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Functions of marketing & strategic marketing planning

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Functions of marketing and strategic marketing planning, market information, market planning, exchange functions, product design and development, standardization and grading, packaging, labeling & branding, physical distribution, financing, risk taking, customer support services, developing strategic marketing plan.

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Functions of marketing & strategic marketing planning

  1. 1. Functions of Marketing & Strategic Marketing Planning By: APURV KUMAR MAURYA MONIRBA {ALLAHABAD}
  2. 2. Functions of Marketing • Marketing is related to the exchange of goods and services. Through its medium the goods and services are brought to the place of consumption. This satisfies the needs of the customers.
  3. 3. 1. Market Information • Identifying the needs, wants and demands of the consumers and then analyzing the information to arrive at various decisions for the successful marketing of a firm’s products and services. • The analysis involves judging the social and demographic data of the target market. This information is further used in market segmentations. • All the relevant information about the consumer is analysed. On the basis of this analysis an effort is made to find out as to which product has the best opportunities in the market.
  4. 4. 2. Market Planning • Market-planning aims at achieving a firm’s marketing objectives. These objectives may involve increasing market presence, dominate the market or increase market share. • The market planning function covers aspects of production levels, promotions and other action programmes. In order to achieve the objectives of an organization with regard to its marketing, the marketer chalks out his marketing plan. • It will also be decided as to who will do what, when and how. To do this is known as marketing planning.
  5. 5. 3. Exchange Functions • The core functions of marketing i.e. Selling and buying comprise the exchange functions. • It is concerned with the prospective buyers to actually complete the purchase of a product. it involves what to buy, of what quality, how much from whom, when and at what price. • They ensure that a firm’s offerings are available in sufficient quantities to meet customer demands. The exchange functions are supported by advertising, personal selling and sales promotions.
  6. 6. 4. Product Designing and Development: • Product designing plays an important role in product selling. The company whose product is better and attractively designed sells more than the product of a company whose design happens to be weak and unattractive. • In this way, it can be said that the possession of a special design affords a company to a competitive advantage. It is important to remember that it is not sufficient to prepare a design in respect of a product, but it is more important to develop it continuously.
  7. 7. 5. Standardization and Grading: • Standardization involves producing goods at predetermined specifications. Standardization ensures that product offerings meet established quality and quantity. It helps in achieving uniformity and consistency in the output product. • Grading is classification of goods in various groups based upon certain predetermined characteristics. It involves the control standards of size, weight etc. Grading helps in pricing decisions also. The higher quality goods and services attract higher prices. Grading is mostly used in case of agricultural products like food grains, cotton, tobacco, apples, mangoes, etc.
  8. 8. 6. Packaging, Labeling & Branding: • Packaging involves designing package for the products to facilitates handling, lifting, conveying of the goods. • Label is a slip which is found on the product itself or on the package providing all the information regarding the product and its producer. For example, the name of the medicine on its bottle along with the manufacturer’s name, the formula used for making the medicine, date of manufacturing, expiry date, batch no., price etc., are printed on the slip. • Packaging and labeling serve as promotional tools now a days, Branding distinguishes the generic commodity name to a brand name. For example, Wheat Flour is a generic name of a commodity while “Ashirvad Aata” is a brand name. In service industry, also branding matters a lot.
  9. 9. 7. Physical Distribution: • Under this function of marketing the decision about carrying things from the place of production to the place of consumption is taken into account. • To accomplish this task, decision about four factors are taken. They are: o (i) Transportation, o (ii) Inventory, o (iii) Storage or Warehousing o (iv) Order Processing. • Physical distribution, by taking things, at the right place and at the right time creates time and place utility.
  10. 10. 8. Financing: • The financing functions of marketing involve providing credit for channel members or consumers. It involves the use of capital to meet financial requirements of agencies dealing with various activities of marketing. • The services to provide the credit and money needed, the cost of getting merchandise into the hands of the final user is commonly referred to as finance functions in marketing.
  11. 11. 9. Risk Taking: • In marketing term it refers to uncertainty about consumer purchases resulting from creation and marketing of goods and services that consumers may purchase in future. • From production to selling, many risks involved due to changes in market conditions, natural causes and human factors, changes in fashion or inventions. • They may also be due to deterioration, accidents or due to fluctuation in prices caused by changes in supply and demand. The various risks are termed as place risk, time risk and physical risk etc.
  12. 12. 10. Customer Support Service: • Customer is the king of market. Therefore, it is one of the chief functions of marketer to offer every possible help to the customers. A marketer offers primarily the following services to the customers: o After-sales-services o Handling customers’ complaints o Technical services o Credit facilities o Maintenance services • Helping the customer in this way offers him satisfaction and in today’s competitive age customer’s satisfaction happens to be the top-most priority. This encourages a customer’s attachment to a particular product and he starts buying that product time and again.
  13. 13. Strategic Marketing Planning • Strategic Market Planning is an ongoing process through which the company creates marketing strategies and plans its implementations in the target market. The process taken into account the current position of the company, helps in identifying the promotional opportunities & then evaluating these opportunities. Target market is identified through comprehensive research. • Making spur of the moment strategic decisions reduces the likelihood that these decisions are the best. A better approach is to perform an annual comprehensive review of markets and opportunities, then make long-term strategic decisions without the distractions of day-to-day marketing and sales activities.
  14. 14. Developing the Strategic Marketing Plan • The Strategic marketing plan process typically has three stages: o Segment the market • Geographic • Demographic • Psychographic • Behavior o Profile the market segments • Revenue potential • Market share potential • Profitability potential o Develop a market segment marketing strategy • Market leader or product line extension • Mass marketing or targeted marketing • Direct or indirect sales
  15. 15. • After analyzing market segments, customer interests, and the purchase process, it's time to create the strategic marketing plan. • The strategic marketing plan document usually includes: o Situational Analysis - Where is the company now? • Market Characteristics • Key Success Factors • Competition and Product Comparisons • Technology Considerations • Legal Environment • Social Environment • Problems and Opportunities
  16. 16. o Marketing Objectives - Where does management want the company to go? • Product Profile • Target Market • Target Volume in terms of money or Units o Marketing Strategies - What should the company do to achieve its objectives? • Product Strategy • Pricing Strategy • Promotion Strategy • Distribution Strategy • Marketing Strategy Projection
  17. 17. How to Use a Strategic Marketing Plan • Once a company's executive team has approved the strategic marketing plan it's time to take the next step -- create the tactical marketing programs and projects needed to implement the plan. • These tactical programs usually include: o Product Development Plan o Marketing Communications Plan o Sales Development Plan o Customer Service Plan
  18. 18. Benefiting from a Strategic Marketing Plan • The top-down process of developing a strategic marketing plan helps insure that all tactical marketing programs support the company's goals and objectives, as well as convey a consistent message to customers. • This approach improves company efficiency in all areas, which helps improve revenue and market share growth, and minimizes expenses -- all of which lead to higher profitability.

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