List and explain five functions of marketing.

Answer Details

Five functions of marketing

1. Buying: Marketing involves acquiring the right goods, in the right quantity and quality, needed to satisfy consumers' wants.
2. Selling: It transfers ownership of goods from the seller to the buyer through persuasion, personal selling and promotion, thereby generating income.
3. Transportation: Marketing moves goods from the point of production to the point of consumption, creating place utility.
4. Storage (warehousing): It holds goods safely from the time they are produced until they are demanded, creating time utility and ensuring steady supply.
5. Advertising and promotion: Marketing informs and persuades consumers about the availability and qualities of products so as to stimulate and sustain demand.

Other acceptable functions include grading and standardisation, financing, risk-bearing and market research.