Warehousing is a convenient place where goods are kept. It protects the products from dust, water, insects and sun. It creates the place and time utility. It also helps to maintain the stock so that there is no chances to be shortaged of products in the market. It means, it helps to regular flow of goods in the target market. As a result, there is no price fluctuation in the market. It also helps to take teh credit from the financial institutions. It accepts the risk and transfer to the insurance companies. Hence, it plays a...
Grading is the process of dividing the products into lots which are similar characteristics in shape and size, type, weight, quality and performance etc. Products of different qualities should be separated into groups or lots and similar quality products are put into a grade. There are two types of grading; one is fixed grading which refers to storing out of goods on the basis of standard(size, quality etc) already set, to be followed from...
Standardization means the establishment of certain standards of the qualities or the intrinsic physical properties of a commodity. It certifies that the products are of a certain quality. It is a model. It is a grade or a class. It is measured in units of qualities or characteristics of product of service. It may be based on a number of characteristics such as color, quality, weight and shape and size etc.It plays important role in marketing...
Selling is an important function of marketing that transfers ownership of goods and services by the seller to the buyer in terms of money. It is one side of equation of exchange, where another side is buying when products are sold to buyers, sellers hand over ownership to the buyers. Hence, ownership transfers from the possession of sellers to the possession of buyers is known as silling. It is a process whereby goods and services finally...
Meaning and definitions: Marketing function is an act or service which links the producer to the ultimate consumers. It helps to transfer the ownership of the product trom producer to intermediaries and intermediaries to ultimate consumers. It involves a number of operators to be performed while transfering products from producers to consumers. For eg: collection of buying storing, grading, packing selling, transporting etc. Similarly,...
Demand creation is the process that is designed to stimulatee the desire of customers into a demand towards the product. To create the demand, marketers must use some efforts which stimulate a desire for products to purchase the goods. There are different promotional tools which are used by producers and marketors to create the demand of customers. They are advertising personal selling, sales, promotion, publicity and public relations which...
There are different concepts of needs, wants and demand below. All these words may have same meaning in ordinary sense. Here, their meaning, uses and concepts are discussed below which make us to understand more during the learning of market and marketing. In economics and marketing viewpoints they have different meanings. They are being discussed below clearly.Needs: Needs are a state of felt deprivation. The necessity of something is...
A buying motive is the reason why the customer purchase the goods. Motive is the driving force behind to purchase the goods. So, motive refers to thought, urge, feeling, emotion and drive which make the buyer to react in the form of a decision. Motivation explains the behaviour of the buyer why they are going to buy the goods. They buy the goods due to several motives such as economic, social, psychological etc. for example in winter seasons...
There are different types of non-institutional customers. They are as follows:1. Impulsive customers2. Nervous customers3. Silent customers4. Talkative customers5. Argumentative customers6. Deliberate customers7. Women customers8. Suspicious customers9. Price minded customers10. Ill mannered customers11. Undecided customers12. Decided customers13. Truthful customers14. Untruthful customers15. Favoured treatment customers1. Impulsive customers:...
There are different features of institutional customers but only some of them are discussed below.1. Few in number 2. Purpose of buying 3. Complex buying structure 4. Budgetary constraint 5. well informed 6. Derived Demand 7. Direct purchase from producers Institutional customers are few in number but they buy large quantities to supply the goods to the large number of customers of different localities. They purchase the goods for...
Buying process of non-institutional customers are discussed below in point wise clearly:1. Need Recognition: All of the customers must identify their needs. The needs can be activated by internal stimulus such as thirst, home, hunger, sex and external stimulus such as advertisement and display. The customers should study and analyze them to find out their needs and problems. Then, they can make the purchase for satisfying their needs.2. information searching: After the recognition of needs, the customers should try to find the...
Buying process of institutional customersThere are different process of buying goods and services by the customers. Some of the process of buying are discussed below.1. Problem recognition: The buying process of institutional customers begin when problems or needs are recognized. The customers must recognize their needs which may be caused by internal or external stimuli. The needs or problems such as to participate in trade and exhibitions, purchase new machines and equipments, purchase raw materials etc.2. Product specifications:...
There are mainly two types of customer.They are institutional customers and non-institutional customers. Those customers who purchase the goods for further processing, selling, production or office use is known as institutional customer. The examples of institutional customers are middlemen, producers and office.The customers who purchase the goods for own or family is known as non-institutional customers. Ultimate customers and family members are included under this catego...
1. Product mix: Any thing that satisfies the needs and demands of the people is known as product. It is primary elements under the marketing mix as all the marketing activities are related to the product. If the product fails to meet the requirements of the customers, it can't face the competition and no other activities will support it. Thus product plays vital role in the marketing.The organization must considered the following components...
Marketing mix means the set of marketing tools which is used by the organization to meet the customers' needs and achieve the goals in a target market. Product, price, place and promotion are the marketing tools. The tools are also known as 4Ps or components or elements of marketing. The tools will influence the customers towards the product. So, the organization must create and manage the effective marketing mix to fulfill the unsatisfied...
Importance of marketing can be discussed in three different headings as consumers, firms and society.1. Importance of marketing to the consumers: Marketing provides different information about the product and services to the consumers. It helps them to know and understand the different benefits and techniques of products through advertising, publicity and public relation. Marketing also provides satisfaction to the consumer by providing different products to meet their demand and tastes when they need.It provides different...
Business concepts of marketing are the philosophy which provides the guideline to the organization. These concepts are still practiced by some business organizations. They are:a. Production concepts b. Product concept c.Selling concept d. Marketing concept and e. Societal marketing concepts Production concept believes that consumers will favor those products which are widely available in low cost. It is the oldest concept,...
Evolution of marketing can be studied by dividing them into different stages according to their periond of development and research. Here, the evolution of market can be studied in seven different stages. Stages of evolution of market are self-sufficient stage, exchange oriented stage, production oriented stage, sales oriented stage, marketing oriented stage, consumers oriented stage and management oriented stage. In self-sufficient...
There are different types of market. Among them major types of market can be classified on the basis of the following features:1. Geography Basisa. Local Marketb. Regional Marketc. National Marketd. International Market2. Volume Basisa. Wholesale Marketb. Retail Market3. Delivery Basisa. Spot Marketb. Future Market4. Control Basisa. Regulated Marketb. Unregulated Market5. Nature Basisa. Commodity Marketb. Capital Marketc. Service Market6....
