It is a process of determining the customer demands, and delivering products to satisfy these demands. This process includes activities that are performed in order to deliver products from producer to consumer. The process of marketing starts with market research, where marketing professional learn the needs of customers and study it, and end when product is sold.
If you want your business to be successful, there are also some prerequisites like any other activity for this that must be developed and implemented. Always chose that type of work that you enjoy doing. Stability, enjoyment, financial gain and personal satisfaction are the outcomes of your business.
There are nine functions of marketing that explains what is marketing. To let this bridge work correctly, it must follow these nine functions to deliver goods or services to consumers.
* Buying: People must have opportunity to by their desired products or services
* Selling: Producers can sell their products freely in the marketplace.
* Financing: Financial institution like banks etc. should provide money and resources for production and marketing
* Storage: There must be a facility to store products until they are required. Especially food products like fruits and vegetables.
Successful entrepreneurs maintain a harmony between income i.e. the money received from clients in exchange of goods or services that your business provide and expense i.e. money spent on inventory, equipment, wages and other things necessary to keep the business running.
* Processing: This function includes transforming raw materials into usable products that the consumer can use, e.g. transforming wheat into flour.
* Risk Management: Insurance companies must protect the producers and marketers in case of loos due to accidents. Producers and marketers must be ensured about recovery from accidental loos.
* Market information: Information from around the globe about market situations, political conditions, weather and pricing affect the marketing process. Marketers can use telecommunication resources to get this information.
* Grading and standards: These are used to conform to product quality standards so that they reflect the product quality internationally e.g. if you are buying ISO 9001 cosmetics, you are buying the number one cosmetics of the world. Along with the functions of marketing, there are some utilities that marketing must add to the products. That explains more about what is marketing. Utility is the amount of satisfaction that a consumer gets from a product or service when he/she uses it.
There are four utilities of the marketing process. * Form utility: A product must be processed into a form according to the consumer demands e.g. if a consumer want some French fries and is provided by raw potatoes, this isn't a good approach at all. Similarly wheat is processed into flour and flour is processed into bread. * Place utility: The products you produce must be available to the consumers at the nearest possible location where they can buy them easily. Consumers don't like to travel a too long distance just to buy goods or services. * Possession utility: It involves ownership of the products or services. When a user buy some product or service, he/she must have authority on it under certain guidelines e.g. if someone buys a software application, he/she must have full authority on it. *
They can answer phone calls to get to know customers and provide personal attention to the customers. Implement the technology in your business that helps you in your business process, not to impress neighbors.
If you want your business to be successful, there are also some prerequisites like any other activity for this that must be developed and implemented. Always chose that type of work that you enjoy doing. Stability, enjoyment, financial gain and personal satisfaction are the outcomes of your business.
There are nine functions of marketing that explains what is marketing. To let this bridge work correctly, it must follow these nine functions to deliver goods or services to consumers.
* Buying: People must have opportunity to by their desired products or services
* Selling: Producers can sell their products freely in the marketplace.
* Financing: Financial institution like banks etc. should provide money and resources for production and marketing
* Storage: There must be a facility to store products until they are required. Especially food products like fruits and vegetables.
Successful entrepreneurs maintain a harmony between income i.e. the money received from clients in exchange of goods or services that your business provide and expense i.e. money spent on inventory, equipment, wages and other things necessary to keep the business running.
* Processing: This function includes transforming raw materials into usable products that the consumer can use, e.g. transforming wheat into flour.
* Risk Management: Insurance companies must protect the producers and marketers in case of loos due to accidents. Producers and marketers must be ensured about recovery from accidental loos.
* Market information: Information from around the globe about market situations, political conditions, weather and pricing affect the marketing process. Marketers can use telecommunication resources to get this information.
* Grading and standards: These are used to conform to product quality standards so that they reflect the product quality internationally e.g. if you are buying ISO 9001 cosmetics, you are buying the number one cosmetics of the world. Along with the functions of marketing, there are some utilities that marketing must add to the products. That explains more about what is marketing. Utility is the amount of satisfaction that a consumer gets from a product or service when he/she uses it.
There are four utilities of the marketing process. * Form utility: A product must be processed into a form according to the consumer demands e.g. if a consumer want some French fries and is provided by raw potatoes, this isn't a good approach at all. Similarly wheat is processed into flour and flour is processed into bread. * Place utility: The products you produce must be available to the consumers at the nearest possible location where they can buy them easily. Consumers don't like to travel a too long distance just to buy goods or services. * Possession utility: It involves ownership of the products or services. When a user buy some product or service, he/she must have authority on it under certain guidelines e.g. if someone buys a software application, he/she must have full authority on it. *
They can answer phone calls to get to know customers and provide personal attention to the customers. Implement the technology in your business that helps you in your business process, not to impress neighbors.
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