The Various Types of Markets and Core Functions of Marketing

1) Consumer markets: Marketing goods and Services of mass conception.

2) Business Markets: Marketing goods and services which are used by the business to make other products and services.

3) Global markets: Marketing of goods and services in global market place.

4) Non-profit Government Markets: Marketing of goods and services to nonprofit organizations and governments with carefully decided lower prices

Core Functions of Marketing

The fundamental marketing goal is to capture and retain customers‟ profitability. Marketing has the following functions:

1) Marketing research establishes the needs and wants and the target market;

2) Product development creates the specifications to satisfy the target market;

3) Manufacturing makes the products in accordance with specifications;

4) Branding attaches an identity that differentiates the products from competitors;;

Advertising communicates brand value and benefits;

5) Promotion stimulates consumer demand and repeatedly purchases;

6) Sales and distribution ensures products are mad available at retail outlets;

7) Logistics delivers the products cost-efficiency on a timely basis;

8) Merchandising maintains products quality and freshness at the retail outlets;

9) Consumer service provides support for the products to reinforce customer value.

Read Also: Marketing Mix as a Foundation in Marketing

Read Also: Main Goals of Advertising and Marketing

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