to sell the product and how it gets there.
- 13. TRANSPORTATION Transport facility is needed for the produced goods to reach the hands of consumers. Creates Place Utility. It helps in the growth of industries whose products require quick marketing e.g. vegetables, flowers, milk and fish.
- 14. STORAGE Time-lag between the purchase or production of goods. Keeping of goods in godowns till the same are sold is called storage. Time Utility.
- 15. CUSTOMER SUPPORT SERVICE Customer is the king of market. A marketer offers primarily the following services to the customers: (i) After-sales-services (ii) Handling customers’ complaints (iii) Technical services (iv) Credit facilities (v) Maintenance services