The three functions of marketing with reference to the above paragraph are described below:
- Gathering and analyzing market information: The prime focus of marketing is to ‘find wants and fill them’. Therefore, it is absolutely essential for a company to study the needs and preferences of its target market in order to satisfy their needs and wants optimally.
- Standardisation and grading: Standardisation refers to the process of manufacturing goods as per predetermined specifications. Grading refers to the process of classifying goods on the basis of certain criteria like quality, size etc. Usually, agricultural products are subject to grading.
- Branding: Branding is the process of assigning a name (brand name), sign or symbol (brand mark) or a combination of all to a product. It is considered to be a very important decision by the marketers because it facilitates product differentiation. This helps the company to obtain a desirable market share.