List and explain five functions of marketing.

Explanation

The functions of marketing are:

(i)Risk bearing: This involves anticipating business risks and taking appropriate measures to reduce their impact by taking the necessary insurance cover.

(ii)Financing: This covers the provision of funds throughout the period of production to the point of selling through loans and credit facilities.

(iii)Storage/Warehousing: This makes it possible for goods to be produced ahead of demand so that they can be available when needed.

(iv) Buying/Selling/Exchange:This covers purchase of raw materials and goods from so many sources and transfer of ownership of such goods to the consumer at the right quality.

(v)Grading and Standardizing: It involves ensuring that the goods conformed to the required standard and quality with respect to shape, colour, taste, etc.

(vi)Marketing Information Research:This involves collection of information from many sources and dissemination to producers and distributors.

(vii)Transportation: This covers movement of goods from where they are produced to the point where they are required.

(viii)Pricing: Marketing, assisting in fixing price at a level reasonable enough to give profit to the company.