Marketing function refers to those activities which are necessary to be performed from the conception of the idea of products to their final consumption by the consumers. These activities any is classified in following parts:-
The function of research: - It is the systematic approach of study the nature of product, price, distribution, consumers preference etc. it includes the analysis and decision making after the deep investigation in the market.
Planning and developments of product: - This function includes the activities from the idea of the product to its final developments. It includes the decision making regarding the packing, colour, price, size quantity etc of products so that consumers may fully satisfied.
The function of physical supply: -These are those function which are required to fill the gap between the manufacturer and consumers.
The following are the main functions of physical supply
Transportation:-Transportation facility the place utility it involves the activities relating to the movement of goods from the place of production to the place of consumption. It widens the markets and brings the buyers and sellers together different means of transport include railway, roadways and airways.
Warehousing: - The function of warehousing facility the time utility. The goods are always produced excess demands. Excess produced goods stored in a warehouse to meet the time lag between production and consumption.
Function of exchange
Buying and assembling: - Buying refers to the purchase of raw materials, semi- finished goods for the purpose of manufacture of their resale. Efficient buying is not possible without the help of, marketing departments regarding the tastes and requirements of the customers. Assembling refers to the collecting of raw material and finished goods from various sources and placing them at convenient places.
Selling: - Selling facilitates the transfer of ownership of goods from the sellers to the buyers. It involves
Functions which facilitate exchange
Standardization: - standardization refers to the fixing of specifications for a product on the basis of desired quality. It implies the physical nature of product like durability, safety and utility etc.
Grading: - It refers to the categorization of different types of goods on the basis of their features. The goods are put into different lots in accordance with predetermined quality standards.
Branding: - Branding means affecting a symbol or a name or a mark on a product so as to make it distinct market image which facilitates repeated sales.
Packaging refers to a process of designing and producing for a product. A package is wrappers or a containers or a case in which a product is enclosed for the comfort of the customers. It is designed in such a manners that it is attractive, economical, safe and easy to use. It provide necessary information regarding the date of manufacture, expiry, MRP, how to use etc moreover it reduce the risk of spoilage, breakage, leakage etc. It built market image of product.
Salesmanship:- It is an art of selling the goods directly to prospective buyers. A salesman counsels the buyers about the product and stimulates them to buy the product. He also provide information regarding the usage of goods
Advertisement :-Advertisements has become an important tool of marketing and for attracting new customers. It is a paid form of non-personal presentation the for sale of goods and services. Newspapers, magazines, radio, televisions etc. are some of the important medias used for advertisements to increase sales.
Pricing: -Pricing refers to the money value which a buyer has to pay in exchange of goods. Pricing involves decision making keep in the view the cost of the products, nature of competition profits margin, taxation policies etc.
Financing: -Marketing process needs fiancé for purchase ans sales of goods. Producers provide the credit facility to wholesalers. Now a days business enterprises arrange finance from the financial institution, banks etc financing makes buyers potential to buy.
Risk-bearing: - Risk is an inseparable part of marketing. There is always the danger of loss to goods due to theft, fire, floods etc. there is certain marketing risk which may cause loss due to change in demand and supply.
Insurance: -Insurance is another important function of marketing which covers the risk involved in the flow of goods from producers to buyers. Insurance cover losses due to theft, fire, earthquake etc.
- Functions of research
- Function of physical supply
- Function of exchange
- The function of facilitating to exchange.
The function of research: - It is the systematic approach of study the nature of product, price, distribution, consumers preference etc. it includes the analysis and decision making after the deep investigation in the market.
Planning and developments of product: - This function includes the activities from the idea of the product to its final developments. It includes the decision making regarding the packing, colour, price, size quantity etc of products so that consumers may fully satisfied.
The function of physical supply: -These are those function which are required to fill the gap between the manufacturer and consumers.
The following are the main functions of physical supply
Transportation:-Transportation facility the place utility it involves the activities relating to the movement of goods from the place of production to the place of consumption. It widens the markets and brings the buyers and sellers together different means of transport include railway, roadways and airways.
Warehousing: - The function of warehousing facility the time utility. The goods are always produced excess demands. Excess produced goods stored in a warehouse to meet the time lag between production and consumption.
Function of exchange
Buying and assembling: - Buying refers to the purchase of raw materials, semi- finished goods for the purpose of manufacture of their resale. Efficient buying is not possible without the help of, marketing departments regarding the tastes and requirements of the customers. Assembling refers to the collecting of raw material and finished goods from various sources and placing them at convenient places.
Selling: - Selling facilitates the transfer of ownership of goods from the sellers to the buyers. It involves
- Finding of customers.
- Study and analysis of their preference.
- Converting desire into demand.
- Determining the terms of sales, payments and delivery.
- Providing advice and services to the buyer.
Functions which facilitate exchange
Standardization: - standardization refers to the fixing of specifications for a product on the basis of desired quality. It implies the physical nature of product like durability, safety and utility etc.
Grading: - It refers to the categorization of different types of goods on the basis of their features. The goods are put into different lots in accordance with predetermined quality standards.
Branding: - Branding means affecting a symbol or a name or a mark on a product so as to make it distinct market image which facilitates repeated sales.
Packaging refers to a process of designing and producing for a product. A package is wrappers or a containers or a case in which a product is enclosed for the comfort of the customers. It is designed in such a manners that it is attractive, economical, safe and easy to use. It provide necessary information regarding the date of manufacture, expiry, MRP, how to use etc moreover it reduce the risk of spoilage, breakage, leakage etc. It built market image of product.
Salesmanship:- It is an art of selling the goods directly to prospective buyers. A salesman counsels the buyers about the product and stimulates them to buy the product. He also provide information regarding the usage of goods
Advertisement :-Advertisements has become an important tool of marketing and for attracting new customers. It is a paid form of non-personal presentation the for sale of goods and services. Newspapers, magazines, radio, televisions etc. are some of the important medias used for advertisements to increase sales.
Pricing: -Pricing refers to the money value which a buyer has to pay in exchange of goods. Pricing involves decision making keep in the view the cost of the products, nature of competition profits margin, taxation policies etc.
Financing: -Marketing process needs fiancé for purchase ans sales of goods. Producers provide the credit facility to wholesalers. Now a days business enterprises arrange finance from the financial institution, banks etc financing makes buyers potential to buy.
Risk-bearing: - Risk is an inseparable part of marketing. There is always the danger of loss to goods due to theft, fire, floods etc. there is certain marketing risk which may cause loss due to change in demand and supply.
Insurance: -Insurance is another important function of marketing which covers the risk involved in the flow of goods from producers to buyers. Insurance cover losses due to theft, fire, earthquake etc.
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