Explain functions of marketing management.
Functions of Marketing Management: The broad functions of marketing management includes as in following :
(i) Marketing Research:-
Marketing research consists of all research activities included in marketing problems:-
(i) Gathering, analyzing and recording the marketability and utility of the product;
(ii) The type of demand;
(iii) The type of competition;
(iv) The way of marketing; and
(v) Other types of aspects of movement of products by the stage of production to the point where they find consumed.
(ii) Sales Forecasting
Forecasting is fundamentally the art of anticipating what buyers are probable to do under a specified set of condition. It is a commitment on the part of the sales department and all of its divisions of the expected sales probable to be achieved in a specified period at stated prices.
(iii) Advertising
This is a commercial message to the public, established consumers, designed to inform potential and to encourage sales for the advertiser. However, Advertising is just as communication is important to good internal management, therefore is vital to the earning of profit.
(iv) Sales promotion
Sales promotion is intended to educate the consumers better and to bring regarding an increase in sales and is used more widely in highly competitive business.
(v) Packaging
It is a significant activity of a sales promotion department since an attractive package catches quickly the attention of the customers and speaks itself to them.
(vi) Pricing
The price of the products is implies whereby manufacturers acquire a fair return for their labour and replace/raise their wealth and purchasing power in return for supplying the products. All business enterprises face the job of setting a price for their products or services.
(vii) Inquiries or handling and orders from customers.
(viii) The continued servicing after sales.