FUNCTIONS OF MARKETING

APRIL 29, 2020
DAY 3

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GOOD MORNING BOYS!

LEARNING OUTCOMES- At the end of the lesson, students will be able to-
a) Identify the various functions of marketing in the case study.
b) Explain the functions of marketing in detail.

I WILL START THIS TOPIC WITH A SMALL VIDEO GIVEN BELOW.

NOW TAKE DOWN THE NOTES:


7. Branding-
a) It is the process of giving a name, sign or symbol to a product which helps in identifying and distinguishing it from competitors product.
b) It  helps the customers in identifying the product as a customer, enables making product differentiation and ensures quality as the customers can have recourse to the manufacturer or marketer if there is any deviation in quality.
8. Pricing of products-
a) Price may be defined as the amount of money paid by the buyer in  consideration for the purchase of a  product or service .
b)Price mix involves different pricing methods ,pricing strategies,  pricing policies and price changes.
9. Promotion-a) It refers to the use of communication with the objective of informing potential customers about the product and persuading them to buy the same.
b) Promotion Mix refers to combination of promotional tools used by an organisation to achieve its marketing objectives like advertising, personal selling, sales promotion and public relations.
10. Physical distribution-
a) It is concerned with making the goods  and services available at the right place, in right quantity and at the right time so that the consumers can purchase the same.
2) The components of physical distribution are as follows- Order Processing, Transportation,Warehousing and Inventory Control.
11. Transportation-
a) It is the means of carrying the goods and raw materials from the point of production and to the point of sale.
b) It is important because unless the goods are physically made available, the sale cannot be completed. Thus, it creates place utility 
12. Warehousing-
a) It refers to the act of storing and assorting products in order to create time utility in them.
b) The firm has to strike a balance between the cost of warehousing and the level of customer service.

CASE STUDY

SINCE CHILDHOOD NIRU AND JANAK HAD BEEN WATCHING THEIR GRANDMOTHER PROCURING WHEAT FROM THE MARKET AND GETTING IT CONVERTED INTO ATTA. THROUGH DATA, THEY CAME TO KNOW THAT WITH THE GROWING NUMBER OF WORKING WOMEN, READY MADE ATTA IS THE NEED OF THE HOUR TO MANUFACTURE HIGH QUALITY ATTA. THEY NAMED THEIR PRODUCT 'SRIJAN'. TO PENETRATE IN THE MARKET, THEY DECIDED TO KEEP THE PRICES LOW. IT WAS ALSO DECIDED TO STORE WHEAT AT SKM SERVICES WHICH HAD SCIENTIFIC PROCESSES AND LOGISTICS FACILITATING QUICK DELIVERY. THEY ALSO SET UP AN ONLINE COMPLAINT PORTAL TO TAKE CARE OF CONSUMER GRIEVANCES.

BY QUOTING THE LINES, EXPLAIN FIVE MARKETING FUNCTIONS UNDERTAKEN BY NIRU AND JANAK FOR SUCCESSFUL MARKETING OF SRIJAN ATTA. (5)

GOD BLESS YOU.