Functions of Marketing Video Lecture - Business Studies (BST) Class 12

now starting with the coming to the
functions of marketing the first
function okay
that we are taking care of your is
marketing research now marketing
research what it means is that after you
have decided on to the what product you
are planning to launch right you have to
do a complete market research market
research in terms of that what are the
other brands which are existing in the
market of the same product let us say if
I'm planning to launch a shoe then what
are the other brands of shoe which are
there in the market right then what are
those points you know what are the
expectations of the consumers which
these brands are not able to meet so
basically by doing a market research we
are trying to fill in the gap between
the expectations of the customers and
the existing products which are there in
the market right we try and find out
what does the customer want in terms of
the product features when is he going to
buy the product and what is the price
that is willing to pay to buy that
particular product so everything
revolves around the customers needs and
preferences right the earlier saying
caveat emptor status let the buyer
beware has now been replaced by caveat
vendetta that is let the seller beware
right now customer is the king of the
market you have to manufacture a product
which is going to satisfy the needs and
desires of the customer right after you
have done a complete market research we
come to the next function that is your
market planning right a complete market
plan has to be laid out wherein we are
specifying their objectives in terms of
what is going to be my target market
what is a level of production that I am
looking at what is the kind of the
market share that I want to acquire
clear there after we come to product
design on development in marketing
research we have clearly identified what
are the features that other products
that our competitors are offering and
what are the expectations or preferences
of the customers in terms of the product
features so based upon that we try and
develop a product and we also try and
add something innovative to a product
which the competitors do not have in
their product so that acts as our unique
selling proposition clear there after
coming to buying and assembling after
the product design has been finalized we
buy all the raw material right and in
case we are going to be assembling like
in case of a PC personal computer you
know different parts are bought from
different places and then they are
assembled at one place right so all
these spare parts we have to make sure
that they are under one roof right so
that the assembling can take place there
after coming to standardization and
grading now buyers as well as the
sellers you know they always prefer to
have certain predetermined set standards
for the product right nowadays I think
all the products they are standardized
right whether if you want to go and buy
let's say 1/2 kg of rice of a particular
brand fine so you can just pick up any
packet from the Lord all are going to be
it is assumed that all are going to be
of the same weight and of the same
quality coming to grading now
manufacturers are also very very
particular about like if it is top most
the premium quality rice ok there is a
separate grade for that that is a grade
right then say come to yoga be grade to
Sikkim C grade right so it depends upon
whatever and they have been priced
accordingly the subsets you quality Koga
was other manga Agha who succumbed
quality cows a Rasta or second quality
the subsea system so depending upon what
quality you want to buy you can make
your pick accordingly right so that is
why the products have been standardized
fine then packaging and labeling now
packaging and labeling is also another
function of marketing which is very very
important now package is the immediate
covering in which the product is offered
in the market right it is also called as
a silent salesman because package gives
you the entire information about the
product its brand name its a middle name
of the manufacturer its features then
how to use the product what are the
ingredients in the product right what
are the contrary indications in certain
cases then what is the maximum retail
price what is the date of expiry date of
packaging every detail is given right
this function is performed under
packaging and labeling then coming to
branding branding is basically the
process of giving a unique name to the
product so that it can be differ
and she hated from the other competitors
product which are there in the market
because if we do not do so it will
become very difficult to distinguish
between the products which have been
manufactured by different people right
the brand name has to be something very
very catchy that speaks something about
the product right then pricing of the
product the price of the product has to
be determined and the price should be
such right the customer is willing to
pay only that amount of money which is
equivalent to the benefits that he is
going to be deriving from that product
right so product has to be priced
appropriately right considering what the
customer the prospective customer is
willing to pay right then coming to
promotion and selling after the product
and all has been manufactured you have
to make people aware about your
existence that I am there in the market
how do you do that you give
advertisements in the television you
give advertisements in newspaper on
radios
you