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.
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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