Intro To Marketing L3 PDF

FUNCTIONS & IMPORTANCE OF MARKETING Functions of Marketing  Contractual  Merchandising  Pricing  Propaganda  Physical distribution  Terminating  The Contractual Function It is the process of Searching buyers and sellers for the product. Sellers searching...

FUNCTIONS & IMPORTANCE OF MARKETING Functions of Marketing  Contractual  Merchandising  Pricing  Propaganda  Physical distribution  Terminating  The Contractual Function It is the process of Searching buyers and sellers for the product. Sellers searching for potential buyers. Buyers search for the goods.  The merchandising function It includes selecting the product to be produced and stocked with necessary emphasis on the size, appearance ,form ,time of purchase or production etc. THINK-PAIR AND SHARE YOUR OBSERVATIONS  The pricing function The pricing function is mainly based on the economic value of the product. A product is finally approved by the consumers only if the price is acceptable to them.  The propaganda function This function comprises all methods used by the sellers to influence and induce the buyers to buy products. Normally it include all advertising and personal selling activities. The physical distribution function This function relates to the transportation and warehousing (storage)activities. Transportation helps in carrying commodities from production place to consumption place. Ware housing help in holding and preserving the goods between the time of production and the time of their use The Termination function This is the end of marketing process where the seller and the buyer arrive at an agreement regarding the quality ,quantity and price of the product. Importance of Marketing  Importance to marketers  Marketing Promotes Product Awareness to the Public  Marketing Helps In Enhancing Product Sales  Marketing Builds Company Reputation  Importance to customers  Importance to society Importance of Marketing  Importance to marketers  Marketing Promotes Product Awareness to the Public  Marketing Helps In Enhancing Product Sales  Marketing Builds Company Reputation IMPORTANCE TO THE MARKETERS  Marketing Promotes Product Awareness to the Public : The primary task of marketing is to get the product or service recognized by the market. This is possible through heavy advertising, sales promotion, personal selling etc.  Marketing Helps In Enhancing Product Sales: Apart from public awareness about a company’s products and services, marketing helps boost sales and revenue growth Contd…  Marketing Builds Company Reputation: Marketers continuously aim to create an image of the company in general public eyes. They tend to create brand name recognition Importance of Marketing  Importance to customers  Marketing creates Utilities  Large number of choices available  More platforms available IMPORTANCE TO CUSTOMERS  Marketing creates Utilities: Marketing creates different types of utilities, form utility from a plumber to furniture, place utility- product moving from the factory to the customer, time utility- product available when needed, information utility- ingredients of the product and even how to use the product, and possession utility- transfer of ownership from retailer to customer.  Large number of choices available: Marketers create needs and wants and try to satisfy that through offering variety of product choices. Contd..  More platforms available: With the advent of technology, the marketers are offering customers both offline and online platforms to purchase. Now marketers are serving more number of customers through different ways, reminders of sales comes through sms, e-mail , facebook ,whatapp. Importance of Marketing  Importance to society  Source of Employment  Welfare of Customers and Stakeholders IMPORTANCE TO THE SOCIETY  Source of Employment: Marketing offers a great range of wide and exciting career opportunities. Marketing offers employment in the field of personal selling, packaging, and advertising, marketing research, consultancy, distribution and channel sales.  Welfare of Customers and Stakeholders: Though profit maximization is main motive of every business but many marketers have taken up corporate social responsibility in order to give back to society.