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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
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