Question

Explain the following functions of marketing:
(i)Product designing and development
(ii)Standardization and Grading
(iii)Customers support services
(iv)Pricing of products

Answer 1

The following are the functions of marketing:

(i)Designing and developing the product: The products should bear in mind that the design of a product acts as a vital factor for attracting the customers to the product. A good design helps in attracting a large number of customers to the product. Thus, the producers should pay great attention towards the design and development of the product.

(ii)Standardising and grading the product: Standardisation implies the production of goods with certain specific qualities such as durability,safety and utility so that a uniformity is maintained in the output.On the other hand,grading implies the classification of the product as per certain characteristics such as size and quality.

(iii)Customer support services: It involves handing compliants and feedback of the customers. This is done by developing customer care services such as credit , maintenence or technical services.

(iv)Pricing of the product: Price refers to the amount of money that is to be paid by the consumers for purchasing the commodity.Pricing a product is an important decision as it affects the demand of the product and thereby, the profit of a business. Thus, it is imperative for the producers to judiciously quote the price.