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Functions of Marketing

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Topic updated on 02/15/2019 05:54am
  • Branding
  • Packaging
  • Labelling
  • Pricing
  • Distribution
  • Promotion
Branding

A brand is a name, term, sign, symbol, design or a combination of them, intended to differentiate the goods or services of one marketer or group of marketers from those of competitors.

Brand name

  • The pronounceable part of a brand is named as the brand name.

Trade mark   

  • Sri Lankan business firms should register their brands in the Institute of Patent and Trade Marks under the Intellectual Property Act No. 52 of 1979.

Several features that should be there in a good brand are as follows:

  • Being short and simple
  • Easy to pronounce, recognize and remember
  • Giving a hint of basic qualities and usage of the product
  • Easy to recognize even in another language
  • Should be defferent from the brands used by competitive producers
  • Representing a particular culture

Various types of brands 

  • National Brand
  • Private Brand
  • Family Brand
  • Individual Brand
Packaging
  • The function of designing and producing a package or a container for a particular product is known as packaging
  • The major function of a package is to give protection for a product.
  • The package can be recognized under three levels
    • Primary Package
    • Secondary package
    • Transportation package Image Tippckg

 Facts to be considered in designing a package 

  • Nature of the product
  • Benefits to the product from the package
  • Technological eligibility
  • Features of the package
  • Colour and the legibility
  • Easiness to the trader
  • Easiness to the consumer
  • Environmental friendliness
  • Cost

Benefits of a package 

  • Protection to the product
  • Easy recognition of the product
  • Provision of information regarding the product
  • Ability to use as a promoting tool
  • Giving an attractive look to the product
  • Facilitates storage, display and transportation
Labelling
  • The label is presented as a part of the package.
  • Information required to use the products are provided through labelling:
    • Information regarding the production
    • Product or the brand
    • Price
    • Contents
    • Manufactured date
    • Expiry date
    • Instructions to store and transport
    • Cautions / Warnings
Pricing
  • The amount of money charged for a particular good or a service is simply known as the Price.

 Purpose of pricing 

  • Survival
  • Maximize current profit
  • Maximize market share
  • Maximize market skimming
  • Product quality leadership

Factors to be cosidered in Pricing 

  • Cost
  • Consumer’s demand
  • Competition

 Techniques of Pricing 

  • Cost-plus pricing/ mark up pricing
  • Target return pricing
  • Perceived value pricing
  • Value pricing
  • Going rate pricing
  • Auction pricing
Distribution
  • The process of providing with the products to the target customers successfully is meant by distribution.

 Channels of distribution 

  • The ways in which products are distributed from the producer to the customer are called the channels of distribution.
  • The distribution channel changes according to the nature of the product.Image Tipdschnl
Promotion
  • Communicating to the customers interested about the products with the purpose of motivating them to purchase is meant by promotion.

Main promotional tools of Marketing

  • Advertising
  • Sales promotion
  • Public relations and publicity
  • Events and experiences
  • Personal selling
  • Direct marketing
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