Explain the following functions of marketing
(i) Market planning.
(ii) product designing and development.
Explain the following functions of marketing
(i) Market planning.
(ii) product designing and development.
(i) Market planning: Market develops appropriate marketing plans so that the marketing objectives of the organisation can be achieved.
E.g.: A marketer of LED TVs,having 10% of the current share,aims at enhancing his market share to 20% in the next two years.
For this, they will have to develop a complete marketing plan covering various important aspects including the plan for increasing the level of production, promotion of products, etc.
(ii) Product designing and development: Marketing activity also relates to designing and developing the products in such a way that it attracts the target customers.
A good design can improve the performance of a product and also give it a competitive advantage in the market.
E.g.: If we plan to buy a car, we will not only consider its features like price, mileage,etc but its design, shape, the style also.
(i) Market planning: Market develops appropriate marketing plans so that the marketing objectives of the organisation can be achieved.
E.g.: A marketer of LED TVs,having 10% of the current share,aims at enhancing his market share to 20% in the next two years.
For this, they will have to develop a complete marketing plan covering various important aspects including the plan for increasing the level of production, promotion of products, etc.
(ii) Product designing and development: Marketing activity also relates to designing and developing the products in such a way that it attracts the target customers.
A good design can improve the performance of a product and also give it a competitive advantage in the market.
E.g.: If we plan to buy a car, we will not only consider its features like price, mileage,etc but its design, shape, the style also.
