9 Steps of Marketing Your Product and Service
Generally, purchasing and selling of products and services can be described as marketing.
Although, in a true sense, the definition of marketing is broader. Marketing refers to all activities of selling a product and services by the seller to customers.
It means that marketing is a combination of all the activities of purchasing, selling, transporting, storing, standardizing, grading, etc.
Marketing is very important in today’s business world. Since the success of a business depends not only on the output of the product, it is also necessary to supply them to the consumer.
Consumers can access quality products and services by marketing. Successful marketing helps increase demand. It helps to build a massive incentive for jobs.
Functions of Marketing
It is said that good marketing is a study about what customers want to buy and then help them do so.
Marketing is actually both a science and an art and it is very important to the success of any business. We will take a look at the functions of marketing. Let us get started.
1. Collecting and Analyzing Market Information:
The collection and analysis of market information is an important function of marketing. To Collect and Analyze market Information the marketing information, you can ask the following questions:
(a) What do the consumers want?
(b) In what quantity?
(c) At what price they want it?
(d) When do they want it?
(e) What kind of advertisement do they like?
(f) Where do they want it?
All relevant consumer information should be collected and analyzed. On the basis of this research, an attempt is made to figure out which product has the best business opportunities.
2. Market Planning
The next logical step would be to draw up a marketing plan.
First of all, you need to be very clear about the objectives of the company and what it wants to achieve. Then you’ll figure out a timeline to reach these goals. And finally, you plan your company’s marketing strategy accordingly.
Let's say, a business has a market share of 25% on a specific product. The company wants to raise it to 40%. In order to accomplish this goal, the marketer must prepare a plan for production and promotion activities. It will also be decided who is going to do what, when, and how. This is known as marketing planning.
3. Product Design and Development
As per your market analysis, we will then develop a product that meets the need of the consumer.
The design of the product is also an important factor for many products. A company whose product is stronger and more attractively designed sells more than the product of a company whose design is bad and unattractive.
In this way, it can be said that the Product Design and Development gives the business a competitive advantage
Like, for example, when buying a car, the design is going to play a huge part. There are other factors to be considered, such as cost, durability, etc.
4. Branding
One important decision the company needs to make is whether they want the product to have an individual identity on the market or whether they want it to be known by the name of the brand.
Many brands enjoy incredible popularity on the market and the product will benefit from it.
But you would also want a product to have its own name so that it can succeed on its own attributes.
5. Selling
Another important task of marketing is to bring the buyer and seller together. Through scaling the ownership of goods is transferred. Estimating the demand for products, buyer searching, pricing all are related to selling.
6. Grading
Products with the same characteristics (or standards) will be graded in a specified category or grade. This placement is called grading.
For example, a company produces a product-X, which has three grades, namely ‘A’, ‘B’, and ‘C,’ representing three levels of quality; highest, medium, and ordinary.
Customers who want the highest quality will be shown with the ‘A’ grade product. In this way, the consumer would have no doubt in his mind that he has been given a low-grade product.
Grading, therefore, makes sales-purchase quick. The grading method is often used in the case of agricultural products such as food grains, cotton, tobacco, apples, mangoes, etc.
Generally, grading is done by calculating the weight, size, and quality of the product. As a result, sales gets easier.
7. Packing and Labeling
The package and label are the first impressions that the product makes on the customer. So that’s why they are very important. They are not only designed to protect and identify items but they are also excellent marketing tools. There is proof that an attractive package and label will go a long way to making a product a success.
8. Warehousing
There is a time-lag between the purchase or production of the product and its sale. It is very important to store the products in a safe place during this time-interval. That is why warehousing is a very important factor to keep in mind.
9. Transportation
The physical movement of the goods from its place of production to its place of consumption is transportation.
It is a very important function of marketing. The company must analyze the geographical boundaries of its market. This will help them choose the correct modes of transportation.
Hope those tips helped you. These are the three blogs which help me to write this blog…links are given below 👇
12 Important Functions of Marketing
SEVEN FUNCTIONS OF MARKETING — WHAT IS THE ACTUAL PURPOSE OF MARKETING?
