BUSINESS MARKETING
Functions Performed in Marketing
MARKETING RESEARCH
It is a process of collecting and analyzing information regarding customer needs and buying habits, the
nature of competition in the market, prevailing prices, distribution network, effectiveness of advertising
media, etc.
PRODUCT PLANNING AND DEVELOPMENT
The marketers gather information regarding what are the needs of the consumers and then decide upon
what to produce.
BUYING AND ASSEMBLING
The marketers gather information regarding what are the needs of the consumers and then decide upon
what to produce.
PACKAGING
Packaging involves putting the goods in attractive packets according to the convenience of consumers.
Packaging is also used as a promotional tool as suitable and attractive packages influences the
demand of the products.
STANDARDIZATION AND GRADING
Standardization refers to development of standards for production of goods with respect to shape,
design, color and other characteristics.
Grading involves separating products into different classes on the basis of certain predetermined
standards relating to size and quality
BRANDING
Branding means giving an attractive name, symbol or identity mark to the product to make a product
different from others so that it is known by that name or symbol or mark
PRICING THE PRODUCT
Pricing involves decisions regarding fixation of product prices, keeping in view the product costs, the
capacity of customers to pay, and the prices of the competitive products.
