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Get to know the function of marketing in the world of economics

Marketing is a series of activities to fulfill customer needs and satisfaction. Marketing works by determining prices, places of sale, and raising products to consumers.

Get to know the function of marketing in the world of economics

Marketing can also be defined as a combination of interconnected activities to be able to see what is needed by consumers. So that companies can develop products, prices, services, and carry out promotions so that consumer needs can be met and benefit the company.

Marketing is closely related to the activities of daily life, because the object is the consumer. Usually consumers are often faced with several choices such as certain product brands that can be purchased.

Know the Definition of Marketing

Marketing (marketing) is one of the main activities carried out by entrepreneurs in an effort to survive, develop and earn profits.

The success or failure of achieving business objectives depends on their expertise in marketing, production, finance and other fields. In addition, it also depends on the ability to combine these functions so that the organization can run smoothly.

Thus, marketing is seen as a system of interconnected activities that aims to plan, price, promote, and distribute goods and services. These activities operate in an environment that is limited by the resources of the company itself.

Marketing Function

1. Exchange function

The first marketing function is for the exchange process. With marketing, buyers can buy products from manufacturers. Either by exchanging money for products or exchanging products for products (bartering) for your own use or for resale. Exchange is one of the four ways people get products.

2. Physical Distribution Functions

The second marketing function is to carry out physical distribution. The physical distribution of a product is carried out by transporting and storing the product. Products are transported from producers to approach consumers who need them in various ways, either by water, land, air, and so on. Product storage puts forward efforts to keep product supplies from running out when needed.

3. Intermediary function

The third marketing function is as an intermediary agent. Marketing is used to deliver products from the hands of producers to the hands of consumers through marketing intermediaries that link exchange activities with physical distribution. The activities of the intermediary function include risk reduction, financing, information search and product standardization and classification (clarification).

Gather information about current and potential customers, competitors and other actors and forces in the marketing environment.

Develop and spread persuasive communication to stimulate buying.

Reach final agreement on prices and other terms so that the transfer of ownership can take place.

Bear the risks associated with implementing the marketing channel function.

Manage continuity of storage and transfer of products to end customers.

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