What you need to know about Marketing

Marketing is creating value for the customer, building profitable relationship so as to capture value from the customer.
IMPORTANCE OF MARKETING.
1) Marketing helps boost product sales apart from spreading awareness about the product, it actually help boost sales and improve growth. It creates desire among general public to buy the product through effective strategic marketing plans including integrated marketing communication.
2) Marketing helps build company reputation through brand name, logo or caption that the customers listen and watch the advertisement.
3) Marketing also promotes product awareness by getting product recognized in the market by which customers take advantage to explore them. Thus it helps improve on the quality of life.
4) Marketing makes the availability of various products. Society would have no choice in the absence of marketing. Today there are hundreds of variants of every product available only because of marketing.
5) Marketing also creates employment. Challenging careers such as person al selling, advertising, marketing research, among others re all as a result of marketing.
FUNCTIONS OF MARKETING.
1) Market Planning; market planning aims at achieving a firms marketing objectives, they may involve increasing market presence, dominate the market or increase market share. The market planning function covers aspects of production levels, promotions and other action programmes.
2) Financing; the financing functions of marketing involves providing credit for channel members or consumers.
3) Physical distribution; the physical distribution functions of marketing involve transporting and storing. The transport function involve moving products from their points of production to locations convenient for purchasers and storing function involve the warehousing product until needed for sale.
4) Risk taking; this is one of the important marketing functions .Risk taking in marketing refers to uncertainty about consumer purchases resulting from creation and marketing of goods and services that con summers may purchase in future.
5) Exchange functions; the buying and selling are the exchange functions of marketing. They ensure that a firms offerings are available in sufficient quantities to meet customers demand. The exchange functions are supported by advertising, personal selling and sales promotion.