Marketing Functions

Marketing Functions

There are eight Universal functions that are performed in marketing these are as shown in fig these

are Buying, selling, transporting, storing, standardizing and grading, financing and finally risk taking

now lets discuss these one by one:

•  Buying: (Raw material to produce goods and services and to purchase finished goods or services as retailer or whole seller to sell them again for final customers and consumers). It is a function that ensures that  product offerings are available in sufficient quantities to meet customer demands
•  Selling: The function to be performed to sell the products/services/idea to satisfy customer needs or wants. Using advertising, personal selling, and sales promotion to match goods and services to customer needs
•  Transporting: Function related to create the availability of product or services. It is used for moving products from their points of production to location convenient for purchases
•  Storing: Warehouses are used to store the products for further distribution.
•  Standardizing and grading: To provide more quality products and services without variation in the quality. Ensuring that product offerings meet established and grading quality and quantity control standards of size, weight, and other product variables
•  Financing: Providing the financial resources to carry out different function e.g. promotion of product and providing credit for channel members (wholesalers retailers) or consumers
•  Risk taking: Marketer takes a risk specifically when any new product is introduced in a market because there are equal chances of success and failure. Dealing with uncertainty about consumer purchases resulting from creation and marketing of goods and services that consumers may purchase in the future
•  Securing Marketing Information: Collecting information about consumers, competitors, information and channel members (wholesalers, and retailers) for use in making marketing decisions Almost all marketing functions are based on information acquired from external environment and information distributed out of organization. Marketer seeks information to find out customer needs and wants which are to be satisfied than after producing goods and services awareness about the availability is required so that consumer can purchase the available goods and services.

Marketing Management:

Marketing management is “the art and science of choosing target markets and building profitable

relationships with them.” Creating, delivering and communicating superior customer value is key.

Marketing management is the conscious effort to achieve desired exchange outcomes with target

markets. The marketer’s basic skill lies in influencing the level, timing, and composition of demand

for a product, service, organization, place, person, idea, or some form of information.

Marketing Management is defined as the analysis, planning, implementation, and control of

programs designed to create, build, and maintain beneficial exchanges with target buyers for the

purpose of achieving organisational objectives. Which are:

Demand Management - marketing management is concerned with increasing demand, as well as

changing or even reducing demand. Marketing management is concerned not only with finding and

increasing demand, but also with changing or even reducing it.

1.  Demarketing: Marketing to reduce demand temporarily or permanently; the aim is not todestroy demand but only to reduce or shift it. Demarketing’s aim is to reduce demand temporarilyor permanently (move traffic away from a popular tourist attraction during peak demand times).
2.  In reality, marketing management is really demand management.
3. Building Profitable Customer Relationships - Beyond designing strategies to attract newcustomers, marketing organizations also go all out to retain current customers and build lasting customer relationships.