Question

Explain the following functions of marketing:
1. Marketing Planning
2. Branding
3. Pricing

Answer 1

Explanation of the marketing functions:
Marketing Planning: It involves developing appropriate marketing plans so that the marketing objectives of the organization can be achieved. This includes deciding targets, formulating strategies for promotion and distribution, forecasting demand, etc. A proper marketing plan helps in optimum resource utilization, reducing wastage and achieving desired results.
Branding: Branding refers to giving a unique name, sign, symbol or design to a product to differentiate it from competitors. It helps in building brand recognition and loyalty among consumers. For example, names like Nike, Apple, and Amul are strong brands that influence customer purchasing decisions.
Pricing: Pricing involves setting the right price for the product to attract consumers and achieve business goals. Factors like production cost, competition, demand, and consumer perception influence pricing decisions. Proper pricing ensures competitiveness and profitability.