Marketing & Its Functions Essay

856 words - 4 pages

In order for the marketing bridge to work correctly -- providing consumers with
opportunities to purchase the products and services they need -- the marketing
process must accomplish nine important functions.
The functions are:
Buying - people have the the opportunity to buy products that they want.
Selling - producers function within a free market to sell products to consumers.
Financing - banks and other financial institutions provide money for the production
and marketing of products.
Storage - products must be stored and protect ed until they are needed. This function
is especially important for perishable products such as fruits and vegetables.
...view middle of the document...

If you purchase a chain saw you anticipate
that you will receive a certain amount of utility from it. You will be able to use the saw to cut fire
wood, prune trees, and take care of a variety of jobs around your home. There are four types
of utility.
Form Utility - a product must be processed into a form that the customer wants or
needs. For example, wheat is processed into bread, trees are processed into
lumber, and potatoes are processed into french fries. If you ordered french fries
with your lunch and the waiter brought you a raw potato, you probably wouldn't be
too happy.
Fig. 1.1 - An example of Form Utility.
Page 15
Place Utility - place utility involves transporting products to the location where
consumers can buy them. If you live in Alaska, you certainly wouldn't want to have to
drive to California to buy oranges. Thanks to our modern transportation systems you
don't have to; you simplydrive to the local grocery store and oranges are there ready
to add to your shopping cart -- place utility.
Fig. 1.2 - Trucking is one form of transportation
that helps add Place Utility to products.
Possession Utility - possession utility establishes legal ownership of a product. When
you purchase something you normally receive a receipt; this provides legal ownership
and the right to use the product. Some products, computer software, for example,
also provide a user license. A license of this kind gives you the right to use the product
within certain guidelines.
Fig. 1.3 - Stock certificates are proof of ownership.
Stocks prove that you own part of a company.

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