Define functions of marketing in your own words Essay Assignment Paper

Define functions of marketing in your own words Essay Assignment Paper

Define functions of marketing in your own words Essay Assignment Paper

Homework

Chapter 1:

6. Define functions of marketing in your own words.  Using an example, explain how they can be shifted and shared.

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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.

a) Wristwatch:

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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