Name the element of Marketing-mix in which a set of firms and individuals creates possession, place and time utility and helps in market offering Also explain any five important functions performed by this element from Business Studies Marketing Class 12 Haryana Board English Medium

Business has to take every possible step to provide customer support service on time as it helps to gain customer loyalty. The businessman can provide services like pre-sale service, consumer helpline, after sales service, technical assistance, product demo etc. to the customers. These services help in attaining, retaining and maintaining the growth of the customers. Retailers act as a link between the buyers and wholesalers / manufacturers.

What do you understand by the term ‘advertising’? Advertising is the popular tool of promotion as it communicates in a persuasive manner about organization or products or services non-personally through paid media. The advertisement should provide new information or support the information the audience already has in order to capture their attention. It should be able to persuade them and influence their attitude and purchase behaviour. Personal selling or salesmanship is the process of contacting the prospective buyers personally and persuading them to buy the products. In other words, it is an art of convincing customers to buy the given products or services.

which function helps in place utility

Thus fig 4 represents the main elements in a modern marketing system. If one party is more actively seeking an exchange than the other party, we call the first party a marketer and the second party a prospect. A marketer which function helps in place utility is someone seeking a resource from someone else and willing to offer something of value in exchange. The marketer is seeking a response from the other party, either to sell something or to buy something.

3. Marketing and Marketers

On the basis of this philosophy or idea these companies direct their marketing efforts to increasing the quality of their product. Retail management is done on large units that are converted into smaller units. It can be such as bottles, packets, and individual canes for customer requirement purposes.

The process of displaying the label on the product is called labelling. After assessing the need of the market, the business needs to make marketing plans and strategies to achieve the desired objective. Market planning is the process of organising and defining the marketing objectives of the business and creating strategies to achieve them. It is a detailed plan that creates an outline of the business’s overall marketing efforts.

The price plays an important role in deciding the success or failure of a product especially in a highly competitive market. While fixing the price of a product a businessman has to consider various factors like cost, desired profit, price of the competitor’s product, demand for the product, market conditions etc. If the price is too high, it may lose customers and if the prices are too low it might suffer losses. So, it is important to decide the right price through extensive market research. Standardization refers to the setting of standards related to process, size, quality, design, weight, colour etc. of the product.

It also creates place utility by providing the goods at the place, where they are required. Warehouses play an important role in the process of https://1investing.in/ price stabilization. It is achieved by the creation of time utility by warehousing. In warehouses, a usually large stock of goods is kept.

A business has to develop a product that meets the needs of the consumer. Product design includes decisions related to quality, standard, shape, design, packaging, colour etc. of the product. Consumers always prefer better and attractively designed products.

  • Warehouses nowadays provide the facilities of packing, processing, and grading of goods.
  • 6)There is smart way of predicting marketing strategy and if you can then implement it or else a part which you cannot predict do not implement it.
  • It includes all the activities involved in the creation of time, place, form and possession utility.
  • Sometimes the marketer creates the need in the market.
  • Suppose several persons want to buy an attractive house that has just become available.
  • The company and the competitors send their respective products and messages directly and/or through marketing intermediaries to the end users.

Even there are chances of modifications depending upon the mood of the sellers. In the market, we can see different versions of Horlicks such as Ilaichi, orange flavours etc. This has been possible because of extensive market – research.

Agribusiness Management and Trade 3(3+

It comes from extensive planning and having an understanding of the target demographic. Retail management teaches about inventory management and supply management, where it conveys various techniques to optimize the entire retailing operations. It is important to understand the needs of any staff employed as these individuals will be at the forefront of the business and represent your brand on a daily basis. Marketing is the platform where there is opportunities for both sellers and buyers.

It creates place utility in breaking bulk to the good point of the consumption process. Retail management saves time and ensures the customers easily locate their desired merchandise and return home satisfied. An effective management avoids unnecessary chaos at the store. Effective Management controls shopliftings to a large extent.

BI411 – MARKETING MANAGEMENT

This function is performed by retailers, wholesalers and manufacturers. Distribution refers to the set of activities undertaken for the efficient movement of finished goods from the place of production to the consumer. It includes transportation, warehousing, material handling, inventory control, order processing, market forecasting, packaging, plant and warehouse location and customer service. Distribution accounts for a major part of marketing budget of a business.

So after understanding this they provide easy and quick making foods like Maggi. Sometimes the marketer creates the need in the market. Effective marketing is needed for any business to survive and succeed. The different functions of marketing helps in the study of the consumer’s needs and also facilitates to satisfy it. Those companies who believe in this philosophy are of the opinion that if the quality of goods or services is of good standard, the customers can be easily attracted. The basis of this thinking is that the customers get attracted towards the products of good quality.

which function helps in place utility

Marketing involves a set of activities or processes that are essential from transferring a product from production point until it reaches consumers. Retailers act as a middleman between manufacturers/wholesalers and customers. It is easy to provide information directly to the final consumer. It increases demand among consumers through direct contact. Retail management refers to successfully running and managing the internal functions of a retail store.

Transportation:

What is the difference between Marketing and Sales Sales focuses on selling existing products to customers and driver volumes through promotional means. Marketing focuses on products that meet customer needs through marketing programs that enhances customer satisfaction. Marketing Mix is the tool for implementation of the marketing strategy. It includes four elements namely product, price, physical distribution, promotion. Product, price, physical distribution, promotion are the four elements of marketing mix. They are also called as four P’s of marketing.

The retailer must keep a record of all the products coming into the store. Retailers create demand for products by communicating with their customers. This demand creation is quite helpful for manufacturers and wholesalers. Retailers buy varieties of goods from various manufacturers or wholesalers.

It helps in ensuring uniformity in the quality of the product and achieving customers’ loyalty towards the product. Grading is the process of classification of the product according to similar characteristics and/or quality. It is done on the basis of the features of the product like size, shape, quality etc. Generally, grading is done in case of agricultural products like wheat, rice, potatoes etc. And design plays an important role in the selling of the product.

It covers what the system is, how it functions, and how the given method or techniques may be modified to get the maximum benefits. An efficient marketing system minimizes costs, and benefits all the sections of the society. The expectations from the system vary from group to group; and, generally, the objectives are in conflict. The efficiency and success of the system depends on how best these conflicting objectives are reconciled.

SCRIVICI O VISITA IL NOSTRO SHOWROOM

NABI S.R.L

INTERIOR DESIGN | ARCHITECTURAL SERVICES | ART

Via Chiatamone, 5/Bis, 80121 Napoli
P.IVA 07400091216
 
info@nabiinteriordesign.it
(+39) 081 060 5284