Question

Explain the following functions of marketing:
(i) Marketing Planning

(ii) Branding

(iii) Pricing

Hint:

Functions like marketing planning, branding, and pricing ensure product visibility, customer satisfaction, and revenue generation.

Answer 1

(i) Marketing Planning: Formulating strategies to meet organizational goals, such as boosting production, enhancing product promotion, and outlining actionable steps for implementation.
(ii) Branding: Establishing a distinct identity for a product through a name, symbol, or design to differentiate it from competitors. This includes deciding on individual brand names versus a unified brand for all offerings.
(iii) Pricing: Determining the monetary value customers will exchange for a product, carefully considering market demand and strategic pricing approaches.