Explain ‘Market Planning’ and ‘Product Designing and Development’ as functions of marketing.
Marketing Planning: In order to achieve the objectives of an organisation with regard to its marketing, the marketeer chalks out his marketing plan. For example, a company has a 25 per cent market share of particular product. The company wants to raise it to 40 per cent. In order to achieve this objective the marketeer shall have to prepare a plan in respect of the level of production and promotion efforts. It will also be decided that who will do what, when and how. To do this is known as marketing planning.
Product Designing and Development: Product designing plays an important role in product selling. The company whose product is better and attractively designed sales will be more than the product of a company whose design happens to be weak and unattractive. In this way, it can be said that the possession of a special design affords a company competitive advantage. It is important to remember that it is not sufficient to prepare a design in respect of a product, but it is more important to develop it continuously.
