Explain the following functions of marketing :
(i)Gathering and Analysing Market Information
(ii) Marketing Planning
Ans.
(i) Gathering and Analyzing Market Information:
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This function involves collecting, analyzing, and interpreting relevant data and insights about the market environment, consumer behavior, competitors, and industry trends.
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Gathering market information enables marketers to understand the needs, preferences, and buying behaviors of their target audience.
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Analysis of market information helps in identifying opportunities and threats, assessing market potential, and making informed decisions about product development, pricing, promotion, and distribution strategies.
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By staying updated on market trends and consumer preferences, companies can adapt their marketing efforts to meet changing demands and gain a competitive edge in the marketplace.
(ii) Marketing Planning:
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Marketing planning is the process of setting marketing objectives, formulating strategies, and developing action plans to achieve organizational goals effectively.
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It involves identifying target markets, defining marketing objectives, conducting market research, and segmenting the market based on demographic, psychographic, and behavioral factors.
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Marketing planning includes determining product positioning, pricing strategies, promotional tactics, and distribution channels to reach and attract customers.
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The planning process helps in allocating resources efficiently, coordinating marketing activities, and measuring performance against predetermined goals.
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Effective marketing planning ensures alignment with overall business objectives and facilitates the implementation of cohesive and integrated marketing campaigns.
