12 functions of marketing free
It is customer for companies to review the progress of their present products and constantly look for opportunities of diversifying into never areas.
Services are intangible in for m.
The price of a product will largely determine its success or failure. For example, sugar cane is pur chased by few producers of sugar, but sugar, which is a consumer product, is purchased by crores of people in our country.
More and mor e companies ar e using interactive sites on the internet, to gather customer views and opinions, before taking important business decisions.
It helps the individual consumers in raising their standard of living by making available the products and services that satisfy their needs and wants. Once you understand your customer thoroughly you can base your product design on this information.
Importance of marketing
The issue before a firm then is to decide what would be the most effective combination of elements to achieve the given objectives. The design of the product is also an important factor in many products. The company said that moving forward, its capital expenditure as a percentage of sales would increase, and that most of the increased spending will go to expansion in developing and emerging markets and adding manufacturing capacity for Gatorade and other non-carbonated drinks. Other important criticisms include that the marketing mix lacks a strategic framework and is therefore unfit to be a planning instrument, particularly when uncontrollable, external elements are an important aspect of the marketing environment. By doing so, it is ascertained that the given product will have some peculiarities. The important product decisions include deciding about the features, quality, packaging, labelling and branding of the products. Factors like demand, market conditions, competition prices etc will be considered to come up with the correct pricing strategy. In this way, it can be said that the possession of a special design affords a company to a competitive advantage. Whether it is a profit organisation or a non-profit or ganisation, marketing plays an important role in achieving its objectives. Geographic Concentration: Because of location of industries at certain points or regions, industrial markets are highly concentrated, geographically. Within a PESTLE analysis , a firm would analyze national political issues, culture and climate, key macroeconomic conditions, health and indicators such as economic growth, inflation , unemployment , etc. The demand for these goods is relatively inelastic, i.
For any exchange to take place, it is important that the following conditions are satisfied: i involvement of at least two parties viz. This will allow them to buy your products on credit without having to worry about financial restrains.
They are not only to protect and identify the goods but are great marketing tools. And finally, you plan the marketing strategy of your company accordingly. Exchange is, therefore, referr ed to as the essence of marketing.
Pricing This refers to the process of setting a price for a product, including discounts. This third P has also sometimes been called Place or Placement, referring to the channel by which a product or service is sold e.
What is marketing pdf definition
The role of marketing in different situations may be described in brief as follows. Micro[ edit ] A firm's micro-environment comprises factors pertinent to the firm itself, or stakeholders closely connected with the firm or company. Marketing is actual both a science and an art and very important to the success of any business. The demand for a product or service is related to its price. Transportation: Transportation involves physical movement of goods fr om one place to the other. With the growth of computers, a new tr end has emer ged in the collection of market information. Companies that adopt a societal marketing perspective typically practice triple bottom line reporting whereby they publish social impact and environmental impact reports alongside financial performance reports. The issues that contribute to making society a pleasant place to live in the long run, may be grouped under the second category. They consider these two terms as one and the same. Factors like demand, market conditions, competition prices etc will be considered to come up with the correct pricing strategy. The buyers are willing to spend a lot of time and efforts on the pur chase of such pr oducts. Online tag-sale site e-Bay, for example was one of the first sites to teach us that you can trust people online as well as you might trust a friendly neighbour.
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