Marketing Functions

There are eight Universal functions that are performed in the marketing these are as shown in figure these are selling, buying, storing, transporting, standardizing and financing, grading and finally risk taking now let's discuss these one by one:                  

Buying :( Raw material to produce services and goods and to buy finished services or goods as whole seller or retailer to sell them again for last consumers and customers) It is a function that ensures that product offerings are available in adequate quantities to meet customer demands

Selling: Function to be performed to sell products/services/idea to satisfy customer wants or needs. By using personal selling, advertising and sales promotion to match services and goods to customer needs

Transporting: The function related to create availability of services or product. It is utilized for moving products from their points of production to location convenient for purchases

Storing: The warehouses are used to store products for further distribution.

Standardizing and grading: To provide more quality services and products without variation in quality. Ensuring that product offerings meet established and grading quantity and quality control standards of weight, size and other product variables

Financing: Providing financial resources to perform different function for example :promotion of product and providing credit for channel members (the wholesalers retailers) or consumers

Risk taking: The marketer takes a risk specifically while any new product is introduced in the market because there are the same chances of success and failure. Dealing with uncertainty regarding consumer purchases resulting from marketing and  creation of goods and services that consumers may purchase in the future

Securing Marketing Information: Collecting information regarding competitors, consumers ,information and channel members (wholesalers and retailers) for use in making marketing decisions Almost all of the marketing functions are based on information acquired from external environment and information distributed out of organization. Marketer seeks information to detect customer needs and wants which are to be satisfied than after producing services and goods awareness regarding the availability is required so that consumer may purchase the available goods and services.