Marketing is a vital function of management. The concept of marketing has the broader scope. It makes the economy firm and stable. Marketing is based on the concerning about the trade in terms of client’s needs and their satisfaction. Marketing is made up of different activities known as marketing functions. Marketing functions are those activities of marketing which are concerned with the main objective of fulfilling the need’s of customer’s. The passage of goods from the manufacturer to the final consumers involves many operations and these are known as marketing functions.
MARKET VS. MARKETING:
The term market derived from a Latin word macatus. It means a place where actual buying and selling takes place but not only this it also includes a region where demand and supply forces operate freely or with the help of communication and there is transfer of title of goods but the term marketing is a wider concept. It is the main function of management. It is an act of connecting customers to products. It involves all efforts to form customer’s for the product’s and provide utmost satisfaction to them. The planning, organizing, directing and controlling of persons and activities engaged in marketing division of a business venture is known as marketing management.
FUNCTIONS OF MARKETING:
It is difficult to sort out where marketing begins and where it ends.It makes difficult to identify and classify marketing functions. Different authorities on marketing have their different classifications.The different functions of marketing are discussed below:
- Gathering and examining market information: It is an important function of marketing. In this efforts are made to understand the efforts. Analysis are made to understand the behaviour of consumers like What type of a product customer want?? In which quantity?And at what price? From this all relevant information is gathered and examine. On the basis of this analysis an effort is made to find out which product has the best opportunity in the market.
- Marketing Mapping: To achieve the objective of an organisation marketer have to prepare a marketing plan. From this they get to know who will do what,when and how.This is known as marketing mapping.
- Product Designing and Development: It plays an important role in product selling. The designing of a product attracts more customers.The product whose designing is attractive have more sellers of their product in compare to the product whose designing is less attractive.
- Normalization and Grading: To make product brand so unique standardization is being done. It means determining of standards according to product size ,design, weight etc. This is how sale is made possible through samples. Whereas products which have same peculiarities are placed under given grades. This placing of grades is called grading.
- Price Determination Of Product: It is the important function of marketing. The marketer have to fix price of a product. The prices of a product should be fix in a way that it should not be too high nor too low and at the same time it should earn enough profit for the business.
- Promotion: It means informing the customers about product and also encourage them to buy that product. Promotion can be done by four ways:
The decision is to be taken by the marketer that which promotion method should be opted keeping in view the budget of the organisation.
- Physical Distribution: In this function of marketing decision is to taken about carrying of goods from producers to the final consumers. While taking decision marrketer should keep focus on these four factors which are given below:
- After Sales Service: In this the marketer should make provisions to assist the customers after they have purchased the product. It is a market strategy to build a good relationship with their customers.
Thus, Marketing function helps marketer to know what is to be done. It helps in creating big picture of business while making profit for business.