It includes the following functions.
Buying:
It is the process of acquiring goods at the right price, at a right time, in tight quantity and quality and from a right source of supplier. The marketing is concerned with buying of goods for sale or use. Buying includes the determination of one's needs, finding out the sources of supply, the negotiating prices and other terms and the transfer of title from seller to the buyer. Its purpose is to bring the goods at the place where they are wanted.
Assembling:
Various producers at different centres produce goods in small quantities. They cannot be processed unless they are transported to market. This process of collecting goods from various sources and bringing together them in a centrally located place are called assembling. Assembling may be for the purpose of either resale to the retailer or ultimate consumers, or it may be for getting together raw materials to be used by manufacturers.
Standardizing and grading:
Standardizing means the setting up of basic categories or grades of the products. If the particular goods are of certain standard, it means that they are of a certain quality.
Grading means the division of products into classes made up of units possessing similar characteristics of size and quality. Thus, it may be said that goods are graded in accordance with specifications set up in the standards.
Storing:
Storing is another important function of marketing process. It involves the holding of goods in proper condition from the time they are produced until the consumers need them. Storing protects the goods from deterioration and helps in carrying over surplus for future consumption, storing regulates the flow different places; it enables goods to be made available to consumers.
Transportation:
Transportation helps in the physical movement of goods from places where they are produced to the places where they are demanded. Using any form of transport does distribution of goods. It creates place and time utility for the goods. Transportation has helped in mass production.
Market research:
Efficient sales depend on maintaining a stable relationship between supply and demand. It can be achieved by conducting a market research. Through market research, a manufacturer or dealer can find out the quality and quantity of goods wanted by the customers at the time when the consumers want then. Market research includes such activities, as marker analysis, sales research, dealer research, consumer research and advertising research. Market research helps in the prosperity of the individual business and the community.
Buying:
It is the process of acquiring goods at the right price, at a right time, in tight quantity and quality and from a right source of supplier. The marketing is concerned with buying of goods for sale or use. Buying includes the determination of one's needs, finding out the sources of supply, the negotiating prices and other terms and the transfer of title from seller to the buyer. Its purpose is to bring the goods at the place where they are wanted.
Assembling:
Various producers at different centres produce goods in small quantities. They cannot be processed unless they are transported to market. This process of collecting goods from various sources and bringing together them in a centrally located place are called assembling. Assembling may be for the purpose of either resale to the retailer or ultimate consumers, or it may be for getting together raw materials to be used by manufacturers.
Standardizing and grading:
Standardizing means the setting up of basic categories or grades of the products. If the particular goods are of certain standard, it means that they are of a certain quality.
Grading means the division of products into classes made up of units possessing similar characteristics of size and quality. Thus, it may be said that goods are graded in accordance with specifications set up in the standards.
Storing:
Storing is another important function of marketing process. It involves the holding of goods in proper condition from the time they are produced until the consumers need them. Storing protects the goods from deterioration and helps in carrying over surplus for future consumption, storing regulates the flow different places; it enables goods to be made available to consumers.
Transportation:
Transportation helps in the physical movement of goods from places where they are produced to the places where they are demanded. Using any form of transport does distribution of goods. It creates place and time utility for the goods. Transportation has helped in mass production.
Market research:
Efficient sales depend on maintaining a stable relationship between supply and demand. It can be achieved by conducting a market research. Through market research, a manufacturer or dealer can find out the quality and quantity of goods wanted by the customers at the time when the consumers want then. Market research includes such activities, as marker analysis, sales research, dealer research, consumer research and advertising research. Market research helps in the prosperity of the individual business and the community.
