This document discusses the key functions of marketing. It outlines the functions of exchange which include buying, assembling, and selling goods. It also discusses the physical supply functions such as transportation, storage, and warehousing. Additionally, it covers the facilitating functions of financing, risk bearing, standardization and grading, market information, and pricing. These functions work together in the marketing process to facilitate the exchange of goods between producers and consumers.
To achieve success in marketing, effort must be made to have glimpse of the big picture and the activities that must be performed to achieve the set marketing objectives. These set of activities are called marketing functions
To achieve success in marketing, effort must be made to have glimpse of the big picture and the activities that must be performed to achieve the set marketing objectives. These set of activities are called marketing functions
The marketing environment represents a mix between the internal and external forces which surround an organization and have an impact upon it, especially their ability to build and maintain successful relationships with target customers.
The marketing environment consists of the micro and macro environment.
Macro environmental factors include social, economic, political and legal influences, together with demography and technological forces. These are sometimes referred to as the PESTLE factors and are discussed in more detail in PESTLE analysis. The organization cannot control these forces, it can only prepare for changes taking place.
Micro environment refers to the forces closely influencing the company and directly affect the organization’s relationships. The factors include the company and its current employees, its suppliers, marketing intermediaries, competitors, customers and the general public. These forces can sometimes be controlled or influenced and are explained in more detail in Porter’s 5 Forces.
Porter’s 5 Forces model is an excellent tool to analyze the structure of the competitive environment. Two important forces are the bargaining power of customers and the bargaining power of suppliers.
Supplier power is represented by their ability to determine the terms and price of supply and will increase if there are fewer suppliers than buyers, if the organization is not a key customer for the supplier, or if their industry is not attractive for suppliers.
Buyer power refers to the pressure that customers exert on companies to obtain high quality products and services at lower prices. Buyer power increases when there are few buyers and many sellers in the field, or when products are not significantly differentiated and can be easily substituted. For the seller, buyers’ demands represent costs. This means that the stronger the buyer is, the less profit available for the seller, which is why many companies try to develop strategies that reduce the power of buyers.
The PESTLE Analysis is a framework used to scan the organization’s external macro environment. The letters stand for Political, Economic Socio-cultural, Technological, Legal and Environmental.
The marketing environment represents a mix between the internal and external forces which surround an organization and have an impact upon it, especially their ability to build and maintain successful relationships with target customers.
The marketing environment consists of the micro and macro environment.
Macro environmental factors include social, economic, political and legal influences, together with demography and technological forces. These are sometimes referred to as the PESTLE factors and are discussed in more detail in PESTLE analysis. The organization cannot control these forces, it can only prepare for changes taking place.
Micro environment refers to the forces closely influencing the company and directly affect the organization’s relationships. The factors include the company and its current employees, its suppliers, marketing intermediaries, competitors, customers and the general public. These forces can sometimes be controlled or influenced and are explained in more detail in Porter’s 5 Forces.
Porter’s 5 Forces model is an excellent tool to analyze the structure of the competitive environment. Two important forces are the bargaining power of customers and the bargaining power of suppliers.
Supplier power is represented by their ability to determine the terms and price of supply and will increase if there are fewer suppliers than buyers, if the organization is not a key customer for the supplier, or if their industry is not attractive for suppliers.
Buyer power refers to the pressure that customers exert on companies to obtain high quality products and services at lower prices. Buyer power increases when there are few buyers and many sellers in the field, or when products are not significantly differentiated and can be easily substituted. For the seller, buyers’ demands represent costs. This means that the stronger the buyer is, the less profit available for the seller, which is why many companies try to develop strategies that reduce the power of buyers.
The PESTLE Analysis is a framework used to scan the organization’s external macro environment. The letters stand for Political, Economic Socio-cultural, Technological, Legal and Environmental.
Marketing meaning
Marketing process
Functions of exchange
Functions of physical supply
Facilitating functions
Selling
Transportation
Stages and where housing
Financing
Standardizing and grading
Risk and bearing
Market information
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2. Marketing
Marketing is one of the oldest professions of the world. The
term ‘market’ is derived from the Latin word ‘Mercatus’,
meaning to trade, merchandise, wares, traffic or a place
where business is conducted. The common usage ‘market’
means a place or locality where goods are bought or sold and
where buyers and sellers personally meet to affect purchase
and sales. It’s the initial stages where trade was simply a
barter system. During this period, local market was
developed.
3. Definition
According to Clark and Clark “ a market is a centre about which or an area in
which the forces leading to exchange of title to a particular product operate
and towards which the actual goods tend to travel”.
According to Pyle “ Market includes both place and region in which buyers
and sellers are in free competition wit one another”.
5. Function of Exchange
1. Buying and Assembling
Buying is the first step in the process of marketing.
It may be done directly or through middlemen. Manufactures buy raw materials for converting
them into finished products.
Likewise wholesalers and retailers buy goods for the purpose of reselling the same.
Assembling begins after the goods have been purchased already.
Assembling means creation and maintenance of the stock of goods purchased from different
sources. It is primarily performed by middlemen.
In case of retailing business, assembling is done by buying different goods, in different quantities
from different sources.
6. 2. Selling
Selling is the crucial function in the marketing process.
It is the actual point where transfer of ownership occurs.
The profit making object of a business enterprise is achieved only through sale of
goods.
Now-a-days the selling activity involves the tackling of a number of problems such
as advertising, facing competition, creating demand for new products, conducting
market research, supplying goods in the right time and place, Selection of channel
for distribution etc.
7. Functions of Physical Supply
1. Transportation
In modern days, transportation is an essential marketing activity because markets ae
geographically separated from the areas of production.
Transportation involves the movement of goods from the point of production to the
place of consumption.
Transportation provides place utility to the product. Land, Water, and Air are the
principal means of transport for transporting goods from one place to another.
2. Storage and Warehousing
Storage involves the holding and preserving of goods between the time of their
manufacture and the time of their consumption.
Most of the mass consumption goods are produced in the anticipation of demand. This
factor requires storage for atleast some time at the production centers and also at the
distribution point.
Storage is also necessary for products with uneven demand period and with seasonal
demand. Further in some cases storage increases the value of the products.
8. Facilitating Functions
1. Financing
Money is required at each stage in the process of marketing.
Without adequate finance even the very existence of the business concern shall be
affected.
Although procurement of funds is the responsibility of the Finance Department of the
business firm, yet the amount of capital required for marketing division is considerably
influenced by the decisions of the marketing manager.
2. Risk Bearing
Risks are involved at almost all stages in the process of marketing.
Risk is possible right form the product policy, due to the reasons like changes in
demand and supply conditions, loss in storage and transport and other natural hazard.
The successful business man is one who takes a calculated risk. He can avoid or at
least minimize the risk by carefully anticipating the risks that may arise in future.
9. 3. Standardization and Grading
The term standardization refers to the establishment of standards for products.
A standard is a measure which is generally recognized as having a fixed value.
Standards are generally determined on the basis of weight, colour, quality and other
special or specific feature of a product.
Grading is usually necessary for goods over which the producers can not exercise control
in terms of their physical properties.
4. Market Information
For a rational formulation of marketing programmes, the marketing executive must be
adequately informed not only about the market for his firm’s product.
But also the attitude of the customers using the product etc. For this, information
should be collected, analyzed and interpreted. I
n face the success in marketing largely depends on the volume of information, the
management have.
10. 5. Pricing
Pricing is also an important function which is closely related to selling.
Price policy of a business concern affects its successful functioning by
directly influencing the profit element.
Therefore, price policy should be carefully determined by considering the
factors like cost of the goods, prices fixed by the competitors, marketing
policies etc.