10 Important Functions of Marketing Entrepreneur Must Know

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By: Site Engineer, Staff

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It is very important that the entrepreneur knows the functions of marketing and this places an entrepreneur in a position of making those functions fit the company’s objectives.

The followings are the functions of marketing entrepreneur must know:

1. Market Information
The need for market information exists before a product is sold and continues after the sale has been made. However, market information can come through many sources such as consumers’ suggestions, market studies, newspapers, trade papers, government publications, and personal observations sometimes.

2. Assembling and Buying
Assembling means gathering or collecting goods from many sources. This is one of the first steps in marketing. On the other hand, buying involves all those activities that pertain to careful determination of needs for the goods to be bought, selection of sources of supply, determination of quality and suitability of goods to buy an agreement on prices and terms of purchases such as date of shipping or delivery of goods bought.

3. Advertising
Advertising used to stimulate demand. The entrepreneur can do this by buying advertising space in blogs, newspapers, and magazines, buying time on radios and televisions or other social media to tell consumers about a particular product. By this method, consumers are influenced to buy particular goods or services advertised.

4. Storing
Manufacturers must store their products awaiting orders from wholesalers. Storing goods is a necessary activity in marketing. Retailers equally store goods for their consumers.

5. Grading
This is the actual sorting of a supply of a given commodity according to the established grades. It enables the entrepreneur to categorize various commodities according to their worthiness. This ensures a better price for the seller.

6. Standardizing
This describes the uniform quality, quantity, type, weight and size of a product. Products are standardized to prevent them from being adulterated. Some products are described so accurately and sellers can rely on standardization when ordering the product.

7. Selling
Selling involves title transfer. It also includes the act of attracting the buyer’s attention, developing a buyer’s interest, creating or intensifying a buyer’s desire and persuading or getting buyers to take action.

8. Risk Taking
Very many of the risks which occur in business operations arise from external factors over which the business has no control.

The entrepreneur should not be oblivion of these risks if the entrepreneur must achieve the set organizational objectives.

Such risks include:

⦁ Price risks, like a decline in the price of goods ordered in advance.

⦁ Personal risks, like illness, injury, and death

⦁ Dishonest risks, the embezzlement, robbery, theft, breach of contract, bad debts and price manipulation.
Business risks, like the liability for damages, inadequate supplies, change in money value, delays and loss of customers. There several other risks like spoilage, fires, floods, wastes and leakages, molds, insects, and heat that may affect the goods in question.

9. Transportation
When goods are sold and transferred from manufacturer to wholesaler to retailer and from retailer to consumer, transportation is involved. Transportation can be done by vehicles, canoes, ship, trucks, and railways.

10. Financing
When goods are produced, they are financed. The producer who buys the rice or maize, the wholesaler who buys from the maize producer and the retailer who buys from the wholesaler will all finance their purchases through the marketing process.

 

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