What Are The Major functions of marketing management?
Some certain tasks or activities are supposed to be performed by organizations to function successfully. They are linked to the products and services when they move from the producer to the consumer. These functions or activities help an organization to perform better and groom themselves. These functions are:
Selling is an essential part of a business to earn a profit. The consumers or the buyers are persuaded and convinced to buy a product or service by effective marketing of the products. It can be through advertising, sales promotion or publicity. A product or service? needs to be passed on to the consumer from the producer to generate revenue. Services such as management writing services offer effective services to create such articles.
2. Buying and assembling:
Buying and assembling deal with a few questions: what to buy? How much to buy? When to buy? From whom to buy?
Buyers ask these questions and keep the quality, services, and price in their minds while making purchases. The purchases are also made upon the requirements of the consumers and their preferences.
Buying different components together and fixing them into a unit to make a product is known as assembling. Organizations have an assembly line in which different components are brought together and are assembled to make it a product. The assembly line consists of an arrangement of employees and machines where everyone has its job to perform so that the product is completed by assembling various parts.
The physical movement of the product from one place to the other is known as transportation. The products are moved from the producer to the consumer through railroads, trucks, waterways, pipelines or airplanes depending on the type of the product.
Storage is the storing of products in an appropriate condition without any danger of them being deteriorated in the quality. Products are stored until the consumers require them. Not only the finished product the raw material is also stored in a proper condition for future usage by the production department.
5. Standardization and grading:
A standard in all products is set and made to ensure the uniformity of the quality and the quantity of the product. It could be the weight, size, color, shape, taste, etc of the product which should be the same for every product that has been produced.
Grading is the classification of the standards of the products. Products are tested and distinguished into classes depending on their qualities.
Financing is one of the major factors of marketing management. It is required to deal with the various strategies of marketing so that the services and products are successfully given into the hands of the consumers.
Risks should always be kept in mind in marketing. Loss due to any unforeseen circumstances such as spoilage, depreciation, fire, floods are the risks that are associated with the investment of a product. Different risks are termed as place risk, time risk, physical risk, etc.
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