There are various activities involved in marketing management and these are also called the Functions of Marketing Management Class 12. A detailed explanation of all the functions is given below.
Functions of Marketing Management Class 12
Gathering and analysing market information
To satisfy the customers we need to find out what their wants and needs are. To find out the needs and wants it is important and imperative to gather the information and analyse it properly. This information can be in form of feedback from existing customers or in the form of surveys from potential customers. The survey is done to find out what lies as an opportunity for the organization. Analysing the information is also important to find out what all firm’s qualities the customers like i.e. strengths and what qualities would they like to change i.e. weaknesses or potential improvements. Threats are also found through surveys and feedback and tracking environmental changes and trends. With the betterment of technology each day, surveys and feedback have become easy as they have turned online by adding an option for rating the company’s product and services by giving them stars, through Google forms etc.
Marketing Planning
As per Functions of Marketing Class 12 Making marketing plans is very important because it is not possible to grow without having a plan for the future. When we know where we want to go then only it will be possible to reach there. So to fill the gap between the present position and the future expected to position it is important to make plans. Marketing plans can be like this- a firm which has a market share of 10% and it wants to increase its market share in the next 2 years by 5%. A proper plan will help in achieving the objectives.
Product Designing and Development under Functions of Marketing Management
When the market information is gathered and properly analysed then a proper plan is laid out, and then comes the designing of the product or service which be built according to the needs and wants of the customers. A good design helps in attracting customers and will give a competitive edge. Product design includes decisions related to size, shape, style etc.
Standardization and Grading under Functions of Marketing Management
One of the important Functions of Marketing Class 12 is Standardization and grading. Standardization means determining some standard or specifications related to the size, shape colour, quality etc of goods so that they will be produced according to these predetermined specifications. This helps the consumer in being assured about the product and they need not check the qualities they are looking for again and again. For example: when a consumer will buy an Amul product, says Amul choco minis, then they will be assured of the same quality product in each box.
Grading, on the other hand, is done for distinguishing between various products of the same brand with differences in quality, colour, size, shape or any other characteristic. For example, there are three categories of Amul milk. Amul tazza, amul shakti and amul gold. This grading is done based on the fat content in each variety.
Packaging and labelling
Packaging for a product and labelling a product so that it can be put up on a package are equally important. Packaging is important from a point of view of any breakage, damage, leakage or destruction of the product. It also helps in handling the product in a better way. It can be in the form of bottles, plastic covers, canisters, wooden boxes etc. While labelling will help a product to get identified in the market very easily. Such as McDonald’s will get easily identified by the customers in comparison to some other new brands in the market.
Branding under Functions of Marketing Management
Branding is also a very important decision and function in marketing management class 12. It helps in deciding whether the product will be sold under its generic name or will have a brand name. a brand name helps the product to get easily identified and also helps in building product loyalty. For example, a pen can be sold as a simple pen without a brand name or it can be sold as Elkos, Goldex, Rotomac etc. this will help the customers to buy the product next time with ease.
Customer Support Service
Customer support service means providing customers with after-sales service and helping them in solving their queries and grievances. This helps in creating brand loyalty and getting repeat sales of the product. These services can include maintenance services, technical services credit services etc.
Pricing of product
Price means the amount that the customer will have to pay in order to get the product. It is a very important function in marketing management class 12 for the success of the product. It is beneficial in increasing the demand for the product by offering better quality products than the competitors at a lower price. Price includes various aspects such as the cost involved, profit margin etc.
Promotion under Functions of Marketing Management
Promotion of the product means creating awareness of the product by persuading people to purchase the product. There are various methods through which promotion can be done. These methods include advertising, personal selling, sales promotion, publicity etc.
Physical Distribution
It is also an important function of marketing class 12 because it involves decisions regarding the selection of the channel of distribution. There are various channels of distribution such as direct and indirect channels. It also involves decisions regarding storage, warehousing, managing inventory, transportation of goods etc.
Transportation of goods is also part of the physical movement of goods and this depends on the type of good, the cost involved and target market location etc. Warehousing is also important because sometimes there is a time gap between the production of goods and their sale and thus keeping the products in a safe place is important.
Also, it is very important for maintaining the smooth flow of products in the market without creating a gap between demand and supply.
function in marketing management class 12 concludes that marketing can’t work in isolation it is a combination of so many activities that a firm does to satisfy the needs and wants of the consumers with their product.
BST Chapter 11 – Marketing
- Marketing Management
- Marketing Management Philosophies
- Functions of marketing
- Marketing mix
- Products – Classification of Products
- Branding
- Packaging – Levels , Functions & Importance
- Labelling
- Pricing – Factors affecting Price of a Product or Service
- Components of Physical Distribution
- Channels of Distribution
- Advertising – Benefits, Limitations, Objections
- Personal selling
- Sales promotion
- Publicity – Characteristics and Objectives