The marketing process does not take place automatically. It requires that certai
ID: 2763097 • Letter: T
Question
The marketing process does not take place automatically. It requires that certain marketing functions or activities be performed by various marketing institutions - and by consumers themselves. The following eight functions are essential to the marketing of all goods: buying, selling, transporting, storing, grading, financing, risk taking, and market information. No matter how simple or complex the marketing process is, these functions must be performed. Some functions may be performed several times to facilitate the marketing of a given product, while others may be performed only once. At times, the performance of a function may be shifted from one member of a marketing system to another. For example, some modern wholesalers and retailers shift the burden of storing goods back to manufacturers. But, the fact remains that each of the eight functions must be performed by someone at least once before any good can be marketed - none can be eliminated. Question for Discussion Name a product for which all eight marketing functions do not need to be performed by someone somewhere in the marketing system. Explain your thinking about what functions do not need to be performed. .
Explanation / Answer
These 8 marketing functions are important to perform marketing task in any business, any how in today's world when entire world is turned into a global village and tied in a thread of internet. however, there are certain goods for which one or more of these functions are not necessary.
Eg. can be online tutoring, where in logical term you don't need any storage space and grading system. It can be done through cloud servicing.
second eg. can be selling of digital products,These are things like downloads of a season of some television show. Two functions out of 8 marketing functions need not to be performed here, that is storage and grading. Though storage is needed but not in great amount. There do need to be servers somewhere that have a master copy of the season of shows so that copies can be sent to those who buy them. However, it needs very limited amount of storage as compare to a store where physical DVD are to be stored. Secondly, there is less amount grading required. Grading is needed when there is a huge amount of products and all are needed to be standardised. With computer files like that of the television show (or Windows 8.1), there is no need for this. Thus, even though these computer files are goods that can be sold for large amounts of money, they do not need all of these marketing functions.
there is also a good deal of buying and selling that is done between consumers and very small merchants who are using eBay or Alibaba or some other online means of selling their products. 2 functions are not needed to be performed here, (1) is financing, Last week, my wife bought an embroidry sew-on patch from a merchant on Ebay. I doubt that it needed to finance its inventory of these patches. When inventories are so low, financing is not necessary, secondly these sellers do not generate enough sales hence it wont be worth to them to try to determine who their customers are or what their competitors are doing.
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