Functions of Marketing
Functions Of Marketing has become a crucial aspect these days. Due to cut-throat competition, these functions play an important role which helps the company to high light its products to a large number of customers.
Functions of Exchange
A manufacturer is required to buy raw material for production purposes, Similar a wholesaler has to buy goods from the manufacturer for purposes of sales to retailers. A retailer has to sell the goods to the consumer. This function of buying has to be performed at various levels.
2. Assembling Function.
Assembling is different & separate from buying. Buying involves a transfer of ownership to the buyer, whereas in assembling the goods are purchased from various sources & assembled at one place to suit the requirement of the buyers
3. Selling Function.
Selling involves the transfer of ownership from the seller to the buyer, selling function is vital to the success of any firm. Its Importance has been continuously increasing in all organization due to the emergence of cutthroat competition.
Functions Of Physical Distribution
It includes a decision to be taken the mode of transport, service, selection freight, carrier, routing, vehicle, scheduling, processing, claims etc
a) Short term sales forecasting.
b) Product mix at a sticking point.
c) Number, size & location of a sticking point.
d) Just in time (J IT) or Push & Pull strategies.
a) Space determination.
b) Stock layout & design.
c) Stock Placement.
4. Material Handling.
a) Equipment selection.
b) Equipment Replacement.
c) Order picking procedure.
d) Stock storage & retrieval.
Function of Facilities
The importance of extending liberal credit facilities as a selling tool cannot be underestimated. This would necessarily involve a higher working capital requirement. Hence arrangement of finance has become an increasingly important function. Therefore a marketer can plan for various kinds of financial like short, medium or long term finance. There are various sources of finance like the Commercial bank, co-operative banks.
2. Risk Taking
There is an innumerable risk which a marketing enterprise has to bear in the process of marketing of goods &services. Risk arises due to unenforced circumstances. Risk can be ensured also
For eg- risk due to fire & accidents may be covered by insurance but risk due to government, policies. competition, business cycle risk cannot be insured.
3. After Sales Services
The importance of after sale service facilitates as a marketing tool cannot be ignored. Hence arrangement of after-sales service has become for company product