Marketing Definition
The management process through which goods and services move from concept to the customer.
Marketing Meaning:
The action or business of promoting and selling products or services, including market research and advertising.
FUNCTIONS OF MARKETING :
Researching
Buying
Product development and management
Production
Promotion
Standardization and grading
Pricing
Distribution
Risk bearing
Financing
After sales-service
1. Research Function:-
The research function of marketing is that enables you to generate adequate information regarding your particular market of target.
You must carry out adequate research to identify the size, behavior, culture, believe, genders etc. of your target market segment, their needs and want, and then develop effective product that can meet and satisfy these market needs and want.
2. Buying Function
The function of buying is performed in order to acquire quality materials for production.
When you design a good product concept, you should also ensure you're buying the essential materials for the product.
This function is carried out by the purchase and supply department, but your specifications of materials goes a long way in assisting the purchasing department to acquire the necessary materials needed for production.
3. Product Development And Management
Product development is an essential function of marketing since it was the duties of the marketing department to identify what the market need or want and then design effective product based on the identified need and want of the market.
Product development passes through some basic stages carried out by the marketers to develop a targeted market specified product.
And you can also manage your product by evaluating it performance and changing them to fit the current market trend.
4. Promotion Function
Promotion is one of the core functions of marketing since your finish product must not remain in the place of production, hence, you as a marketer must design effective communication strategies to informing the availability of your product to your target market.
You must be able to design effective strategies to communicate your product availability and features to your target market, such strategies as in; advertisement, personal selling, public relation etc.
5. Standardization And Grading
The function of standardization is to establish specified characteristics that your product must conform to, such standard as in having a specify test, ingredient etc.
That makes your product brand so unique.
Grading comes in when you sort and classify your product into deferent sizes or quantities for different market segment while maintaining your product standard.
6. Pricing Function
You perform the function of pricing on your product offerings by designing effective pricing systems base on your product stage and performance in the product life cycle.
Price is the actual value consumers perceive on your product, so you as a marketer should ensure that your value of your product is not too high or too low to that of your costumers.
7. Distribution Function
The function of distribution is to ensure that your product is easily and effectively moved from the point of production to the target market, the kind of transportation system to employ e.g. Road, rail, water or air, and ensures that the product can be easily accessed by customers.
You as a Marketer should also design the kind of middlemen to engage in the channel of distribution, their incentives and motivations etc.
8. Risk Bearing Function
The process of moving a finished product from the point of production to the point of consumptions is characterized with lots of risks, such risks as in product damaging, pilferage and defaults etc.
So you must provide effective packaging system to protect your product, good warehouse for the storage of your product until they are needed, effective transportation system to speedily deliver your product on time.
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