The functional scope of marketing is very wide. Various activities need to be performed in the process of transferring goods or services from producers to consumers. The same, on the whole, is called marketing function.
We find different views among marketers about classification of functions of marketing. In the list of these functions we can find 4 or 5 to 20 or 30 functions of marketing. So many that, Franklin W. Ryan had listed 120 functions of marketing.
We find different views among marketers about classification of functions of marketing. In the list of these functions we can find 4 or 5 to 20 or 30 functions of marketing. So many that, Franklin W. Ryan had listed 120 functions of marketing.
The functions of marketing mentioned by different specialists can be divided into four categories and discussed for making study easy. They are i). exchange functions, ii) physical distribution functions, iii) facilitating functions and iv) research and development functions.
1. Exchange Functions
Exchange function of marketing means the activities of exchanging or buying and selling of goods or services in a way that ownership of goods or services is transferred from one person to another.
2. Physical Distribution Functions Of Marketing
The physical distribution function of marketing include transportation and storage of goods. Until the goods have been sold out they should be kept safe, and after selling they should be transported from one place to another.
3. Facilitating Functions Of Marketing
Facilitating functions of marketing are other functions to facilitate above functions of exchange and physical distribution of marketing. Standardization and grading, finance management and risk taking are the important facilitating function of marketing.
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4. Research And Development Functions
Besides the above mentioned functions of marketing, research and development functions should also be done in marketing. These functions include product planning and development and market information and research activities.
