Exchange functions of marketing include buying and selling of goods and services. These marketing functions can be described as follows:
1. Buying
Buying of goods or services is the first and important function of marketing process. Producers, intermediaries, wholesalers and retailers do this function. They buy, assemble and sell. Producers buy raw materials or semi-finished goods to produce finished goods and intermediaries buy goods to resell. Ultimate consumers buy goods to use from producers directly or intermediaries.
Different functions involve in buying goods, like making buying plan, deciding the quality and quantity of the goods or services to be bought, selecting proper channel for supply, etc. To establish business contact with suppliers, and to sign contract on different terms and conditions such as quality, quantity, price, delivery date, etc. with them are also the activities of buying function. Buying function is not easy as it is seen. For this, buyers need to have special knowledge and experience.
Selling of goods or services is the other important as well as complex function of marketing. Under this, goods and services are handed over to buyers.This function is important for producers, intermediaries, consumers, and general public. In face, existence of any business firm is not possible without selling.
Different functions involve in buying goods, like making buying plan, deciding the quality and quantity of the goods or services to be bought, selecting proper channel for supply, etc. To establish business contact with suppliers, and to sign contract on different terms and conditions such as quality, quantity, price, delivery date, etc. with them are also the activities of buying function. Buying function is not easy as it is seen. For this, buyers need to have special knowledge and experience.
2. Selling
Selling of goods or services is the other important as well as complex function of marketing. Under this, goods and services are handed over to buyers.This function is important for producers, intermediaries, consumers, and general public. In face, existence of any business firm is not possible without selling.
Also Read:
Meaning And Nature Of Buying Functions Of Marketing
As the main objective of every business firm is to earn profit from selling goods or services, there is no meaning of business and other marketing functions without selling. Consumers get necessary goods or services through selling and their needs are satisfied. Because of the increase of needs and wants, production of goods has increased. as a result the problem of selling has also gradually become complex.
As the main objective of every business firm is to earn profit from selling goods or services, there is no meaning of business and other marketing functions without selling. Consumers get necessary goods or services through selling and their needs are satisfied. Because of the increase of needs and wants, production of goods has increased. as a result the problem of selling has also gradually become complex.
