What is marketing? Explain in detail its functions.

Answer: Marketing is the process of identifying consumer needs and planning, pricing, promoting and distributing goods and services to satisfy those needs at a profit.

According to Philip Kotler, “Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others.” Modern marketing begins and ends with the consumer.

Functions of marketing:

1. Market research: Collecting and analysing information about consumers’ needs, tastes, buying habits, competition and market trends.
2. Market planning: Setting marketing objectives, such as sales targets and market share, and deciding policies to achieve them.
3. Product designing and development: Deciding the design, quality, features and variety of the product according to consumer needs.
4. Standardisation and grading: Standardisation fixes standards of quality, size and design; grading classifies products into lots of similar quality.
5. Buying and assembling: Buying raw materials or finished goods and collecting them at one place.
6. Packaging and labelling: Packaging protects the product and attracts customers; labelling gives information such as price, contents, date of manufacture and expiry.
7. Branding: Giving a name, symbol or design to identify the product and distinguish it from competitors.
8. Pricing: Fixing a price considering cost, demand, competition and government policy.
9. Promotion: Informing and persuading consumers through advertising, personal selling, sales promotion and publicity.
10. Distribution (physical distribution): Choosing channels of distribution and arranging transport, warehousing and inventory so goods reach consumers.
11. Customer support services: After-sales service, handling complaints, credit facilities and guidance, which build customer satisfaction and loyalty.