It is difficult to get success in business without effective marketing. Functions of marketing help us to analyze the requirements of the customers and help to satisfy them. Following are some of the main functions of marketing.
READ MORE – IMPORTANCE OF PLANNING
Functions of Marketing
Following are some of the main functions of marketing.
1. Marketing Research:
Power marketing is possible when a business takes action to know the requirements of the customers in the market. To know the requirements of customers, there is a need to collect data from the customers and study the same is called marketing research. Examination of the data assists in the assessment of the requirement in the market. It assists to find out what customers want to buy, when do consumers buy, in what quantity they need to buy, and at what price. Marketing research helps to take important decisions regarding the marketing of products.
2. Buying and assembling:
It includes collecting raw material from various sources at one place for production. This function of marketing is important as the quality and price of raw material discover the cost and quality of the final product.
3. Market planning:
After assessing the requirement of the marketing, the business wants to chalk out the marketing plan and plans to get the desired objective. Market planning is the method of creating and defining the marketing objectives of the business and building strategies to get them. It is the full blueprint that will assist to draw an outline business’s overall marketing efforts.
4. Product Development:
Product development and design play an important character in the selling of the product. There is a necessity to develop a product that suits the requirement of the consumers. This involves decisions related to quality, standards, shape, shape, design, packing, colour, etc. of the product. Consumers always prefer more reliable and attractively created products. Good design of the product provides an aggressive advantage to the business. Product development is a constant process as the requirements of the customer shift from time to time.
5. Standardisation and grading:
Standardization is related to the process of assuring uniformity in the product which indicates that a product produced by a business shall be standard for all customers with equal quality and design and this is one of the important functions of management that require to be managed by the business.
Grading is related to the process of listing products that are equal in quality and features. Grading assists in creating the consumer know about the quality of the product offered. It assists in making consumers understand that the products conform to the highest quality standards.
6. Packaging and Labelling:
The first impression is the last impression of the product. Package and label make that first impression on the consumer. Creative packaging and labelling can assist to make products successful. Packaging means designing the package for the product. Packaging assists in avoiding breakage, damage and destruction of the product. Pinking involves bottles, containers, plastic bags, tin, wooden boxes, jute bags, bubble bags, packing foam etc.
The label is a slip that is seen on the product and gives all the data regarding the product and its producer. The slip-on which all this data is given is called a label and its method is called labelling. Packaging and labelling not only gives protection to the product but also serve as a useful tool of marketing.
7. Branding:
Every business wants to have a unique identity for products in the market. Branding is related to the process of identifying the name of the producer with the product. Some brands are there in the market which has set good goodwill and each product coming from the related brand will be trusted more intensely by the customers. Although, owning a separate identity for the product can be effective.
In simple words giving a different name to a product is described as branding.
Trademarks can’t be copied. branding assists to get recognition among the consumers. It can assist to make new business and increase brand recognition in the market.
8. Customer support service:
The consumer is the head of the market hence businesses need to take essential actions for the satisfaction of the customer. Business needs to take every possible effort to gives support services to the customer. Timely support services assist to expand customers loyalty.
The business can give the services like pre-sales service, customer helpline, after-sales service, technical support, product demo etc. These services assist in getting, retaining and increasing the customers.
9. Pricing of Product:
Pricing is the most essential as well as challenging function of marketing. The price of a product decides the success of the product. This function plays a significant part in the market where there is ruthless competition. While deciding the price of the product businessman requires to analyse circumstances like cost, desired profit, market condition, price of the competitor’s product etc. Price of the product needs to change as per the need of the market. If prices are extremely costly, it might lose customers but if prices are extremely cheap, it might suffer losses. So determining the price requires extensive market research.
10. Promotional channels:
Promotion is related to informing the consumer about the product. promotion encouraging them to buy products. Advertising, personnel selling, sales promotion and publicity. are some essential tools of promotion. Business uses a combination of all four methods for promotion as per the necessity of the business. Promotion help to increase brand awareness in the market.
11. Distribution:
Distribution is the collection of activities that are concerned with the effective movement of finished goods from the place of production to the customer. It involves transportation, warehousing, material handling, order processing, market forecasting, packaging, inventory control, plant and warehouse location and customer service. Distribution accounts for an important part of the marketing resources of the business. The value of distribution for a firm depends on the type of product and the level of consumer satisfaction wanted.
12. Transportation
Transportation is an important function of marketing. Transportation means the physical movement of products from one spot to another. In other words, it is the journey of goods from the place of production to the place of consumption.
The transport department is required for the manufactured goods to reach the hands of consumers. So the company must have a smooth way to means of transportation.
Frequently we see on the roadside’s private vehicles referring to Pepsi, milk, Parle-G etc. These private vehicles are existing examples of the transportation functions of marketing. Place utility is thus produced by transportation activity.
13. Warehousing
There is a time lag between the acquisition or production of products and their sale. It is important to store the goods at a safe place during this time-lag Godowns are utilised for this purpose. Keeping goods in godowns till the same is sold is called storage. Warehouse assists to maintain a constant flow of goods. It also assists in maintaining prices in the market. There are 7 types of warehouses that are used to store goods. For marketing, manager storage is an essential role. Any carelessness on his part may harm the whole assets. Time utility is thus formed by storage activity.
I hope you guys must have known the 13 Main Functions of Marketing But still, if you see any need in this post, then please give your view in the comment box and help us to improve that deficiency, thanks.
