Explain the following functions of marketing .
(i) Market planning
(ii) Product designing and development
i) Market planning Marketing develops appropriate marketing plans, so that the marketing objectives of the organisation can be achieved, e.g. a marketer of LED TVs, having 10% of the current market share, aims at enhancing his market share to 20% in the next two years.For this, they will have to develop a complete marketing plan covering various important aspects including the plan for increasing the level of production, promotion of products, etc,
(ii) Product designing and development Marketing activity also relates with designing and developing the product in such a way that it attracts the target customers.
A good design can improve performance of a product and also give it a competitive advantage in the market, e.g. if we plan to buy a car, we will not only consider its features like price, mileage, etc, but its design, shape, style also.