Marketing is basically defined as a process of identification of consumer needs and then developing a product and communication strategy to launch the product in the market so that the consumer needs can be satisfied. It is an ongoing process that essentially involves a lot of creativity.
There are many auxiliary functions of marketing. Three key auxiliary functions are as follows:
- Marketing Research: This function is characterized by intensive study of the marketing activities. It includes studying the needs of the consumers, their acceptable prices, timing, distribution requirements etc. This study enables the marketer to bring changes and improvements in their marketing strategies.
- Product Planning: Planning function is important because it helps the marketers in producing products according to the plans made. This includes matching it with the tastes and needs of the consumers which is achieved by thorough marketing research.
- Branding: Branding is another aspect of marketing. Branding involves giving descriptive verbal attributes and symbols to convey the product or the company to the consumers. This involves developing a Brand name, Brand identity, Brand personality etc for the brand which includes a logo, trademark, slogan, design etc of the product. It is specifically important because it helps the user make the buying decision.
