About 50% of total product costs are marketing costs. There are eight universal marketing functions: 1) buying products in sufficient quantities, 2) selling using advertising, personal selling and sales promotion, 3) transporting products from production to customer locations, 4) warehousing products until needed for sale, 5) standardizing and grading to ensure quality and quantity controls, 6) providing financing for channel members and consumers, 7) taking risks associated with uncertain future customer purchases, and 8) securing information about consumers, competitors and channel members to inform marketing decisions.

1. COSTS AND FUNCTIONS
OF MARKETING
COSTS:-
About 50 % of Total Product
Costs are Marketing Costs.

2. EIGHT UNIVERSAL MARKETING FUNCTIONS

3. 1) BUYING
Ensuring product offerings
are available in sufficient
quantities to meet customer
demands.

4. 2) SELLING
Using advertising, personal
selling and sales promotion to
match products to customer
needs.

5. 3) TRANSPORTING
Moving products from their
point of production to locations
convenient for purchasers.

6. 4) STORING
Warehousing products until
needed for sale.

7. 5) STANDARDIZING AND
GRADING
Ensuring product offerings
meet quality and quantity
controls of size, weight and
other variables.

8. 6) FINANCING
Providing credit for channel
members (wholesalers and
retailers) and consumers.

9. 7) RISK TAKING
Dealing with uncertainty
about future customer
purchases.

10. 8) SECURING MARKETING
INFORMATION
Collecting information about
consumers, competitors and
channel members for use in
making marketing decisions.