Functions of Marketing

Performance Objectives

Students should be able to:

     1. List functions of marketing system

     2. Explain maximize consumption

     3. Explain maximize consumer satisfaction

     4. Explain maximize choice

     5. Explain maximize life quality

     6. Explain maximize profit

Content

1. functions of the marketing system

2. maximize consumption

3. maximize consumer satisfaction

4. maximize choice

5. maximize life quality

6. maximize profit

Functions of Marketing

The following are the functions of Marketing:

1. Maximize consumption

2. Maximize consumer satisfaction

3. Maximize choice

4. Maximize life quality

5. Maximize profit

1. Maximise consumption: This concept connotes that marketing job should be to stimulate, enhance and increase consumption which will, in turn, create consumption, which will in turn yield to maximum production, employment and wealth creation. This is based on the marketing philosophy or ideology that the more people buy and consume, the happier they become.

2. Maximise consumer satisfaction: According to Kotler and Armstrong, this concept relates to maximizing consumer satisfaction and not consumption i.e satisfaction people get from consuming certain goods such as status goods depends on few other people having these goods.

3. Maximise choice: This function philosophy opines that some marketers believe that the goal of a marketing system should be to maximize product variety and consumer choice.

4. Maximise life quality: This concept views that quality of life is a worthwhile goal for the marketing system but they recognise that it is not easy to measure and that it means different things to different people. Kotler and Armstrong’s view is that goal of a marketing system should be to improve the quality of life, quality of the physical environment and the quality of the cultural environment.

5. Maximise profit: This means that marketers meet the needs and want of the consumer at a profit i.e profit to make is pivotal to meeting the needs of the people. The target of a producer/manufacturer is profit.