jhcakfjswwwwMARKETING AND ITS FUNCTIONS
Marketing has a connective function in society. It connects supply and demand or production and consumption. At micro-level, marketing builds and maintains the relationship between producer and consumer.
At business unit level, marketing can have an integrative function. It integrates all the functions and parts of a company to serve the markets.
The narrowest definition is to see marketing as a function of a business enterprise between production and markets taking care that products move smoothly from production to customers.
2.2. The societal function of marketing
In modern society production and consumption are apart from each other. Marketing connects them. From the societal point of view,
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For a marketing system to be operative and effective, there are three general types of functions which it must provide.
• Exchange functions:
- buying
- selling
- pricing.
• Physical functions:
- assembling
- transport and handling
- storage
- processing and packaging
- grading and standardisation.
• Facilitating functions:
- financing and risk-bearing
- market information
- demand and supply creation
- market research.
Exchange functions are what is commonly thought of as marketing. They involve finding a buyer or a seller, negotiating price and transferring ownership (but not necessarily physical transfer). These functions take place at the "market" - that is, the physical meeting point for buyers and sellers at the point of production or via some other means of communication. At this point, formal or informal property rights are important to ensure the reliable transfer of ownership and to guarantee legality (e.g. that animals on sale were not stolen and will not be reclaimed).
Physical functions enable the actual flow of commodities through space and time from producer to consumer and their transformation to a form desirable to the consumer. Assemblying or concentrating the product at convenient points allows its economical transport (i.e. getting enough animals together to transport cheaply). This is a valuable function which is often overlooked in the public perception of traders. Storage allows the
Marketing is the function that connects businesses to their target audiences’ needs. It is how a business presents and distributes their product to their audience. For example, a business can market their product by advertising it to the public. This can be seen in many forms of media; such as: on television, via web, posters or on billboards.
The American Marketing Association defines marketing as "an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders". (2005) Simply put, marketing is the process by which businesses assess the needs and desires of consumers in order to provide products and/or services to meet those needs in the most efficient and cost effective manner. Truly effective marketers do market research in an effort to understand their target market and create marketing strategies based on the characterization of those in the target area.
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (Approved October 2007) http://www.marketingpower.com/aboutama/pages/definitionofmarketing.aspx
One of the most important functional areas of a business is marketing. Marketing provides the organization with information,
Marketing – is the process in which the producers of goods and services focus on satisfying the needs of the consumers. Also marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.
Marketing is an important tool for any business. It is how a company makes their product known to the public. Without marketing, the consumers will either not know that the product even exists or will not know all the applications of the product; who makes it, what it is and what it is made from, when came on the market, where it can be purchased, how it can help the consumer and why the consumer should even purchase the product in the first place. According to Tom Ash, Marketing is the process whereby demands for products, services and ideas are anticipated, managed and satisfied (2011).
Marketing has become more and more important, especially as the purposes of marketing expanded into performing marketing researches. Through marketing researches, it is asserted that marketing starts with a real customer need. Classic marketing, has, nonetheless, focused on making the need that will draw customers, and this stresses the advertising power of marketing (Woodall 2007, p.1284). This is also called the sales concept of marketing (Woodall 2007, p.1285). An example is how advertising lures people into buying a brand, because of the
Marketing plays the most important role for the success of a business. In this chapter, the business’ marketing objectives are laid out together with the plans or actions that will be needed to achieve these objectives. Furthermore, this chapter includes the profile of the respondents which aided the researchers to create this part of the feasibility study.
Marketing - The marketing function is responsible for identifying, anticipating and satisfying customer requirements. The marketing function have to carry out market
Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others.(Kotler, Armstrong, Saunders, Wong page 5)
Another definition of marketing is the "selling of products or services: the business activity of presenting products or services in such a way as to
Marketing is perhaps the most important activity in a business because it forms the communication bond between the customers and the company, and it’s a key aspect of communicating the value of the product.
Marketing is a process by which a product or service is introduced and promoted to potential customers. One’s business may offer the best products or services in the industry, but none of the potential customers would know about it. For a business to succeed, the product or service it provides must be known to potential buyers. Marketing is the core for any business to succeed.
Marketing is a process of identifying and satisfying the consumer needs and wants by creating or exchanging product.
In general terms, marketing is all related to the places of buying and selling of goods and services to satisfy customers’ needs. Nowadays marketing is the most important issues for success of every business marketing is the activity, set of institution, and process for creating, communicating, delivering, and