Functions of Marketing

Functions of Marketing

Marketing is a very comprehensive term and cannot be clarified in a few words. Marketing is an important business function that supports making the customers aware of the products or services that are offered by a business.

Functions of Marketing

The definition of marketing as defined by the American MarketingAssociation is as follows.

Marketing is the process of planning and executing conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.”

The following are the functions of marketing:

  • Identify needs of the consumer

The initial step in the marketing function is to find the requirements and desires of the customer that are existing in the market. Companies need to gather information on the client and execute analysis on the collected information.

With the help of this, they can present the product or service that matches closely with the customer requirements and desires.

  • Planning

The next step in the marketing function is planning. It is would be very important for a business to have a plan. The management should be very clear about the business objectives and what it requirements to reach from the created plan.

The company should then draw out a timeline that is important for reaching the objectives.

  • Product Development 

After they received the pieces of information from the consumer research, the consumers established for use the product. There are various factors that are important for a product to be acknowledged by the customer. A few factors between the many are product design, strength, and price.

  • Standardisation and Grading

Standardisation states ensuring uniformity in the product, so a product established by a business shall be standard for each consumed with the same quality and design and this is one of the key characteristics that need to be maintained by the business.

They state grading as the procedure of categorizing products that are similar in quality and features. Grading supports in making the customer know about the quality of the product offered. It helps in making clients understand that the products adapt to the highest quality standards.

  • Packing and Labelling

The initial impressions of a product are its packing, and the label attached to it. So, packing and labelling should be seen after very well. Great packing and labelling drive a long way in ensuring product success.

  • Branding

We refer to branding too as the procedure of classifying the name of the manufacturer with the product. Some brands are there in the market which has a lot of goodwill and any product approaching from the same brand will be recognized more warmly by the consumers. Even though having a separate uniqueness for the product can be helpful.

  • Customer Service

A business has to set up several kinds of customer service based on their product. It can be technical support, customer support, maintenance services, etc.

  • Pricing

We can observe it as one of the most important parts of the marketing function. It is the value of a product that regulates whether it will be a positive or a failure. Some other factors are market demand, competition, price of competitors.

  • Promotion

Promotion is the procedure of making the customers aware of the product by offering it to customers across various networks of promotion and tempt them to buy the product.

The main channels of promotion are advertising, broadcasting, personal selling, and promotion.

  • Distribution

Distribution states the drive of consumer goods to the point of consumption. A company must certify that the correct channel of distribution is selected for the product.

The method of distribution depends on the factors such as projection life, market attentiveness and capital wants. Management of inventory is also important.

  • Transportation

Transportation is well-defined as the physical movement of goods from one place to another. It is the movement of goods from the place of production to the place of consumption.

Similarly, the right mode of transportation can be selected based on the geographical borders of the marketplace.

  • Warehousing

Warehousing of goods produces time utility. We frequently see something is that there is a gap between the time they form a product and the time when it is consumed. 

Businesses need to maintain the smooth movement of goods even when the goods are seasonal. Warehousing and storage offer the opportunity to deliver goods during the off-season as well.

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Happy Readings!!

Nadeem Khan
M.Com, MBA
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