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MARKETING CONCEPT






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Transfer of title of elements

The buying functions ends when seller transfers his title ( ownership) over the goods to the buyer (after receiving the price).

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Negotiation of Terms of elements

After considering the foregoing factors, the buyer has to finalize the buying. Buying takes place between two individuals who may or may not have prior relationship. The buyer actually invests his money when he is buying.

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Market News of elements

The buyers must always have the knowledge of markets especially with regard to supply position, demand positions and the price variations. The past experience forms a main guideline in this matter.

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Locating Sources of Supply of elements

This is also known as 'contactual function' of buying. It is concerned with searching for an determining the sources of supply and establishing and maintaining contacts with them.

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Merchandising of elements

It has been defined earlier as 'product planning'. The success of any firm depends on the speed with which the stocks are sold out.

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Assembling of elements

It is an equally important element in buying. This element is always performed together with buying but all buying need not end in assembling.

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Estimating the demand of elements

On the basis of purpose, buying may be classified into two categories

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Elements of Buying

The following are the elements of buying

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Approaches to the study of marketing

Marketing may be studied by different approaches and there is a process of evolution in the development of these approaches. To begin with, there is the traditional or historical approach where by the evolution of marketing can be treated form the simple barter system to the modern complex one.

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Marketing system: Modern view

Marketing system was often referred to as a social economic process in the past. From a broader outlook the marketing activities are undertaking for the benefits of society. But times have changed.

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Market Information

This is a recent function added to marketing. Though it was present in its crudest form in th past, its importune has been recognized only recently.

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Grading or Standardisation

Buyers and sellers always prefer to have certain predetermined standards for the products. This will relieve buyer and seller form examining the products and thus wasting time.

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Risk-taking of marketing functions

This is yet another facilitating function of marketing. There are innumerable risks which a marketing enterprises has to face in the process of marketing goods.

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Storage and Warehousing

Storage becomes necessary under two conditions. When production is seasonal and consumption is throughout and also when production is continuous but consumption is seasonal.

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Financing of marketing functions

Though it is considered as an ancillary function of marketing, its importance in the present economy (credit economy) cannot be under-estimated.

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Transportation of marketing functions

To a very great degree our marketing system is built upon and presupposes an economical and effective transportation system.

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Selling of marketing functions

This is another important function which involves transfer of title of goods to the buyers. Selling is important form the point of view of the seller, the consumer and the general public.

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Buying and Assembling of marketing functions

Buying is one of the important functions of marketing. It is the first step in the process of marketing. A manufacturer is required to buy raw materials for the production processes.

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Classification of marketing functions

There is no unanimity among authorities on marketing regarding the classification of marketing functions.

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Marketing Functions

Marketing is made up of a number of activities known as marketing functions. Very often it is defined as "an act, operation or services by which original product and th final consumer are linked together".

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