Marketing facilitating function, Marketing Management

Facilitating function:

These functions make the marketing process easy and include financing, pricing, risk bearing, standardization and the market information etc.

1.      Financing: it is very difficult to carry on marketing activities smoothly without the availability of the adequate and cheap finance. Commercial banks, corporative credit societies, and government agencies arrange for short term finance, and long term finance to facilitate marketing. Trade credit is also one of the important sources of the finance.

2.      Pricing: pricing is also an important function which is closely alluding to selling. Price policy of the concern directory affects the profit element and therefore, its successful functioning. In determining the price policy, several factors are to be borne in the mind such as cost of the product, competition prices, marketing policies, government policies, or customary or convenient prices etc.

3.     Risk bearing: in marketing there arise numerous risks damages to the goods, physical loss, changes in economic values of the goods, mismanagement, credit losses etc. these are more or less inherent in the marketing process. There are losses on accounts of fire, flood, deterioration, bad debts etc. on all these occasions an intelligent businessman reduces the possibility of the risks. Thus the risks are to be shouldered, shifted or to be reduced. Some of the risks are insurable while other is not.

4.    Standardization: Standardization is related with the division of the commodities into distinct groups. Standard is used in providing certain basic qualities to the goods for their use. Standard is a specification. It is a norm grade or a category. Standards are fixed on physical characteristics of the products. The standardized product possesses uniform characteristics. For example, shape weight, size etc.

5.     Market information: the desired success of the marketing depends on correct and timely decision. These decisions are based on the market information or market intelligence. Modern marketing must have information about of size, location, characteristics of the market etc. The customer's wants, habits, purchasing power etc. are to be considered the strength or weakness of competitions trend in market; supply and demand, etc. are also to be taken into account. Marketing conditions are dynamic and affect the industry to any extent. Market information includes all facts, estimates, opinion, and the other information used in making decisions, which affects the marketing of the products or services. 

Posted Date: 9/19/2012 3:24:40 AM | Location : United States

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