Functions of Marketing

 

  Functions of Marketing 

The most widely accepted classification of marketing functions is given by Clark is: -

 

Function of Exchange: As seen earlier, good are produced for satisfying human wants. This achieved only when goods finally reach in the hands of consumer. This process of passing goods into the consumer’s hands is called function of exchange. This function is divided in following parts:- 

(a)    Buying and Assembling: -

                                                    Buying is one of the important functions of marketing. It is the first step in the process of marketing. A manufacture is required to buy raw material for the production process. Similarly, a wholesaler has to buy goods to sell them to the retailer, A retailer who has direct line with the consumer has to buy goods to be sold to the later.

Assembling starts after the goods have already been purchased. It is a function different from buying and selling. Mainly goods are not purchased from one seller. When they are purchased from different seller, they have to be collected and assembled at one place under the control of the buyer. 

(b) Selling: -

                   This is another important function which involves transfer of the title of goods and buyers. Selling is an important from the point of view of seller, the consumer and the general public. The prime objective of a business concern is successfully carried out through the sales of goods.

Functions of physical supply: -

Under these category two functions are included are following: -

(a)  Transportation: -

              It is the function of transportation to carry commodities from where utility is relatively low to places where it is higher.  This geographical division of labour and its advantages were made possible with the help of transportation.

(b)       Storage and warehouse – Storage become necessary under two condition: when production is seasonal and consumption is continuous and when consumption is seasonal and production is continuous.

The storage function is made effective through the establishment of warehouse. 

    Facilitating Function: -

These functions are in fact subsidiary in nature. But they have direct relationship with the marketing process and hence cannot treated as non-essential functions.

THESE ARE: -

1.Financing-

                 Through it is considered as an ancillary function of marketing, its importance in the present economy (credit money) cannot be underestimated. It is difficult to perform various marketing functions without the availability of cheap finance.

2.Risk-taking­­- This is yet another facilitating function of marketing.  There are many risks which a marketing enterprise has to bear in the process of marketing goods. Some of these risks can be avoided by careful handling.

3.Information-

                      This is a recent function added to marketing. Though it was present is the past, its importance is recognized only recently. Modern marketing required lots of information accurately.  This information become basis of any market decision.