Branding means impression make in the mind of customer. It may be through logo, slogan, packaging of any thing. Brand is https://1investing.in/ something which makes to stand different from the league. Brand can be anything – it may be product, services, people.
- Attractive packaging and labeling can make the product more successful.
- Effective Management controls shopliftings to a large extent.
- The ownership of the goods is to be transferred from manufacturer to the ultimate consumer.
- Business has to take every possible step to provide customer support service on time as it helps to gain customer loyalty.
- Or it is also a place where buyers and sellers meet to exchange the goods and services for a money value.
Agricultural products and mining products need grading, whereas manufactured products need branding. The main aim of branding is to distinctly identify the company’s product from the competitors’ similar products. It enables the consumer to differentiate the product of similar types and to make their choice of product among various brands.
Grading means separating the products according to established standards. Standardization, if not followed by it, becomes useless. Supply the consumer with the goods & services to satisfy their wants and needs. Marketing is all about identifying and meeting human and social needs. Marketing is the activity, set of institutions, and process of creating, communicating and delivering, value for customers, clients, partners, and society. Packaging and labeling not only provide protection to the product but also act as an effective marketing tool.
- The smartness and intelligence of marketing strategy is very simple and yet powerful.
- Land cultivation and food production marked the beginning of civilization particularly in the riparian lands.
- However, in common parlance, a market includes any place where persons assemble for the sale or purchase of commodities intended for satisfying human wants.
- 7)Lastly but not the least is you must burn the ships and leave no way for return if you want to be successful player in marketing strategy in order to last long.
- The label shows the composition of the product.
This has been possible because of extensive market – research. The sellers should not ignore the choices of the rural people since their population form a sizeable chunk. In this article, you will know what is marketing and Marketing Strategy. Find out Meaning of market, significance of marketing and overall marketing functions. Read about economy strategy and marketing strategy from this post.
Product prices are in use as a competitive weapon by marketers. Any wrong decision in pricing the product may cause a heavy loss of demand for the product. Storage is one of the important functions of marketing. It involves holding products in proper condition from production until the consumers demand them.
In perfect markets, commodity prices at a point of time differ only by the cost of transport between the markets. The marketing system helps the farmers in the adoption of new scientific and technical knowledge. New technology requires higher investment and farmers would invest only if they are assured of market clearance at remunerative price.
BI411 – MARKETING MANAGEMENT
They may also be termed as the components of a market. Philip Kotler defined market as an area for potential exchanges. Name the managerial function of an entrepreneur that helps him to detail ‘what, when, how and who’ of doing every specific task it.
Grade standards for commodities are laid down first and then the commodities are sorted out according to the accepted standards. Packing means, the wrapping and crating of goods before they are transported. Goods have to be packed either to preserve them or for delivery to buyers. Packaging is a part of packing, which means placing the goods in small packages like bags, boxes, bottles or parcels for sale to the ultimate consumers. In other words, it means putting goods on the market in the size and pack which are convenient for the buyers.
Marketing research helps analyse the buyer’s behaviour, the relative popularity of a product, the effectiveness of advertising media, pricing policies, packaging and grading policies, etc. Nowadays, marketing What are substitute goods is an important area of study throughout the world. Marketing starts when you get the idea of launching any product in a specific market. For that, you test the market for the feasibility of the product.
Marketing Function Definition
The retailers are the connecting link between the wholesaler and the ultimate consumer. The storage function is as old as man himself, and is performed at all levels in the trade. Packaging prolongs the storage quality of the products by providing protection from the ill effects of weather, especially for fruits, vegetables and other perishable goods. Packaging helps in reducing the marketing costs by reducing the handling and retailing costs. The author has dealt the relevant points lucidly in order to step up awareness of the products among the customers. However, the customers would do well in procuring feedbacks from different quarters so as to choose the right products from the existing ones’.
- Importance of physical distribution for a firm depends on the type of product and the level of customer satisfaction desired.
- Although, it ends up after sales because after-sale services help the standard of marketing functions.
- Financing is the lifeblood of all economic activities and thus of modern marketing.
- Marketing starts when you get the idea of launching any product in a specific market.
Marketing support services such as godowns, cleaning, price information and extension services were found completely non-existent in most of these rural markets. Economically interpreted, the term market refers, not to a place but to a commodity or commodities and buyers and sellers who are in free intercourse with one another. American Marketing Association defined marketing as the performance of business activities that directs the flow of goods and services from producers to users.
This technological breakthrough has led to a substantial increase in production on the farms and to the larger marketable and marketed surplus. The element of marketing mix that creates possession, place and time utility is Place or Physical Distribution mix. It includes activities that make firm’s products available to the target customers. Important decision areas in this respect include selection of dealers or intermediaries to reach the customers, providing support to the intermediaries. Retailers act as a link between the buyers and wholesalers / manufacturers. In thedistribution channel, retailers are in direct contact with customers.
What is Marketing and Marketing Strategy?
Marketing before production is useful as it gets the product & brands into the public’s minds. After production, it is important to keep people interested. Managers sometimes think of marketing as “the art of selling a product,” but many people are surprised when they hear that selling is not the most important part of marketing. After assessing the need of the market, the business needs to make marketing plans and strategies to achieve the desired objective. Market planning is the process of organising and defining the marketing objectives of the business and creating strategies to achieve them. It is a detailed plan that creates an outline of the business’s overall marketing efforts.