Functions of Marketing

The functions of marketing can be classified into three: namely merchandising function, physical distribution and auxiliary function.

(A) Merchandising Function

1. Product Planning and Development: Product planning starts with idea generation, idea screening and development of a prototype product. It also takes into consideration the purchasing power of the consumers, taste and market segmentation. Research and development is established for the analyses of ideas generated.

2. Standardisation and Grading: This is concerned with setting certain standards/levels to accomplish the produced goods. This is carried out by the production department and regulated by some government agencies, such as Standards Organisation of Nigeria (SON). For example, Sprite is 30 cl, Coke is 35 cl, etc. Standardization determines the condition of a manufactured product such as size, quality, performance, etc.

Goods that cannot be produced of a single size, weight or color such as fruits, grains, eggs or cotton are graded into classes on the basis of quality.

3. Buying and Assembling: Here, we are concerned with the marketing institutions that purchase goods or services at cheaper prices in order to resell at minimum prices to the end-users. These marketing institutions include the wholesalers, retailers and agents.
4. Selling: This is concerned with selling of the finished goods to the end-users either through the manufacturers or the marketing channels. In order to get the attention of their target consumers, they embark on various promotional strategies, such as discounts, promo tools, bundle sales, bonuses, etc.

(B) Physical Distribution

1. Storage: Storing of goods to meet future demands and for time and other utilities.
2. Transportation: The movement of goods from the manufacturer down to the target consumers. This includes material handling, warehousing, etc.

(C) Auxiliary Function

1. Marketing Finance: That is, allowing credits to customers and as well as obtaining credit from customers, such as Banks, individuals, etc.

2. Risk-Bearing: Risk means ‘uncertainty’. Entering into a business entails risks, such as loss of items, road attack, weather risk, etc.

3. Market Information: Gathering necessary information about the markets, the target consumers in terms of their purchasing power, taste, colour, choices, competition, and their products.

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