functions of marketing

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6. Define functions of marketing in your own words.  Using an example, explain how they can be shifted and shared.

 

The functions of marketing consist of: buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information.  In other words, the functions listed above are needed in macro-marketing systems to get products manufactured and made available to the consumer more efficiently; this means that a function can be eliminated.  For example, the functions listed above can be shifted and shared, so not every step that is taken by every supplier/ producer.  An example would be a hair stylist not having to pay for a salon/ location but he/she would need a place to store his/her supplies.

 

16. Give examples of some of the benefits and costs that might contribute to the customer value of each of the following products: (a) a wristwatch, (b) a weight-loss diet supplement, (c) a cruise on a luxury liner, and (d) a checking account from a bank.

 

a) Wristwatch:

Benefits – the style and you always know the time

Costs – price and repairs

 

(b) Weight loss diet supplement

Benefits – weight loss and self-esteem

Costs – price and side effects

 

(c) Cruise on a luxury liner:

Benefits – fun (i.e. live entertainment) and peace

Costs – price and sea sickness/ claustrophobia

 

 

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functions of marketing was first posted on March 27, 2020 at 2:24 pm.
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