The 3rd chapter of our Marketing learning course is “Functions of Marketing”. In this article, we’ll learn the 35 most important functions of marketing questions and their answers.
It will help you understand the important functions of marketing terms and their explanations quickly.
You can read the previous two chapters of our marketing learning course here if you missed them.
- 30 Important Introduction to Marketing Questions and Answers [With PDF]
- 25 Important Marketing Environment Questions and Answers [With PDF]
By reading this post, you may quickly prepare for marketing courses and for any competitive tests such as school and college exams, vivas, job interviews, and so on.
So let get started…
Functions of Marketing Questions and Answers
The 35 important functions of marketing questions and answers are as follows:
Question 01: What is Marketing Functions?
Answer: A marketing function is an act, operation, or service that is performed in the distribution of goods or services.
Marketing functions include marketing, product planning, transportation, warehousing, segregation, classification, transfer of ownership, and after-sales service.
Question 02: What are the Different Types of Functions of Marketing?
Answer: The different types of functions of marketing are as follows:
Exchange Functions:
- Buying
- Selling
Distribution Functions:
- Transportation
- Warehousing
- Packaging
Facilitating Functions:
- Financing
- Risk-Taking
- Standardizing and grading
- Collection of marketing information
- After-sales service.
Question 03: What are the Needs and Importance of the Marketing Functions?
Answer: The following are the needs and importance of marketing functions:
- Satisfaction of social needs.
- Increase of production
- Proper distribution of goods
- Lending stability in price level
- Reducing business risks
- Job creation
- Development of industrial arts
- Development of relationship
- Appropriate use of natural resources
- Improvement of standard of living
- Economic & social development
Question 04: What is Purchase?
Answer: Purchase entails estimating needs, locating sources of supply, establishing business relationships, negotiating prices and terms, and finally transferring ownership of goods from seller to buyer.
Purchase is the process by which ownership of a product or service is transferred from the seller to the buyer in exchange for money.
Question 05: What are the Features of Purchase?
Answer: The important features of purchase in marketing are as follows:
- Purchase is the exchange of goods or services.
- Through this the ownership of the product is transferred.
- Consumer needs are met through purchases.
- Industrial users purchase for reproduction
Question 06: What is the Importance of Buying in Marketing?
Answer: The importance of buying in marketing is immense. The following is the important importance of buying in marketing.
- To produce quality product.
- Supply of product in time.
- Supply of product by reasonable price.
- To fulfill seasonal demand.
- To keep stability of product price.
- To achieve consumer satisfaction.
Question 07: What is the Classification of Buying?
Answer: Whatever the purpose for which the purchase is made, the purchase can be divided into three parts.
- Buying by manufacturer
- Buying by middleman
- Buying by consumer
Question 08: What are the Problems of Buying?
Answer: The problems associated with buying are as follows:
- It’s difficult to figure out what customers want.
- Deciding what to buy is difficult.
- The inability to assess a product’s quality prior to purchase.
- Inability to determine when is the best time to buy.
- Identifying a purchasing source is a challenge.
- The difficulty in determining the purchase price
- Difficulty in making transportation decisions.
Question 09: What is the Process of Buying?
Answer: The Process of buying is as follows:
- By inspection
- By sample
- By description
- By grading
Question 10: What are the Functions of Buying?
Answer: The functions of buying are as follows:
- Planning for purchasing goods
- Contractual functions
- Assembling
- Negotiation
Question 11: What is a Sale?
Answer: Sales is the process of determining the needs of the consumer, creating demand, finding the buyer, advising the buyer about the product, and transferring ownership of the product through negotiation.
Selling, like buying, is one of the main functions of marketing. Products are produced or purchased for sale. Through this, the ownership of the product is transferred from the seller to the buyer.
Question 12: What are the Features of Sales?
Answer: The important features of sales are as follows:
- Sales are the sum of a number of jobs.
- As a result of this work, the ownership of the product is transferred to the buyer.
- Sales involve exchange.
- This includes advertising, personal sales, and sales promotion.
- It balances products and services with the needs of the buyer
Question 13: What are the Importance of Sales in the Field of Marketing?
Answer: The importance of sales in the field of marketing are as follows:
- To ensure customer satisfaction
- To achieve the institution’s goal
- To develop genuine customer relationships
- To meet seasonal demand by balancing demand and supply.
- Providing marketing personnel with motivation
- Bringing a buyer and a seller together is a benefit of selling
Question 14: What are the Functions of Selling?
Answer: The functions of selling are as follows:
- Taking product plan
- Communicate with consumer
- Creation of demand
- Negotiation
- Perform contract
Question 15: What is Transportation?
Answer: Transportation refers to the process of transporting a product from its point of manufacture to its point of purchase and use, thereby increasing the product’s time and place utility.
Transportation is one of the most important functions of marketing. This work creates the place utility of the product. The work by which the goods are delivered from the producer to the buyer and the place utility is created is called transportation.
Question 16: What are the Features of Transportation?
Answer: The important features of transportation in marketing are as follows:
- Transportation is a function of the distribution system.
- This creates place utility of the product.
- It acts as a bridge between the producer and the user.
- Transportation is the work of marketing goods.
- This brings balance between supply and demand
Question 17: What is the Importance of Transportation in Product Marketing?
Answer: The following is the importance of transportation in product marketing:
- Create Place utility
- Supply of product in appropriate time
- Assist in achieving consumer satisfaction
- Establish linkage between producer and consumer
- Maintain production mobility
- Keep equality between demand and supply
- Maintain price stability of product
- Assist in market expansion
Question 18: What are the Types of Transportation?
Answer: There are four types of transportation, which are as follows:
- Land Transportation: When goods are transported by land, it is called road or land transportation.
- Water Transportation: When a river or sea is used to transport goods, it is called a water transportation.
- Air Transportation: When air is used for transporting goods, it is called air transportation.
- Pipe line Transportation: When a liquid or gaseous substance is transported from one place to another by laying a pipe under the ground, it is called pipeline transportation.
Question 19: What is Warehousing?
Answer: Warehousing is considered to be one of the tasks of marketing. Through this, the products produced or collected at one time are supplied at another time. Warehousing is the storage of manufactured or collected or imported goods for future sale or use.
Warehousing is the process of planning, building, and running facilities for storing and moving goods.
Question 20: What are the Features of Warehousing?
Answer: The important features of warehousing are as follows:
- Warehousing is a function of the distribution system.
- This can create timely utility of the product.
- It establishes link between production time and use time.
- The warehousing plan and its implementation include such work.
- Warehousing is done either by the producers themselves or by intermediaries
Question 21: What is the Importance of Warehousing in the Field of Marketing?
Answer: The importance of warehousing in the field of marketing is as follows:
- Create time utility
- Maintain the equality of demand and supply
- Keep stability of supply
- Maintain the stability of price
- Maintain the mobility of production
- keep quality of product
- Reduce risk
- Assist in achieving consumer satisfaction
Question 22: What are the Types of Warehousing?
Answer: There are four types of warehousing which are as follows:
- Private Warehouse
- Public Warehouse
- Bonded Warehouse
- Others Warehouse: Cold storage, special product’s warehouse, institutional warehouse (railway warehouse, bank warehouse etc.)
Question 23: What is Standardization?
Answer: Standardization is the process of determining fixed-limit classes or grades for a product or service.
The term “standardization” refers to a defined upper limit on the basic quality of various products. Standardization is the determination of specific characteristics of a product according to the needs of the buyers.
Question 24: What are the Features of Standardization?
Answer: The important features of standardization are as follows:
- Standardization determines product quality boundaries.
- The product is classified in the light of standardization.
- Standardization is done in the light of product quality, size, volume, price, etc.
- It is a mental process that involves thinking and decision.
- Standardization is done in the light of buyers ’expectations.
Question 25: What is the Importance of Standardization in the Field of Marketing?
Answer: The importance of standardization in the field of marketing is as follows:
- Specification of quality
- Based on grading
- To determine the price of the product
- To make packaging easier
- Simple to sale
Question 26: What is Grading?
Answer: Grading is the grouping of similar units of products into distinct categories based on their size and quality.
Question 27: What is the Importance of Grading in the Field of Marketing?
Answer: The importance of grading in the field of marketing is as follows:
- Assist with simple sales
- Growth of the market
- Make customers aware of existence.
- Determining the product’s price
- Ensuring customer happiness
- Satisfaction of a certain area’s desire
Question 28: What is the Difference between Standardizing and Grading?
Answer: The three important differences between standardizing and grading are as follows:
- Standardizing is the determination of product standards in the light of different characteristics, on the other hand, grading is the division of goods or services into different parts based on standardization.
- Standardizing is a plan, while grading is the implementation of standardization.
- Standardizing is a mental work, while grading is a work of manual labor
Question 29: What is Packaging?
Answer: Packaging is the process of designing, developing, and implementing product wrapping in order to maintain, convey, and protect certain products from damage.
Question 30: What is the Importance of Packaging in the Field of Marketing?
Answer: The importance of packaging in the field of marketing is as follows:
- Quality preservation
- Convenient storage
- Maintaining security
- Facilitating transfer
- Increasing attraction
- It is simple to recognize
- Boost sales
Question 31: What is Advertisement?
Answer: Any sort of publicity that directly or indirectly aids in the buying and selling of goods or services is referred to as an advertisement.
Question 32: What is the Importance of Advertisement?
Answer: The importance of advertisement is as follows:
Economic Importance:
- Generating overall demand for the product
- Balancing demand and supply
- Lowering product costs
- Launching new products
- Increasing brand loyalty and royalties
- Establishing a consumer-producer connection
Social Importance:
- Raising the standard of living
- Taste diversification
- Lessening the effect of middlemen
- Increased employment opportunities
- Social security
Question 33: What is Market Information?
Answer: A market is a group of present and potential customers for a product or service. Information on existing and future purchasers’ likes, preferences, behaviors, wants, needs, product demand, supply, and so on is referred to as market information.
Question 34: What are the Different Types of Marketing Risk?
Answer: The different types of marketing risk are as follows:
- Risk resulting from changing market conditions
- Environmental risk
- Price risk
- Financial risk
- Political and legal risk
- Production risk
- Business risk
- Human resource management risk
Question 35: How to Reduce Marketing Risk?
Answer: The following are the ways to reduce marketing risk:
- Insurance
- Hedging
- Market research
- Decentralization
- Diversification Transfer of risk
- Alliance
I hope that by the end of this post, you have a good understanding of the “Functions of Marketing” chapter.
You will gain a better understanding of the “Functions of Marketing” chapter if you read these 35 important functions of marketing questions and answers on a regular basis.
You can also read:
- 25 Important Market Segmentation Questions and Answers [With PDF]
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- 35 Important Product Questions and Answers [With PDF]
- 25 important Pricing Products Questions and Answers [With PDF]
