Marketing: It refers to that process under which valuable goods/services are created, offered and by doing transaction independently, the needs are satisfied.

Functions:

i. Product Designing and Development: Product designing and development is that process which makes the product attractive to the target customers. 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.

ii. Promotion: Promotion means informing the consumers about the products of the company and encouraging them to buy these products. There are four methods of promotion:

(a) Advertising,

(b) Personal selling,

(c) Sales promotion and

(d) Publicity.

Every decision taken by the marketeer in this respect affects the sales. These decisions are taken keeping in view the budget of the company.

iii. Customer Support Service: It refers to a group of services which aim at providing maximum satisfaction to the customers. A marketeer offers primarily the following services to the customers:

a. After-sales-services.

b. Handling customers’ complaints.

c. Technical services.

d. Credit facilities.

e. Maintenance services.

f. Product related information.

iv. Pricing of Products: It is the most important function of a marketing manager to fix price of a product. The price of a product is affected by its cost, rate of profit, price of competing product, policy of the government, etc. The price of a product should be fixed in manner that it should not appear to be too high and at the same time it should earn enough profit for the organisation.