Following are the statements pertaining to functions performed in marketing. Identify
the function of marketing from each statement.
(a) Physical movement of goods from one place to another.
(b) Holding and preserving goods from the time of their procurement or
production till the time of their sale.
(c) Collection and analysis of relevant facts to solve marketing problems.
(d) This include advertising, personal selling, sales promotion and publicity.
(e) Separating products into different classes on the basis of certain predetermined
standards
Answers
Answer:
1. Gathering and analyzing marketing information (marketing research)- Gathering and analyzing marketing information is the first function of marketing. It includes collection and analysis of information related to what the customers want to buy, when they are likely to buy, in what quantities do they buy, from where do they buy etc.
2. Marketing planning- Another function of marketer is to develop appropriate marketing plans to achieve the marketing objectives of the organization like specific plan for increasing the level of production, promotion, increasing sales etc.
3. Product designing and development- Marketer, then, takes decision and develops the design of the product to be manufactured. A good design can improve performance of a product and gives a competitive advantage in the market.
4. Standardization and grading- The next function involved in marketing is standardization and grading.
Standardization- Producing products based on predetermined specifications (standards) to achieve uniformity and consistency in the output is called standardization.
Grading- Classifying products into different groups on the basis of quality, size, quantity etc.; is called grading.
5. Packaging and labelling- The marketer, then, design and develop the package for the product and labels it. Packaging and Labelling are considered as the “Pillars of Marketing.” Packaging- Designing and developing the package for the product is called packaging. Labelling- Designing and developing the label to be put on the package is called labelling.
6. Branding- Branding is the process of creating product differentiation through brand names. Example: Videocon washing machine.
7. Customer support services- A very important function of modern marketing is providing customer support services to bring ‘repeat sales’. It includes after sales services, handling customer complaints, credit services, maintenance services, technical services and customer information.
8. Pricing of product- Another function .of marketer is to fix price for the product after considering the pricing objectives, cost of product, competitor’s price etc.
Pricing- Pricing is the process of determining the price of a product or service.
9. Promotion- The next function to be performed by a marketer is promotion of the product or service.
Promotion is the process of informing the customers about the product and persuading them to buy the product.
10. Physical Distribution- Managing physical distribution of the product is another function of a marketer. It involves selection of channel of distribution and mode of transport for taking goods from the producer to the consumers.
11. Transportation- Transportation involves physical movement of goods from the place of production to the place of consumption. The mode of transport depends on the nature of product, cost, location etc.
12. Storage or warehousing- In order to maintain smooth flow of products in the market, the marketer, stores the goods in the warehouses.