PPT ON MARKETING FUNCTION SUBMITTED BY : Arsh Bulland (40) Paras Thukral (41)

WHAT IS MARKETING FUNCTION?

UNDERSTANDING MARKETING MARKETING CAN BE DESCRIBED IN VARIOUS WAYS. IT COULLD BE UNDERSTOOD NOT IN OLD SENSE OF MAKING A SALE- ‘SELLING’, BUT IN THE NEW SENSE OF SATISFYING CUSTOMERS. (ANTHARJANAM:2012) MARKETING FUNCTION REFERS TO THE SET OF PROCESSES FOR MAKING, COMMUNICATING AND TO GIVE VALUE TO BUYERS AND FOR MANAGING CUSTOMERS RALATIONSHIPS IN WAYS THAT BENEFIT ORGANIZATION AND ITS STAKEHOLDERS. IT BEGINS WITH DISCOVERING UNMET CUSTOMERS AND CONTINUES WITH RESEACHING THE POTENTIAL MARKET.

FEATURES OF MARKETING FUNCTION OPERATIONAL BUYING CUSTOMER ORIENTED DISTRIBUTING OVERALL BUSINESS PHILOSOPHY PRODUCT DEVELOPMENT AND MANAGEMENT LONG TERM SURVIVAL RISK BEARING MUTUAL BENEFITS FINANCING BUSINESS OBJECTIVE AFTER SALE SERVICE PRICING STANDARDIZATION AND GRADING PROMOTING RESEACHING

CHARECTERISTICS OF MARKETING FUNCTION Setting and communicating the value of products and services. E.g. price setting at right level Designing, developing, maintaining, improving and acquiring products and services that meet consumer needs. Determine the quality manners for consumers to locate and use services and products of the entity. They care for organization’s budgeting, provision of financial assistance to customers

Continues…….. Obtaining, managing and using information about what consumers want to improve entity decision making activities, and determining what will sell. Clear communication with the buyers about goods and services to achieve desire results. Good communication with the customers determine and satisfy their needs

Functions of Marketing What happens during the marketing process? Businesses are involved in the process of origin, pricing, promotion, and distribution of products and services. These products and services are made available in order to meet the goals of individuals and businesses.

Functions of Marketing continued Seven functions of marketing: Marketing-information management Product/service management Pricing Place (Distribution) Selling Financing Promotion

Marketing-information management Obtaining, managing, and using information about products and services, customers, and competitors to improve business decision- making and the performance of marketing activities. Information from around the world about market conditions, weather, price movements, and political changes, can affect the marketing process.

Product/service management Designing, developing, maintaining, improving, and obtaining products and services in order to meet the needs of customers. May involve several businesses

PRODUCT Refers to the goods and services offered to customers Product can be subdivided into quality levels, special features, styling, branding. Product range or mix. Service back-up, warranty/ durability packaging. Combination of above used for product. E.g. low quality product backed by a high service element.

PRICING Price refers to the amount charged for the offered product or services. The right product should be offered at right place. Price is a mechanism of exchange between firm and customer. It incorporates credit terms, discounts, margins, resources and financial services.

PLACE Place refers to distribution channels used to get your product to your customers. Place make the product physically available. It includes distribution channel, outlet, warehouse, factory location, coverage stocks and freight. The essence of managing the marketing mix lies in providing each group of customers with the mix of product, price, place and promotion which suits their needs.

PROMOTION Involves communicating information such as features and prices about products and services to potential customers.

SELLING Communicating directly with potential customers. Helps determine wants and needs

FINANCING Budgeting for marketing, operations, and providing financial assistance to customers.

Transportation Products must be physically relocated to the locations where consumers can buy them. This is a very important function. Transportation includes rail road, ship, airplane, truck, and telecommunications for non-tangible products such as market information.

TOOLS AND BENEFITS OF MARKETING FUNCTION

BENEFITS AND TOOLS………. EFFECTIVE LEARNING TOOL EASY TO SHARE BRAND VISIBILITY ENHANCES TRAFFIC VIRAL MARKETING TOOL Best implimentation of ideas

Risk-Taking Insurance companies provide coverage to protect producers and marketers from loss due to fire, theft, or natural disasters.

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