There are various activities involved in the marketing management and these are also called the functions of marketing and they are as under:
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 by the existing customers or in the form of surveys from potential customers. The survey is done to find out what lies as a opportunity for the organization. Analysing the information is also important to find out what all firm’s qualities that the customers like i.e. strengths and what all qualities would they like to change i.e. weaknesses or potential improvements. Threats are also found out through surveys and feedback and tracking the environmental changes and trends. With the betterment of technology each day, surveys and feedbacks have become easy as they have turned online through adding a option for rating the companies’ product and services by giving them stars, through Google forms etc.
Making marketing plans is very important because it is not possible to grow without having a plan for 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 future expected position it is important to make plans. Marketing plans can be like- a firm which has a market share of 10% and it wants to increase its market share in next 2 years by 5%. A proper plan will help in achieving the objectives.
Product designing and development
When the market information is gathered and properly analysed then a proper plan is laid out, 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 decision related to the size, shape, style etc.
Standardization and grading
Standardization means determining some standard or specifications related to 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 a amul product, say Amul chocominis, 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 same brand with difference 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 is equally important. Packaging is important from a point of view of any breakage, damage, leakage or any 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 brand in the market.
Branding is also very important function and decision in the marketing management. It helps in deciding whether the product will be sold in its generic name of it 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 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 the customers with after sales service and help them in solving the queries and grievances. This helps in creating the brand loyalty and getting the 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 very important for the success of the product. It is beneficial in increasing the demand of the product by offering better quality products than the competitors at lower price. Price includes various aspects such as cost involved, profit margin etc.
Promotion of the product means crating 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.
It is also an important function of marketing because it involves decision regarding the selection of channel of distribution. There are various channels of distribution such as direct and indirect channels. It also involves decision regarding storage, warehousing, managing inventory, transportation of goods etc. Transportation of goods is also part of physical movement of goods and this is depends on the type of good, cost involved and target market location etc. Warehousing is also important because sometimes there is time gap between production of goods and its sale and thus keeping the products at a safe place is important. Also, it is very important for maintaining smooth flow of products in the market without creating a gap between the demand and supply.