Marketing function
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This document provides an overview of marketing functions and concepts. It defines marketing as identifying and meeting customer needs profitably. The marketing function includes understanding customers, developing products to meet their needs, setting prices, promotion, and distribution. The marketing mix or "4Ps" of product, price, place, and promotion are explained. Integrated marketing and the marketing process of developing strategies, generating traffic, converting leads to sales, and measuring performance are also summarized. Tools and benefits of marketing include effective communication, brand visibility, and traffic generation.
Marketing function
- 1. BUSINESS STUDIES GRADE 11 UNIT 3 MARKETING FUNCTION
- 2. MARKETING FUNCTION UNIT FOUR 25 MARCH 2014
- 3. Contents Understanding marketing function Features of marketing function Characteristics of marketing function Marketing process Marketing-mix Integrated marketing Tools and benefits of marketing function Marketing plans and strategies
- 4. WHAT IS MARKETING FUNCTION?
- 5. 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.
- 6. CONTINUES………… PRODUCING A GOOD OR SERVICE CAPABLE OF SATISFYING THE TARGETED CUSTOMERS, AND PROMOTING, PRICING, AND DISTRIBUTING THAT GOODS AND SERVICES. MARKETING IS IDENTIFYING AND MEETING HUMAN AND SOCIAL NEEDS. IN SHORT, MARKETING IS “MEETING NEEDS PROFITABLY.”(SHIVENDU MISHRA: 2009). IT THEN REFERS TO THE IDENTIFICATION, SELECTION AND DEVELOPMENT OF A PRODUCT, THE DERTEMINATION OF THE PRICE, CHANEL TO REACH CUSTOMERS PLACE AND THE DEVELOPMENT AND THE IMPLEMENTATION OF PROMOTIONAL STRATEGY.
- 7. FEATURES OF MARKETING FUNCTION 1. OPERATIONAL 10. BUYING 2. CUSTOMER ORIENTED 11. DISTRIBUTING OVERALL BUSINESS PHILOSOPHY 12. PRODUCT DEVELOPMENT AND MANAGEMENT 4. LONG TERM SURVIVAL 13. RISK BEARING 5. MUTUAL BENEFITS 14. FINANCING 6. BUSINESS OBJECTIVE 15. AFTER SALE SERVICE 7. PRICING 16. STANDARDIZATION AND GRADING 8. PROMOTING 3. 9. RESEACHING
- 9. 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
- 10. 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
- 12. SIX STEPS OF MARKETING PROCESS STEP 1…DEVELOP MARKETING STRATEGY STEP 2…CREATE AND MAINTAIN POWERFUL WEBSITE STEP 3…GENERATE MORE TRAFFIC STEP 4…CONVERT TRAFFIC TO LEADS STEP 5…CONVERT LEADS INTO SALES STEP 6…MEASURE EVERYTHING
- 13. MARKETING MIX
- 15. THE 4 P‟S IN THE MARKETING-MIX The marketing mix is the set of controllable variables that the firm can use to influence the customer‟s response The marketing mix and 4 Ps of marketing are used as synonyms for each other. In fact they not necessarily the same things.
- 16. 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.
- 17. PRICE 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.
- 18. PROMOTION Promotion refers to advertising and selling part of marketing i.e. informing potential customers of the availability of the product, its price and place. Promotion includes two broad areas of advertising and personal selling. Advertising – media/display/classified Merchandizing – promotional support for the retailer Personal selling – salesman is special discounts Publicity – press and public relations
- 19. 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.
- 20. INTERGRATED MARKETING Integrated marketing, the marketer‟s task is to devise marketing activities and assemble marketing programs that maximize the ability to create, communicate, and deliver the value of customers. McCarthy said the marketing mix tools in terms of four Ps. Such as Product, Price, Place, and Promotion. Marketing mix decisions must be made for influencing the trade channels as well as the final customers. Marketing mix is a set of controllable tactical and represents the seller’s view of marketing tools like product, price, place, and promotion that the firm blends to produce the response it wants in the target market.
- 21. TOOLS AND BENEFITS OF MARKETING FUNCTION
- 22. BENEFITS AND TOOLS………. EFFECTIVE LEARNING TOOL EASY TO SHARE BRAND VISIBILITY ENHANCES TRAFFIC VIRAL MARKETING TOOL HIGHLY EFFECTIVE FO SEO
- 24. IMPORTANCE OF MARKETING IT HELPS THE ORGANIZATION IN PLANNING IT ESTABLISH BALANCE IN DEMAND AND SUPPLY IT HELPS TO ESTABLISH A COMMUNICATION SYTEM BETWEEN THE PRODUCER AND THE CONSUMER IT ENSURING THE MAXIMUM PRODUCTION AT MINIMUM COST MAKES GOODS AVAILABLE TO BUYERS AT COMPETITIVE PRICES IMPROVE STANDARD OF LIVING ECONOMIC DEVELOPMENT OF THE COUNRTY
- 25. MARKETING PLANS AND STRATEGIES
- 26. STRATEGY
- 27. FINALLY Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.
- 28. REFERENCES 1. Kotler Philip & Keller Kevin, Marketing Management, Pearson Education, India Kotler Philip, Keller Kevin, Koshy Abraham & Jha Mithileshwar Marketing Management – A South Asian Perspective, Pearson Education http://quizlet.com/545303/7-functions-of-marketing-flash-cards/ http://unbounce.com/online-marketing/inbound-marketing-process/ file:///C:/Users/General/Downloads/marketingmangment-140225045346phpapp02.pdf http://www.slideshare.net/DevikaAntharjanam/abhinv-kumar?qid=40342f482566-4aa7-8b87-18f45b6e2937&v=default&b=&from_search=2