The place where the buyers and sellers meet personally or through different means of communication such as fax, Internet, e-mail, telephone, etc. is known as market.
The forces of demand and supply operate in this either directly or by means of any type of communication. In a market, the demand for a product or service is affected by attitudes, resources and activities of buyers and sellers.
All the activities that are related with the flow of goods and services from producers to consumers is known as marketing. The different concepts of marketing and its main features, which need to be remembered for effective assignment help or help in homework, are as follows:
- Traditional or Production-Oriented Concepts:
Traditionally, marketing refers to process in which goods and services are exchanged and the determination of values is being done in terms of money prices. The main features of traditional marketing are as follows:
- The narrow view of marketing is reflected through traditional marketing.
- Marketing begins when the goods are produced, and it only ends when all the goods are sold.
- This marketing ensures one way traffic that is, the goods will be transferred from producers to consumers.
- It focuses more on the product and less on the satisfaction of customers.
- Modern or Consumers-Oriented Concept:
According to modern concept, marketing refers to the process in which the needs of consumers are discovered and translated into products and services in turn which gives help to more and more people so that they can enjoy more of these products or services. Modern marketing has some main features which are:
All business activities should be in accordance with the satisfaction and recognition of needs and wants of customers.
- Integrated approach:
There should be proper coordination in different elements of marketing. Similarly, in order to achieve the common goal, the activities of various departments of the enterprise should be harmonized into a total system.
- Marketing research:
Relevant information should be collected about the markets to understand and satisfy the needs of the customers.
- Marketing planning and control:
Marketing should be a dynamic process that is, it should start much before producing the commodity and should continue after sale. The objective of enterprise should harmonize the overall goals of the enterprise.
Moreover, in order to keep the programme more effective under changing conditions, regular monitoring is required.
Functions of marketing: –
- Buying and assembling:
The first step in the process of marketing is buying. The procurement of components, raw materials and finished products is referred to as buying. Several activities are involved in buying
which are – needs are determined, the source of supply is selected, the suitability of goods is ascertained, the terms of purchase are negotiated, and arrangements are made for the transfer of the ownership.
Assembling differs from buying. It starts after the goods have been purchased for further production and sale. The collection of goods that are already purchased from different sources at one common place is also involved in it.
- Selling and distributing:
Selling is known as the heart of marketing. Nothing can be done in a marker until somebody sells something.
Selling refers to the process in which the customers are found, demand is created and the goods for value or money are transferred. Selling involves sale forecasting, negotiating terms of sale, choice of channel of distribution, etc.
The path through which the producers move from the producer to ultimate consumers is known as channel of distribution or marketing.
The physical means of carrying goods form one place to another is known as transportation. It links the producers and consumers who are located at different places.
The goods can be assembled and dispersed with the help of transportation. The place utility is created through transportation when the goods are carried to such places where they are needed.
The barrier of distance is removed through transportation and the prices are stabilized after demand and supply are matched.
- Storage or warehousing:
The holding and preserving the gods starting from the time of production until the time of consumption is known as storage. The time utility is created through storage when the time gap between the production and consumption is bridged.
Warehousing is essential for commodities like sugar, wheat, rice, etc., the production of which is done during particular seasons, but they are demanded throughout the year.
- Marketing Research:
Marketing refers to the process in which the data is systematically gathered, recorded and analyzed about marketing problems to facilitate decision-making.
For conducting marketing research, there are several techniques used. Necessary information might be collected from consumer associations trade journals, Government publications, etc. It is an important function of marketing.
- Product planning and development:
Since all the marketing research revolve around the product, products are the foundation of marketing. Customers only prefer those products from which they get maximum satisfaction or utility.
Marketing department is responsible to design and develop the right type of products. Keeping in view the needs and desires of the customers, the color, quality, design, size and other features of the product should be decided.
- Standardization and grading:
Standardization means to set up basic standard or measures to which the products must be in conformity and taking steps to ensure that the goods actually produced adhere to these standards.
The desirable features of products are reflected by standards in terms of its weight, design, color, etc.
Grading refers to the process in which the products are sort into well-designed grades or lots on the basis of established standards.
Packing refers to the process in which the goods are wrapped. Crated, filled or compressed so that they can be protected from pilferage, leakage, spoilage, breakage, etc.
For protection and convenient handling various kinds of goods are packed or placed into appropriate containers.Therefore, these were a few points on the concepts and functions of marketing that may provide assignment help or help in homework to students.