3. Explain eight universal functions performed in Marketing and Marketing MIX decisions

The eight universal functions performed in marketing and marketing mix decisions are:<br /><br />1. **Product Management**: This involves the development, design, and management of products or services that meet the needs and wants of the target market. It includes decisions about product features, quality, packaging, and branding.<br /><br />2. **Pricing**: This function involves setting the right price for a product or service to ensure it is competitive and profitable while also meeting the needs of the target market. Pricing strategies may include cost-plus pricing, competitive pricing, or value-based pricing.<br /><br />3. **Promotion**: This function involves communicating the value of the product or service to the target market through various channels such as advertising, sales promotions, public relations, and personal selling. The goal is to increase awareness, generate interest, and drive sales.<br /><br />4. **Place (Distribution)**: This function involves determining the best channels and locations to distribute the product or service to reach the target market effectively. It includes decisions about retail locations, online platforms, and logistics.<br /><br />5. **Market Research**: This function involves gathering, analyzing, and interpreting information about the market, customers, and competitors to make informed marketing decisions. It helps in understanding market trends, customer preferences, and competitive positioning.<br /><br />6. **Customer Relationship Management (CRM)**: This function involves managing and nurturing relationships with customers to ensure their satisfaction and loyalty. It includes activities such as customer service, loyalty programs, and personalized marketing.<br /><br />7. **Sales Management**: This function involves managing the sales process, including setting sales targets, training sales teams, and implementing sales strategies. It ensures that the sales team is effective and efficient in converting leads into sales.<br /><br />8. **Social Responsibility**: This function involves integrating social and environmental considerations into marketing strategies and operations. It includes ethical marketing practices, sustainability initiatives, and community engagement.<br /><br />These functions are interconnected and collectively form the marketing mix, which is often summarized by the 4Ps: Product, Price, Promotion, and Place. Each function plays a crucial role in developing and executing a successful marketing strategy.