The extent to which the marketing manager gets involved in these elements depends on how marketing focused your business is. To identify the major attributes and benefits that customers value for choosing a product and vendor.
Market research Marketing managers need to have a good knowledge of the customer. References[ edit ] Peter Doyle: The products that the retailers buy for resale are selected as per the requirements and preferences of their customers. The basic underlying concept of value in marketing is human needs.
The important decision areas under this involve selection of channel of distribution, transportation, inventory levels, storage and warehousing. Essential functions of marketing are: Market Information The importance of this facilitating function of marketing has been recently marked.
The product element consists of product design, new product innovation, branding, packaging, labelling. Financing Financing involves the application of the capital to meet the financial requirements of agencies dealing with various activities of marketing.
A marketing focused business starts with the consumer and tried to figure out what they want to buy. Situation Analysis — where are we now? Market orientation The marketing orientation is perhaps the most common orientation used in contemporary marketing.
Grading refers to a process of classifying products into different groups on the basis of their features like size, shape quality etc. The sources of value are not equally important to all consumers. Managing agencies It is unlikely that a small business will have the skills in-house to develop all elements of the marketing mix.
As no-one has to buy goods from any one supplier in the market economy, firms must entice consumers to buy goods with contemporary marketing ideals. Values should always be defined through the "eyes" of the consumer. A product orientation is based on the assumption that, all things being equal, consumers will purchase products of a superior quality.
The extent to which a product allows consumers to express themselves or feel better. It creates locational utility. Sometimes, the customers assess the quality of the product from its packaging. Many scholars and practitioners relied on lengthy classifications of factors that needed to be considered to understand consumer responses.
Development of marketing strategy and plan Marketing planning should be at the core to any business and is usually presented in the form of a written marketing plan.
Thus it is an important function of marketing to provide for proper storage of such goods until they are demanded. Another important function of marketing involves product designing and development. How important a value is, depends on the consumer and the purchase. For example, Maruti cars are produced at Gurgaon but are available all over the country.
Tactics — what are the details of the strategy? They may also be due to decay, deterioration and accidents or due to fluctuation in the prices induced by changes in supply and demand. Marketing mix The four Ps, often referred to as the marketing mix or the marketing program,  represent the basic tools which marketers can use to bring their products or services to market.
Transportation Transportation is the physical means through which products are moved from the places where they are produced to those places where they are needed for consumption. Finance may oppose the required capital expenditure, since it could undermine a healthy cash flow for the organization.
Value changes based on time, place and people in relation to changing environmental factors. The most important function of a marketer is to gather and analyze the market information. The most important decision under this strategy is whether to give a separate brand name or same brand to all products of a business firm.Major Functions of Marketing Management.
Selling is groomed by means of personal selling, advertising, publicity and sales promotion. The importance of this facilitating function of marketing has been recently marked. The only sound foundation on which marketing decisions depend is timely and correct market information.
Marketing Management Functions – Marketing is one of most frequently used word in business lexicon but perhaps not fully understood by the common man. Most people tend to confuse it with sales or think it is a superlative function of selling.
American Marketing Association - the pre-eminent force in marketing for best and next practices, thought leadership and valued relationships, across the. a plan for the optimal use of the elements of promotion: advertising, public relations, personal selling, sales promotion, and social media main function is to convince target customers that the goods and services offered provide.
All of which (a personal opinion) leads to other functions such as production, financial, administrative, etc. It is therefore essential that any marketer knows what is the depth of the marketing function and what are its main functions, in order to properly use it to satisfy the needs and desires of the target market and for the benefit of the business or.
The key to marketing success is the satisfaction of the customer. Therefore, an important function of marketing i.e. to provide various customer support services like after sales service, procuring credit services, handling customer .Download