The following are the functions of marketing:
(i) Designing and developing of the product:The producers should bear in mind that the design of a product acts as a vital factor for attracting the customers to the product. A good design helps in attracting a large number of customers to the product thus product design is important factor. The producers should pay more attention towards the design and development of the product.
(ii) Standardising and grading the product: Standardisation implies the production of goods with certain specific qualities such as durability, safety and utility so that uniformity is maintained in the output. On the other hand, grading implies the classification of the product as per certain characteristics such as size and quality. It helps of realising higher prices for better quality products.
(iii) Customer support services: It involves handling complaints and feedback of the customers. This is done by developing customer care services such as credit, maintenance or technical services.
(iv) Pricing of the product: Price refers to the amount of money that is to be paid by the consumers for purchasing the goods. Pricing of a product is an important decision as it affects the demand of the product and also profit of the business. Thus, it is imperative for the producers to judiciously quote the price.