Functions of Marketing - Market and Marketing Philosophies
Before enumerating the functions of selling, it is pertinent to notice that, the most important objectives of promoting activities is to fill these exchange gaps or separations, thereby facilitating the flow of products, services and ideas from the producers to the top users. For marketing to conceive and deliver a bundle of satisfaction through an exchange process, it should undertake some basic functions. These functions are divided into 3 types. Particularly: Transactional, Logistic and Facilitating.
1. Transactional functions
These include the subsequent activities:
(a) Shopping for: Seeking and choosing from various merchandise or assessment of goods.
(b) Advertising: An impersonal presentation and promotion of goods and services through the mass media.
(c) Personal Selling: this can be person to person conversation and presentation of products and services.
(d) Sales Promotion and Merchandising: Activities that stimulate client buying and dealer effectiveness.
2. Logistic functions
These embody:
(a) Choosing channels of distribution and channels members.
(b) Transportation and storage and therefore the physical handling of goods.
3. Facilitating functions
(a) Financing of merchandise by providing capital
(b) Risk taking - by holding or taking ownership
(c) Proving market info
(d) Post sale transaction- offer after sales services.
A synthesis of the on top of functions shows that by performing the above listed functions, marketing create four basic utilities: type, place, time and possession utilities.
Kind utility: Selling creates type utility by remodeling selling data into goods, services or ideas.
Place utility: This implies creating the merchandise offered where shoppers want it.
Time utility: Having it available when it is needed.
In outline, promoting objectives is to have the proper product at the right place, at the correct time, and for the correct person.
What is a market?
To the standard person, the word market invokes a image of a place where patrons and sellers gather together to exchange their goods. This is the ancient view of a market. The meaning of a market has been extended to incorporate new perspectives. These are captured in the reason below:
Kotler (1997:thirteen) outlined a market as "all the potential customers sharing a explicit want or need who may be willing and in a position to have interaction in exchange to satisfy that need or want". Nwokoye (1996:seven) defined the market for product or services as "individuals or organizations that have getting power and that are current or potential consumers of a product or services". The 2 definitions show that:
1. A market consists of people or organizations - business companies, nonprofit organization and government who take the shape of buyers or sellers.
2. That such market participant incorporates a common want - current or potential.
3. That the market participants have the willingness to participate within the transaction.
4. That the participants have the ability to have interaction within the transaction - buying power or one thing of value.
From the 2 definitions, it is clear that a broad range of participant are involve in selling, specifically the producers, makers or processors, farmers, retailers, consumers, transportation corporations, advertising agencies, selling analysis corporations and users. There are completely different sorts of markets primarily based on their shared characteristics. Examples embrace shopper markets, industrial markets, reseller markets, government markets, automobile markets, regional markets and international markets, etc.
In this text, the term market is operationally defined as a social system that facilitates exchange of goods and services between and among individual, households, teams, and organization to satisfy their shared needs and wants.
Author Resource:
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