The Function of Marketing

    Marketing involves the performance of a number of functional or activities in its bid to identify or satisfy needs of consumers. This degree of the performance of these functions vary, depending on organizational peculiarities the types of products handled. Nevertheless, these functions are found in both business and non business organizations involved in marketing goods and service. The functions can be classified into three, according to the marketing roles involved when performing them. These roles are exchanged,  distributive and facilitative in nature.

Exchange Functions:

     Exchange is a marketing transaction which involves giving something of value in order to obtain another of equal value. The prominence of exchange functions normally requires the transfer of ownership title.  The prominent exchange functions are buying and selling. Buying is obtaining something in exchange for payment. The payment can be in the form of products, money,  or both. Selling is giving something to another party in exchange for payment.  Buying and selling are the most popular function of marketing.  They are so prominent that some people think that marketing only had to do with only buying and selling.   Everyone and all organisations but and selling at one time or the other through buying we obtain the goods and services we require for consumption and production purposes. Selling on the other hand, enables us to obtain the income and revenue from which we make the gains or profits needed for economic survival and growth. Demand creation, location of buyers, location of sellers, negotiation with buyers or sellers, and the transfer of ownership or title are minor exchange functions which relate to buying and selling.

DISTRBUTIVE FUNCTIONS:

Distribution entails making goods and services available from producers to consumers for whom they are meant through distribution.  The goods and services produced in one or few places or during one season is made available to the consumers who are scattered in large geographical area and long after production or during off production seasons. Transportation and storage are two major distributive functions of marketing.  Transportation involves moving people and products from one location  to the other. In order to make them available where and when they are needed. The alternative methods of transportation are road, air, water, railway and pipeline. Extensive and efficient transportation network are vital for the economic development of any nation.

     Storage entails safe keeping of products while awaiting consumption or delivery to consumers for whom they are meant. Through storage, perishable goods such as beef ice cream and cakes, and seasonal produce, such beans, tomatoes, onions and melon are made available to consumers long after production. Storage also enables organisations to purchase and produce in large quantities and consume. (In production) and sell to consumers in small quantities.

Warehousing, inventory management, protective packaging and material handling are other (minor) distributive functions of marketing which relate to storage. It must however be noted in close association with production people. This is because the impact that production has on storage, and the face that storage sometimes affect nature or presentation of the product concerned.

 Facilitative function:

       The facilitive functions of marketing are those marketing functions which do not relate to the allocation of the products. It's availability, or change in title or possession. Nevertheless,  these functions ease things in terms of accelerating the transaction between buyers and sellers and ensuring satisfaction of consumers. Prominent among the facilitive functions of marketing are standardization and grading financing risk taking and marketing information.
   
 Standardisation has to do with ensuring the product conform to established or pre- determined patterns, in terms of size future performance and other measures. It's aim is uniformly. Grading is sorting or categorisation of products according to some know evaluative criteria such as quality, weight, and size. Standardisation and grading are closely related functions. Standard are normally set before production takes place. Producers are expected to ensure that their products conform to the establishment standard. Conformity to standard helps to to achieve acceptability for products and allow interchangeability of spare parts from manufacturers. Grading takes place after production. It is done by examining products in terms of established standards, sorting and categorising them according to the degree of standard they attain. Manufactured products that fail to meet established standards are not expected to be brought to the market or sold as standard ones. The Standard Organisations of Nigeria (SON) enforces standards for prossesed and manufactured goods in Nigeria. The financing function of marketing involves making consumers pay in advance for goods and services and managing such and other fund in order to obtain and deliver goods and services for the satisfaction of consumers needs. It also involves the extension of credit and discount facilities to consumers, and making them settle their bills as and at when due. Usually,  the financing functions is the shared with the distributors and the finance department of the organisation. By producing or buying goods for resale before actual demand for them by ultimate consumers or industrial buyers, a manufacturer or resaler is taking a risk. The consumer for whom the goods are meant might eventually fail to but the goods could become obsolete or get damaged before they are sold. Marketers bears the risk in order to avoid our of stock situation and delays in satisfying consumers needs for goods and services.

Sometimes, marketers liase with insurance institutions in order to reduce risk. Efficient inventory management and marketing information systems and prompt decisions making can also help the market to reduce his marketing risks.
For the marketers to be able to properly identify and satisfy the needs of consumers. He requires pertinent information the target consumers and the environment in which he is operating.  Marketing information functions involves gathering process storing and retrieving relevant information for marketing decisions. These decisions may relate to the day to day activities of the marketing department or solution to a specific problem.