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 the purchase of raw materials and goods from so many sources and the 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 concerning shape, colour, taste, etc.
(vi) Marketing Information Research: This involves the collection of information from many sources and dissemination to producers and distributors.
(vii) Transportation: This covers the movement of goods from where they are produced to the point where they are required.
(viii) Pricing: Marketing, assisting in fixing the price at a level reasonable enough to give profit to the company.