Today we want to tell some information about marketing. In this post, we will also tell you the function of marketing and everything related to marketing must be explained. Marketing is a part of the business without which business is incomplete. If there is no marketing then your business can never run. That’s why if you want to start a good business you have to have all the information related to marketing. We hope that after reading the information you have received, today you will not have to search anymore about marketing, because we have given you all the information in this post. If you want to know more about marketing, read this post carefully.
FUNCTIONS OF MARKETING
There are three types of remarketing functions
- Research Functions
- Functions of Exchange
- Function of Distribution
- Facilitating Functions
1. Market Research:
Market research is the intelligence service of the organization Marketing helps to analyze the buyer’s behavior, the relative popularity of product effectiveness oF advertising media, pricing policies, packaging, and grading policies, distribution structure, strength and weaknesses of the competitor’s.
2. Product Planning:
Product planning is the process in which the type, sue, quantity, snape strength, ta, and performance of a product is determined on the basis of information received Iron market research.
The success of a business depends on how efficiently the material or goods have been acquired of customers’ choice at competitive prices ln other words “Buying is the process of acquiring goods at the right time, at the right price, in right quantity & quality, and from a right person. Buying involves the following activities or functions:
Determination of needs: The color, size, quantity, quality, and price should be preset market research is helpful in this activity.
Sources of supply: Those suppliers should be selected for acquiring goods that could make the availability of goods possible even in time of storage at the most possible discounted price. The suppliers offering credit should be preferred. In case of defective goods, loading and unloading, transportation charges and other points should be predetermined with the supplier.
Placing orders and receiving goods: This is also an important function of buying. Orders should clearly be placed so that there is no ambiguity, doubt, or miscommunication. In receiving goods, the quantity and quality must be check according to the order.
Selling is the heart of marketing. Seiling is the main reason of the business operation Under Selling, a marketer has to perform several functions for sales such as (1) Determining the potential customers, (2) Persuading them to buy the products (3) creating demand for the products, (4) Selection of the channel for distribution, and IS Market research. Advertisement salesmanship and other sales promotional activities are widely used to create demand and increase sales.
More information about the business:
Transportation plays a very important role in marketing. It facilitates the movement of goods from the place of production to the place where goods are need. There are various kinds of transport like roads, railways, sea, and air transport.
Storage and warehousing:
It involves keeping goods in proper condition from the time of production until the time of selling. It is an important function of marketing.
Standardization and Grading:
Standardization means setting a standard of quality. It assures quality and uniformity in e, quantity, shape, strength, taste, and performance. Standardization (Brand names facilitates the purchase and sale of products. Grading means separating the products according to established standards. Each grade has uniformity in all attributes and features.
As you all know that branding is very important for marketing. Branding is one of the most important things which grow your business quickly. Many people buy things from the best brands.
The packaging is concerned with formulating wrapper for the product. Their main objective is to provide convenience in handling, ensure freshness and quality, and to prevent adulteration. It also helps in distinguishing the product of the company from that of competitors.
In determining the price of the products, several factors are to be kept in mind such as (a) Cost of the product (b) purchasing power of buyer, (c) Profit margin desired, (d) Competitor’s prices, (e) Government policy, (f) Services offered, (g) Demand for the product, etc. Pricing functions include pricing, discounts, allowances, and terms of credit.
Financing is the lifeblood of modem marketing. For performing marketing functions effectively, huge funds are required to hold the stock, and to meet the cost of marketing, It is very difficult to carry on marketing activities.
Advertising is the need of the modern age. There is hardly any product or service which goes to the consumer without advertising. Massive advertising persuades influence, and convince customers’ mind to buy the product. Advertising motivates the customer to try & test the product.
In a modern competitive environment, situation changes in seconds. Price fluctuation, new fashion or design, Policy of competitors, Customer trend, Government’s laws, and other factors are needed to be known for a businessman.
The business world is full of risks. A marketer has to face: (a) Change in demand & fashion, (b) Losses from natural calamities & disasters, etc. (c) Fall in price, (d) Competition, (e) New inventions, (f) Change in habits or tastes of consumers, (B) Change in technology, (h) Losses from spoilage, depreciation, and damage, (1) Losses from fire, theft, accident. That’s why marketing is considered a risk-bearing activity. Planning against the uncertainties through risk management can prevent these risks.
Business is full of risks and avoidance from risks at any cost is a must. Large premises, heavy plant and machinery, and other equipment are to be provided safety. Therefore, all financial recourses are cover by taking insurance policies.
We hope you understand as much information as we have given about marketing. If you want more information like this, you can go to our website and get a lot of information. We provide you with all the information related to business on this website. So if you are interested in the business you should visit our website.