Functions of Marketing

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🙢 Marketing vs sales.
🙢 Marketing philosophies.
🙢 4 Ps of marketing.
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🙢 Management is the process of getting things done in an
organized and efficient manner. Marketing management
aims at efficient operation of marketing activities.
🙢 Marketing management is the process of decision
making, planning, and controlling the marketing
aspects of a company in terms of the marketing
concept, somewhere within the marketing system.
 sales
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🙢 Sales refer to the exchange of goods and services in
return for the money. It is a process to transfer goods
from manufacturer to distributor, distributor to
wholesaler, wholesaler to retailer and from retailer to the
consumer. The primary object of sales is to increase
revenue.
🙢 Generally, to promote sales of a product or services a
special discount or offers are encouraged to attract the
consumer. Few activities involved in strengthening the
sales are:
🙢 Demonstration of the product
🙢 Establishing tie-up with various companies
🙢 Customers satisfaction
🙢 Building contacts
 Marketing
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🙢 Marketing is a process that involves research and analysing
customer requirement, according to which a company
manufactures a product to satisfy their need. The marketing
team regularly do market research to examine the likes and
dislikes of customers or a group with different tools. In other
words, marketing is all about discovering human needs and
satisfying them with the desired product, thus resulting in
sufficient income.
🙢 Market research
🙢 Manufacturing of product
🙢 Promotion of product
🙢 Advertising of the product
🙢 Selling the product
🙢 After sell service
🙢 Customer satisfaction
Marketing vs sales

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 Marketing philosophies
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🙢 Production Concept
🙢 Product Concept
🙢 Selling Concept
🙢 Marketing Concept
🙢 Social Marketing Concept
 Production Concept
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🙢 This concept works on an assumption that
consumers prefer a product which is inexpensive
and widely available. This viewpoint was
encapsulated in Says Law which states ‘Supply
creates its own demand’. Hence companies focus on
producing more of the product and making sure that
it is available to the customer everywhere easily.
🙢 A low price may attract new customers, but the focus
is just on production and not on product quality. This
may result in a decrease in sales if the product is not
up to the standards.
 Product Concept
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🙢 This concept works on the assumption that
customers prefer products of ‘greater quality’ and
‘price and availability’ doesn’t influence their
purchase decision. Hence the company devotes most
of its time in developing a product of greater quality
which usually turns out to be expensive.
🙢 Since the main focus of the marketers is the product
quality, they often lose or fail to appeal to customers
whose demands are driven by other factors like
price, availability, usability, etc.
 Selling Concept
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🙢 Production and product concept both focus on
production but selling concept focuses on making an
actual sale of the product. Selling Concept focuses on
making every possible sale of the product, regardless
of the quality of the product or the need of the
customer. The main focus is to make money. This
philosophy doesn’t include building relations with
customers. Hence repeated sales are very less.
Companies following this concept may even try to
deceive the customers to make them buy their
product.
 Marketing Concept
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🙢 To succeed in the 21st century, one has to produce a
product to fulfil the needs of their customers. Hence,
emerged the marketing concept. This concept works
on an assumption that consumers buy products
which fulfil their needs. Businesses following the
marketing concept conduct researches to know about
customers’ needs and wants and come out with
products to fulfil the same better than the
competitors. By doing so, the business establishes a
relationship with the customer and generate profits
in the long run.
 Societal Marketing
Concept
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🙢 Adding to the marketing concept, this philosophy
focuses on society’s well-being as well. The
business focuses on how to fulfil the needs of the
customer without affecting the environment, natural
resources and focusing on society’s well-being. This
philosophy believes that the business is a part of the
society and hence should take part in social services
like the elimination of poverty, illiteracy, and
controlling explosive population growth etc.
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🙢 Production: Consumers want to buy products that are
cheap and easy to access.
🙢 Product: Customers want high-quality, innovative goods
and services.
🙢 Selling: Businesses need to actively promote products to
make sales.
🙢 Marketing: A company’s success depends on its ability to
fill a customer’s needs better than competitors.
🙢 Societal marketing: Customers are interested in
businesses that have a benefit to society as a whole.
 4 Ps of marketing.
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🙢 McCarthy streamlined this concept into the four
Ps—product, place, price, and promotion—to help
marketers design plans that fit the dynamic social
and political realities of their time and target market.
 Product
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🙢 The product is the good or service being marketed to
the target audience.
🙢 Generally, successful products fill a need not
currently being met in the marketplace or provide a
novel customer experience that creates demand
 Price
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🙢 Price is the cost of a product or service.
🙢 When marketing a product or service, it is important to
pick a price that is simultaneously accessible to the target
market and meets a business’s goals. Pricing can have a
significant impact on the overall success of a product. For
example, if you price your product too high for your
targeted audience, then very few of them will likely
purchase it. Similarly, if you price your product too low,
then some might pass it up simply because they are
concerned it might be of inferior quality and cut into
your potential profit margins.
 Place
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🙢 Place is where you sell your product and the
distribution channels you use to get it to your
customer.
🙢 Much like price, finding the right place to market
and sell your product is a key factor in reaching your
target audience. If you put your product in a place
that your target customer doesn’t visit—whether on
or offline— then you will likely not meet your sales
target. The right place, meanwhile, can help you
connect with your target audience and set you up for
success.
 Promotion
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🙢 Promotion is how you advertise your product or
service. Through promotion, you will get the word
out about your product with an effective marketing
campaign that resonates with your target audience.
🙢 There are many different ways to promote your
product. Some traditional methods include word of
mouth, print advertisements, and television
commercials.