Marketing functions

What is Marketing?

What does the term marketing mean? Marketing must be understood not in the

old sense of making a sale - 'selling' 'selling' - but in the new sense of satisfying customer

needs.

Needs. Wants and Demands

The most basic concept underlying marketing is that of human needs. A human need is a state of felt deprivation. Humans have many complex needs. These include basic physical needs for food, clothing, warmth and safety; social needs for belonging and affection; and individual needs for knowledge and self-expression.

Products and Services

People satisfy their needs and wants with productsproducts. A product is anything that can he offered to a market to satisfy a need or want. Usually, the word product suggests a physical object,physical object, such as a car, a television set or a bar of soap. However, the concept of product is not limited to physical objects - anything capable of satisfying a need can be called a product.

Value, Satisfaction and Quality

Consumers usually face a broad array of productsproducts and servicesservices that might satisfy a given need. How do they choose among these many products? Consumers make buying choices based on their perceptions of the value that various products and sendees deliver.

marketing conceptmarketing concept

marketing functions

functions

• Distribution• Selling• Financing• Market Information Management• Pricing• Product/Service Management• Promotion

FUNCTIONS

In order for the marketing bridge to work correctly -- providing consumers with opportunities to purchase the products and services they need -- the marketing process must accomplish nine important functions

4p's of marketing

product Price Place promotion

7P's

Product Promotion Place, People Process Physical Environment

Buying

people have the the opportunity to buy products that they want.

Selling

producers function within a free market to sell products to consumers.

Financing

banks and other financial institutions provide money for the production and marketing of products.

Storage

products must be stored and protect ed until they are needed. This function is especially important for perishable products such as fruits and vegetables.

Transportation

products must be physically relocated to the locations where consumers can buy them. This is a very important function. Transportation includes rail road, ship, airplane, truck, and telecommunications for non-tangible products such as market information.

Processing

processing involves turning a raw product, like wheat, into something The consumer can use -- for example, bread.

Risk-Taking

Insurance companies provide coverageprovide coverage to protect producers and marketers from loss due to fire, theft, or natural disasters.

Market Information

Information from around the world about market conditionsmarket conditions, weather, price movements, and political changes, can affect the marketing process. Market information is provided by all forms of telecommunicationtelecommunication, such as television, the internet, and phone.

Grading and Standardizing

Many products are graded in order to conform to previously determined standards of quality. For example, when you purchase US No. 1 Potatoes, you know you are buying the best best potatoespotatoes on the market.

Thank you