The functions of marketing can be classified into three: namely merchandising function, physical distribution and auxiliary function.
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.
Merchandising Function
- 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.
- 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. For example, Sprite is 30 cl, Coke is 35 cl, etc.
- 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.
- 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 credit from customers, such as Banks, individuals, etc.
1. Marketing Finance
That is, allowing credits to customers and as well as credit from customers, such as Banks, individuals, etc.
2. Risk-Bearing
Risk means ‘uncertainty’. Entering into a business entails 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.
Risk means ‘uncertainty’. Entering into a business entails 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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