Introduction of Marketing:
Marketing efforts to do that few days that anticipate the customer needs and direct the flow of goods and services to satisfy them. In other words it can be defined as a process that direct the flow of goods and services, to establish share balance between demand and supply. However, in the simplest terms, the process that includes all the activities, starting from what to produce, to the activities done after sales.
Marketing management is a part of the business management. Its it refers to the planning, organising, directing and controlling of those activities which makes the exchange of goods and services easy between the sellers and consumers. Marketing management focus on obtaining desired results from the market.
According to Stanton- “ Marketing management is the marketing concept in action."
Concept/ Functions of Marketing Management:
A Marketing manager performs several functions for directing the flow of goods and services towards the consumer. In other words, the marketing process includes and array of activities. Every function has its own importance and a marketing manager need to undertake all these functions round the year, to operate the Marketing system successfully.
The next section is a brief description of various activities undertaken by marketing manager:
1. Marketing Analysis:
One of the important functions of a marketer is gathering market related information and its analysis. The initiation of marketing activities occurs with the analysis of market. Through this the marketing managers obtain knowledge about their consumer's needs, desires, interests, etc. Also, the information regarding the demand and supply is gathered with the help of market analysis. It is very essential to study the market environment and gather information about consumer's purchasing power, income, purchasing objectives etc.
2. Marketing planning:
For achieving the marketing objectives of an organisation, one more function that is important for the marketing manager is a development of a suitable marketing plan. For this a detailed marketing plane needs to be made according to the predetermined objectives, in which increase in the level of production, product promotion etc. activities are included.
3. Marketing communication:
Communication is an important function of marketing management. Every marketing manager needs to keep in place and effective marketing communication system. The important elements of Marketing communication are advertisement, sales promotion, marketing research, sales creativity, publicity, feedback or survey, etc.
4. Product design and development:
Another important function of marketing manager is product design and development. Product design helps in making the product attractive for the target consumers. A better design can increase the utility of the product and result in its enhanced competitiveness in the market.
5. Market segmentation:
Any organisation cannot satisfy all its consumers with any of the products. Therefore, every organisation has to select a particular customer group from the whole market and make efforts to satisfy them. The heterogeneous market is divided or classified into homogeneous groups(sub-markets), on the basis of common characteristics like needs, interests, etc. The organisation can choose one or more market in design their marketing program according to the needs of those chosen markets.
6. Standardization and Grading:
The term standardization refers to the production of goods according to the predetermined specification in order to maintain uniformity. It assures the purchasers that the goods are according to the pre-determined quality, price, and packaging. Grading includes dividing the goods produced into different classes according to their type and quality.
7. Packaging and Labelling:
Packaging includes designing the package for the product. Labelling means designing a label for the product. Packaging provides protection to the products colour and quality. Also, the product is presented in an attractive form so that people are motivated to purchase it.
8. Branding:
The selection of a right brand name plays an important role in the success of a product. It is an important decision whether the products should be sold according to the category belongs to or under a brand name. Just developed a liking towards that product and it makes the sales promotion easy.
9. Customer support services:
Customer support services through effective in promoting repetitive purchase and development brand loyalty. These services include after sales service, resolution of consumers complaints, credit services, maintenance services, technical assistance and providing consumer information. These all are meant to provide maximum satisfaction to a consumer which is the key to success in the present scenario.
10. Price determination:
The demand of a product is directly related to its price. Usually, if the price is low, demand is higher and vice versa. The price of a product is the amount, which is paid by the consumer in the exchange of the product. Price is a significant element which influences the success and failure of a product in the market.
11. Sales:
Under this function, the marketing department transfer the ownership of products or initiates a contract for the same. For this, the activities like determine in the price and sales conditions, publication of price list, appointing salesman etc. are taken.
12. Transportation:
Transportation refers to movement of goods or products from one place to another. The function is important since it involves the collection of products from different producers and making it available to different consumers timely. It leads to the generation of ‘place utility'. The marketing department employs various means of water, water, land and air transport.
13. Storage:
Generally, there is a gap between the sales and production activities. Therefore the marketing department arranges for storage of product in certain circumstances e.g. when the demand is lower than the supply of goods. Certain products like vegetables, fruits, cereals are produced only at particular time period or seasons. Search products also need to be stored in order to make them available after the season ends.
This function is meant for establishing a balance between the demand and supply of products.
14. Financial facilities:
This function include making arrangement of adicate finance for activities Undertaker like purchasing of goods, storage and for other expenses of the marketing department. The department makes the top management aware of its needs and obtained in a financial aid like Loan, EMI, Lease, etc. At times, the department itself obtains financial assistance through loans from banks and other financial institutions.
These above mentioned functions has to be performed sequentially. If if one of the above functions is missing in an organisation then it has to suffer from a great loss.
Conclusion:
The global market is witnessing a sea of changes and economies round the globe, are refining their business practices continually. In such scenario, marketing has emerged as one of the most important business management function. Marketing management is a important part of the business management. It refers to the planning, organising, directing and controlling of those activities which makes the exchange of goods and services easy between the sellers and consumers. Marketing management focuses on or training desired results from the market.
Thank you for visiting.
Comments
Post a Comment