Functions of Marketing – its meaning and definition

The functions of Marketing defines the process of  making the customers awareness related to the products or services that are offered by a business. Before explaining the functions of marketing we have know about the meaning of marketing first which is explained below:

Meaning of Marketing:

Marketing is an activity and process for creating, communicating, delivering the offerings which have value for partners, customers, and society. In this, the marketers identify the demand and the requirements of their customers then offer the products to them what they expect.

Definitions:

“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.”

-American Marketing Association

“The science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit.  Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. 

-Dr. Philip Kotler

“Marketing is the messages and/or actions that cause messages and/or actions.”

-Jay Baer

“Meeting the needs of your customer at a profit.”

Dr. Philip Kotler

Functions of marketing:

lets know about 8 functions of Marketing which are as follows:

1. Identify needs of the consumer: 

In this, the marketers identify the demand and the requirements of their customers then offer the products to them what they expect. Companies or businesses must collect the information from the customer and perform analysis on the collected information then oofer the product or service which axactly matche closely with the customer’s need.

2. Planning and Product Development: 

 It is the second important function of marketing. The management must be clear about the objectives of the company to achieve from the created plan.

After receiveing the details  from the consumer, the product is developed for the consumers. There are many things which are important for a product to be accepted by the customer, there are some factors like: Product design, Durability and Cost which affects the planning and product development.

3. Standardisation and Grading: 

The process of ensuring uniformity in the product is called as Standardisation which means that a product developed by a business is ofered with same quality for every consumer and this is the key element that needs to be maintained by the business.

 On the other hand, Grading helps in making the customer know about the quality of the product offered. It helps in making customers understand that the products is offered with highest quality standards.

4. Packing and Labelling: 

The packaging and the labelling atract the customer first. Therefore, packaging and labelling should be looking well. It is a well known fact that a great packaging and labelling will help to raise product success in long run.

5. Branding and Customer Service:

The process of identifying the name of the producer with the product is called Branding. Some certain brands are having great space in the market which have a lot of goodwill Such as Colgate,Maggi, johnson and johnson baby products. A separate identity for the product can be helpful for the business.

On the other side, A company has to set-up various kinds of customer service which are based on their product. It may be of pre-sales, customer and technical support, maintenance services, etc.

6. Pricing and Promotion: 

Firstly,the price of a product determines whether it will be successful or a failure. Some other factors are market demand, competition, price of competitors are considered while planning about the pricing of the product. The company must be understand clearly that bringing about frequent changes in the price of a product can lead to confusion in the minds of consumers.

Secondly, Promotion is the process of making the customers aware of the product by presenting it to customers with    the help of various channels of promotion.

There are some important channels of advertising, media, personal selling and promotion which will help the company to grow and increase its sales.

7. Distribution: 

The movement of consumer goods from one point to the point of consumption. A company must ensure that the correct channel of distribution is selected for the product is ensured by the company.

The mode of distribution is dependent on the factors such as shelf life, market concentration and capital requirements. 

8. Transportation and Warehousing:

 In simple words, it is the movement of goods from the place of production to the place of consumption. The accurate medium of transportation can be selected based on the geographical boundaries of the market. 

 The time utility is created for warehousing of products . Companies must be maintain the smooth flow of goods even if the products are of seasonal nature. Warehousing and storing facilities helps in providing the goods during off- season also.

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