Marketing channels co-operate in a series of complementary functions. Packing provides handling convenience, maintains freshness and quality of the product, and prevent the damages of adulteration of the product. The terms of sale include such matters as qualities and quantities of products, time and method of shipment, time and method of payment and so on. Transportation as a marketing function assumes unique impor­tance when we have mass production, mass distribution, and ever- widening markets. Trade credit is also one of the important sources of finance. Market­ing functions are the activities of buying, selling, transportation, storage, standardisation and grading, financing, risk bearing and circulating market information. Storage is essential in both agricultural marketing and marketing of manufactured products. Before publishing your Articles on this site, please read the following pages: 1. Self-regulation can help marketers to fulfill social responsibilities. The financing function in marketing involves the use of capital to finance the marketing agencies (wholesalers and retailers) in their various activities, plus the financing of goods moving into and through the channels of distribution. Merchandising function tries to analyse the market and the products to be sold. Operates on an annual corporate marketing plan calendar assembled from editorial, PR, product roadmap, and other coordinated calendars to deliver on milestones and objectives. Some writers have classified marketing functions under utility heads. Thus, it links the producers and consumers spread throughout the world. 3. The most important factor responsible for the risk is fluctuation in prices. Function # 1. Marketing Information 5. 6. Strategies for content management and data management should ultimately be set by corporate marketing to leverage synergies across divisions, products and/or projects, which is where the CEO would want it. Marketing process covers marketing functions as well as marketing agencies or channels of distribution. Financial institutions will give loans easily, as they help in evaluating collateral security. They must reconcile the conflicts between the economic responsibility and, social responsibility. Marketing plans and pro­grammes are now based on information secured through marketing research and marketing intelligence services. Think back to business school and recall what you learned. Branding and packaging are powerful means of adver­tising or marketing communication. Insufficient funds may affect the proper functioning of marketing. For example- the ISI mark, bar code for export items, Agmark for quality agricultural products, etc. The department should undertake wide publicity and, if necessary, special promotion measures, such as exhibits, shows, conferences, etc., may be adopted. The price set in the beginning has to be reviewed and reformulated from time to time to maximise the sales. The buying function plays a very important role when fashion or style is dominant in marketing. The consumer’s market encouraged manufacturers to establish market research departments in order to determine ways and means of reducing marketing costs and promotion sales. Banks help merchants to finance for holding of stocks of goods lying in the warehouses. Merchandising is that part of the marketing process which enables us to take decisions on what to produce or procure, what product is to be added to or deleted from the present product line. It consists of list of specifications. Other related functional responsibilities include well-being, employee motivation, health and safety, performance management, and of course the function holds knowledge regarding the legal aspects of human resources. Research 2. It may lead to consumer exploitation. This is the third important function pertaining to budgeting sales, expenses and profits. It is done either by businessmen or consumers. Some of the advantages of salesmanship are, the salesman gives advice to the buyers and helps there to take decisions. Briefly, the following describes the five core marketing functions in the business process. Customer support services- A very important function of modern marketing is providing customer support services to bring ‘repeat sales’. Branding- Branding is the process of creating product differentiation through brand names. Profits are rewards to be earned through serving the demand. formulated always in the light of requirements of social responsibilities. In the process of marketing, we need constantly the specialised services of middlemen in order to bring about the twin flows of title or ownership and products. 5. But if we consider the expanded concept of product which includes services also, marketing functions may be: 1. VI. Pro­motional activities can be grouped into three basic categories- (i) personal selling, (ii) advertising and publicity and (iii) specialised sales promotion. It covers all vital functions of the process of marketing. Gathering and Analysing Market Information: It is expected that social responsibility and enlightened self-interest should coincide. The flow of, ownership rights is achieved through sale or purchase contracts. Example: Videocon washing machine. Obtaining,managing,and using information about what customers want to improve business decision making, performance of marketing activities, and determining what will sell. Customer-oriented marketing functions can assure survival and prosperity of any business enterprise. Thanks visiting my blog. Hence, physical distribution has assumed great importance in the process of marketing. Buying skill is essential not only in analysing the market demand but also in buying the requisite supplies. 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