Functions marketing

 Functional marketing :-

Functional of Marketing:-

     Marketing is a process that companies of all the activities involved from the concepts of the products all the way till it the first consumer. So there are a lot of activities in this process which are call the Functions of Marketing. Let us take a look.

1.finding the best distribution channel

2. Financing an enterprise

3. Deep market research

4. Setting prices

5. Product and service Management

 6.Promotional channel

7. Matching products to customer

8. Identify consumer Needs

9. Planning

10. Product development

11. Standardisation and grading

12. Packing and labelling

13. Branding

14. Setting up customer support service

15. Promotion

16. Distribution

17. Transportation

18. Warehousing

19. Market information

20 . Risk function

21. Exchange function

22. Market Planning

1.finding the best distribution channel:-

Distribution is about deciding basicly how you get the goods and services you want to sell to the people who want to buy them. Having an idea for a project is great. But if you are not able to get that product to the consumer you are not going to make money. distribution can be easy as setting up shop in the part of a city. Where your target customers are- but in an increasingly interconnected world, distribution more often than not now means that you will need to take your product or services to the customer.

2. Financing an enterprise:-

It takes money to make money. As a business owner, an important Function of Marketing as a product is finding the money through investments, loans ,or your personal capital to finance the creation and advertising of your goods and services.

3.deep market research:-

Market is about gathering information concerning your target customer. Who are the people who you want to sell to ? Why should they buy from you as opposed to a rival business ? Answering this question requires that you do some on the ground observation of the Market Trends and competing products.

4.setting price:-

Setting the correct price for your project or service can be a challenge. If your price is too high,you might lose customers-but if your price is too low you might be robbing yourself of profits. The right "price" normally comes through. trial and error and doing some market research.

5. Product and service Management:

Once you have determined the target market and set the price of your product or service, the goal becomes the effectively manage the product or service, this involved listening to customer, responding to their wants and needs, and keeping your product and services fresh and up to date

6.Promotion channel:-

Most business owners are familiar with the idea of promotion. Advertising your product and services is essential to attracting new customers and keeping existing and customers coming back. All the marketplace changes, you will want to respond appropriately to trailering your promotion message to social media ,by striking with more conventional outlets, or by using a mix of the old and new.

7. Matching products to customer:-

While we tend to think of selling of Marketing as being closely linked, selling is last on the list of the seven functions of Marketing. This is because selling can happen only after you have determined the wants and needs of your customer base and are able to respond with the right product at three right price points and time frames.

8. Identify consumer needs:-

One of the first the company needs to take is to identify the needs and wants of the consumer in the market. To do so they gather information and analyze the information. Once you understand your customer thoroughly you can base your product design on this information.

9. Planning:-

 The next logical step would be to make a market plan. Firstly you must be very clear about the objectives of the company and what it wishes to achieve. Then you figure out the timeline to achieve these objectives. And finally you plan the market strategy of the company accordingly.

10. Product development:-

 As per your consumer research, you can develop the product that suits the needs of the consumer. The design of the product is also an important fact that many products. Like for example when buying a car,the design will play a funeral factor . The other factors to be continued like cost, durability etc.

11.standardization and grading:-

Standardization and ensuring uniformity in the products. All the customers must get the same product of the design and quality. And these standards need to be maintained throughout.

  Grading in the process of classification of products according to similar characteristics and quality. If the product does not have any predetermined quality or other specification like say agriculture products. Grading will ensure the consumer knows your goods are of higher quality.

12 . Packing and labelling:-

The package and the label are the first impression your product makes on the consumer so they are of essential importance. They are not only to protect and identify the goods but are great Marketing tools. There is proof that attractive packaging and labels can go a long way in the market for a product 's success.

13. Branding

One important decision to company has to make is whether they want the product to have an individual identity in the market or they want into be recognized by the brand name

        Certain brands enjoy incredible good will in the market and it can benefit the product. But you may also want the product to have a separate identity so it can flourish on its own attributes.

14. Setting up customer support service:-

   Depending on your product there may be a variety of our customer service that the company has too set up. Pre- sale service , customer discipline, maintainable service, technical support are just some of the services that your product may require. These are important Functions of Marketing.

   15. Promotion:-

 This is where you inform the customer of your product and persuade them to buy it. There are four major promotion methods- advertising, personal selling, sales, promotion and publicity. The company must decide on its best company promotion mix, a combination involving all or some of these four methods.

16. Distribution:-

Here the company must ensure the correct distribution channel for it's product. It will depend on a variety of factors such as concentration of market. Shelf life of product, company capital Requirements etc.inventory management is another important factor the company must look into.

17. Transportation:-

 The physical movement of goods from it's place of production to its place of consumption is transportation. It is a very important Function of Marketing. The company must analyze the geographical boundaries of its market. This will help them choose the correct mode of transportation.

              And in an economy where we live, there are almost no barriers to international trade. So. If a company wishes to go, transportation will be a key factor in their Marketing mix.

18. Warehousing:-

As we have seen there is always a lag time between the production and consumption of the goods.sometimes the products are seasonal or the supply is irregular or there are production difficulties.but companies like to maintain a smooth flow of goods.so storage and warehousing of goods are necessary.

19.market information:-

To identify the needs, wants and demands of the consumer and then analyse the identified information to arrive at various decisions for the successful Marketing in the firms. Product and services is one of the most important Function of Marketing. The analysis involved judging the internal weakness and strength of the organization as well politico- legal, social and demographic data of the target market. This information is further used in market segmentation.

20. Risk taking:-

Risk is one of the most important functions in the market. Risk taking refers to uncertainty about consumer purchase resulting from creation of Marketing of goods and services that consumers may purchase in future.

21. Exchange function:-

  The buying and selling are the Exchange function of the Marketing. They ensure that a firm's offerings are available in sufficient qualities to most customer demands. The Exchange functions are supported by advertising and personal selling and sales promotion.

22. Market Planning:-

 Market Planning aims at achieving a firm's Marketing objectives. These objectives may involve increasing market presence, dominating the market or increasing market shares. The market planning function covet the aspects of production levels promotion and other action programmes.