Functions of Marketing
Marketing is a very comprehensive term and cannot be clarified in a few words. Marketing is an important business function that supports making the customers aware of the products or services that are offered by a business.
The definition of marketing as defined by the American Marketing Association is as follows.
“Marketing is the process of planning and executing conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.”
The following are the 12 functions of marketing:-
| Identify needs of the consumer |
|---|
| Planning |
| Product Development |
| Standardization and Grading |
| Packing and Labelling |
| Branding |
| Customer Service |
| Pricing |
| Promotion |
| Distribution |
| Transportation |
| Warehousing |
Identify needs of the consumer
The initial step in the marketing function is to find the requirements and desires of the customer that
are existing in the market.
Companies need to gather information on the client and execute analysis on the collected information.
With the help of this, they can present the product or service that matches closely with the customer requirements and desires.
Planning
The next step in the marketing function is planning. It is would be very important for a business to have a plan.
The management should be very clear about the business objectives and what it requirements to reach from the created plan.
The company should then draw out a timeline that is important for reaching the objectives.
Product Development
Standardization and Grading
Packing and Labelling
should be seen after very well. Great packing and labelling drive a long way in ensuring product success.
Branding
We refer to branding too as the procedure of classifying the name of the manufacturer with the product. Some brands are there in the market which has a lot of goodwill and any product approaching from the same brand will be recognized more warmly by the consumers. Even though having a separate uniqueness for the product can be helpful.
Customer Service
Pricing
We can observe it as one of the most important parts of the marketing function. It is the value of a product that regulates whether it will be a positive or a failure. Some other factors are market demand, competition, price of competitors.
Promotion
Promotion is the procedure of making the customers aware of the product by offering it to customers across various networks of promotion and tempt them to buy the product.
The main channels of promotion are advertising, broadcasting, personal selling, and promotion.
Distribution
Distribution states the drive of consumer goods to the point of consumption. A company must certify that the correct channel of distribution is selected for the product.
The method of distribution depends on the factors such as projection life, market attentiveness and capital wants. Management of inventory is also important.
Transportation
Transportation is well-defined as the physical movement of goods from one place to another. It is the
movement of goods from the place of production to the place of consumption.
Similarly, the right mode of transportation can be selected based on the geographical borders of the marketplace.
Warehousing
Warehousing of goods produces time utility. We frequently see something is that there is a gap between the time they form a product and the time when it is consumed.
Businesses need to maintain the smooth movement of goods even when the goods are seasonal. Warehousing and storage offer the opportunity to deliver goods during the off-season as well.
you can read further article which is about How to execute a Marketing Plan?