BUSINESS STUDIES GRADE 11

UNIT 3MARKETING FUNCTION

MARKETING FUNCTION UNIT FOUR

25 MARCH 2014

Contents

Understanding marketing function Features of marketing function Characteristics of marketing function Marketing process Marketing-mix Integrated marketing Tools and benefits of marketing function Marketing plans and strategies

WHAT IS MARKETING FUNCTION?

UNDERSTANDING MARKETING

MARKETING CAN BE DESCRIBED IN VARIOUS WAYS.

IT COULLD BE UNDERSTOOD NOT IN OLD SENSE OF MAKING A SALE- ‘SELLING’, BUT IN THE NEW SENSE OF SATISFYING CUSTOMERS. (ANTHARJANAM:2012)

MARKETING FUNCTION REFERS TO THE SET OF PROCESSES FOR MAKING, COMMUNICATING AND TO GIVE VALUE TO BUYERS AND FOR MANAGING CUSTOMERS RALATIONSHIPS IN WAYS THAT BENEFIT ORGANIZATION AND ITS STAKEHOLDERS.

IT BEGINS WITH DISCOVERING UNMET CUSTOMERS AND CONTINUES WITH RESEACHING THE POTENTIAL MARKET.

CONTINUES…………

PRODUCING A GOOD OR SERVICE CAPABLE OF SATISFYING THE TARGETED CUSTOMERS, AND PROMOTING, PRICING, AND DISTRIBUTING THAT GOODS AND SERVICES.

MARKETING IS IDENTIFYING AND MEETING HUMAN AND SOCIAL NEEDS. IN SHORT, MARKETING IS “MEETING NEEDS PROFITABLY.”(SHIVENDU MISHRA: 2009).

IT THEN REFERS TO THE IDENTIFICATION, SELECTION AND DEVELOPMENT OF A PRODUCT, THE DERTEMINATION OF THE PRICE, CHANEL TO REACH CUSTOMERS PLACE AND THE DEVELOPMENT AND THE IMPLEMENTATION OF PROMOTIONAL STRATEGY.

FEATURES OF MARKETING FUNCTION

1. OPERATIONAL

2. CUSTOMER ORIENTED

3. OVERALL BUSINESS PHILOSOPHY

4. LONG TERM SURVIVAL

5. MUTUAL BENEFITS

6. BUSINESS OBJECTIVE

7. PRICING

8. PROMOTING

9. RESEACHING

10. BUYING

11. DISTRIBUTING

12. PRODUCT DEVELOPMENT AND MANAGEMENT

13. RISK BEARING

14. FINANCING

15. AFTER SALE SERVICE

16. STANDARDIZATION AND GRADING

CHARECTERISTICS………..

CHARECTERISTICS OF MARKETING FUNCTION

Setting and communicating the value of products and services. E.g. price setting at right level

Designing, developing, maintaining, improving and acquiring products and services that meet consumer needs.

Determine the quality manners for consumers to locate and use services and products of the entity.

They care for organization’s budgeting, provision of financial assistance to customers

Continues……..

Obtaining, managing and using information about what consumers want to improve entity decision making activities, and determining what will sell.

Clear communication with the buyers about goods and services to achieve desire results.

Good communication with the customers determine and satisfy their needs

MARKETING PROCESS

SIX STEPS OF MARKETING PROCESS

STEP 1…DEVELOP MARKETING STRATEGY

STEP 2…CREATE AND MAINTAIN POWERFUL WEBSITE

STEP 3…GENERATE MORE TRAFFIC

STEP 4…CONVERT TRAFFIC TO LEADS

STEP 5…CONVERT LEADS INTO SALES

STEP 6…MEASURE EVERYTHING

MARKETING MIX

ANALYZING MARKETING-MIX

THE 4 P’S IN THE MARKETING-MIX

The marketing mix is the set of controllable variables that the firm can use to influence the customer’s response

The marketing mix and 4 Ps of marketing are used as synonyms for each other. In fact they not necessarily the same things.

PRODUCT Refers to the goods and services offered to

customers Product can be subdivided into quality levels,

special features, styling, branding. Product range or mix. Service back-up, warranty/ durability packaging.

Combination of above used for product. E.g. low quality product backed by a high service element.

PRICE Price refers to the amount charged for the

offered product or services. The right product should be offered at right place.

Price is a mechanism of exchange between firm and customer. It incorporates credit terms, discounts, margins, resources and financial services.

PROMOTION Promotion refers to advertising and selling part of

marketing i.e. informing potential customers of the availability of the product, its price and place.

Promotion includes two broad areas of advertising and personal selling.

Advertising – media/display/classified Merchandizing – promotional support for the retailer Personal selling – salesman is special discounts Publicity – press and public relations

PLACE Place refers to distribution channels used to get your

product to your customers.

Place make the product physically available. It includes distribution channel, outlet, warehouse, factory location, coverage stocks and freight.

The essence of managing the marketing mix lies in providing each group of customers with the mix of product, price, place and promotion which suits their needs.

INTERGRATED MARKETING

Integrated marketing, the marketer’s task is to devise marketing activities and assemble marketing programs that maximize the ability to create, communicate, and deliver the value of customers.

McCarthy said the marketing mix tools in terms of four Ps. Such as Product, Price, Place, and Promotion.

Marketing mix decisions must be made for influencing the trade channels as well as the final customers.

Marketing mix is a set of controllable tactical and represents the seller’s view of marketing tools like product, price, place, and promotion that the firm blends to produce the response it wants in the target market.

The market mix consists of everything the firm can do to influence the demand for the product. The many possibilities can be collected into four groups of variables known as the “four Ps”.

TOOLS AND BENEFITS OF MARKETING FUNCTION

BENEFITS AND TOOLS……….

EFFECTIVE LEARNING TOOL

EASY TO SHARE

BRAND VISIBILITY

ENHANCES TRAFFIC

VIRAL MARKETING TOOL

HIGHLY EFFECTIVE FO SEO

IMPORTANCE OF MARKETING

IT HELPS THE ORGANIZATION IN PLANNING

IT ESTABLISH BALANCE IN DEMAND AND SUPPLY

IT HELPS TO ESTABLISH A COMMUNICATION SYTEM BETWEEN THE PRODUCER AND THE CONSUMER

IT ENSURING THE MAXIMUM PRODUCTION AT MINIMUM COST

MAKES GOODS AVAILABLE TO BUYERS AT COMPETITIVE PRICES

IMPROVE STANDARD OF LIVING

ECONOMIC DEVELOPMENT OF THE COUNRTY

MARKETING PLANS AND STRATEGIES

STRATEGY

FINALLYMarketing is a social and managerial

process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.

REFERENCES

1. Kotler Philip & Keller Kevin, Marketing Management, Pearson Education, India

Kotler Philip, Keller Kevin, Koshy Abraham & Jha Mithileshwar Marketing Management – A South Asian Perspective, Pearson Education

http://quizlet.com/545303/7-functions-of-marketing-flash-cards/

http://unbounce.com/online-marketing/inbound-marketing-process/

file:///C:/Users/General/Downloads/marketingmangment-140225045346-phpapp02.pdf

http://www.slideshare.net/DevikaAntharjanam/abhinv-kumar?qid=40342f48-2566-4aa7-8b87-18f45b6e2937&v=default&b=&from_search=2