Question

Explain any five functions of marketing.

Hint:

Marketing functions span from research and planning through to distribution, pricing, and after-sales support — pick any five distinct ones.

Answer 1

Step 1: 1. Gathering and analysing market information:
Marketing begins with researching consumer needs, preferences, competitor activity, and market trends, so that products can be designed to actually satisfy demand.

Step 2: 2. Marketing planning:
Based on market information, a firm decides its target market, product-mix, pricing, and promotional strategy in advance — this is marketing planning.

Step 3: 3. Product designing and development:
Marketing guides decisions about a product's features, quality, packaging, and branding so that it appeals to the identified target customers.

Step 4: 4. Standardisation and grading:
Standardisation fixes uniform specifications for a product; grading sorts products into different classes based on quality, which builds customer confidence and eases trading.

Step 5: 5. Pricing of products:
Marketing determines the price at which a product is offered, balancing the need to cover costs and earn profit against what customers are willing to pay and what competitors charge.

Final Answer:
Five key marketing functions: gathering market information, marketing planning, product designing, standardisation and grading, and pricing.