Marketing functions are namely merchandising function, physical distribution, and auxiliary function.
Product Planning and Development
Product planning begins with an idea, idea screening, and products prototype. It also considers the purchasing power of the consumers, taste, and market segmentation.
Standardization and Grading
It is concerned with setting certain standards/levels to accomplish the produced goods. The standardization and grading are carried out by the production department and regulated by some government agencies, such as the Standards Organization 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 rates in order to resell at minimum prices to the end-users. These marketing institutions include wholesalers, retailers, and agents.
Selling is concerned with selling finished goods to the individuals that need them. To get the attention of your target consumers, you must embark on various promotional strategies, such as discounts, promo tools, bundle sales, bonuses, etc.
Read Also: Basic Concepts Underlying Marketing
Storage of goods to meet future demands and for time and other utilities.
It involves the movement of goods from the manufacturer down to the target consumers.
That is, allowing credits to customers and as well as obtaining credit from customers, such as Banks, individuals, etc.
Risk means uncertainty’ Starting up a new business entails risks, such as loss of items, road attack, weather risks, etc.
It is concerned with gathering necessary information about markets and the target consumers in terms of their purchasing power, taste, color, choices, competition, and products.