Clark and Clark divided marketing functions into three major groups: exchange functions, physical supply functions, and facilitating functions. Exchange functions include buying and selling. Physical supply functions are transportation and storage, which create place and time utilities. Facilitating functions support the other functions, such as financing, risk-bearing, standardization, marketing information, and promotion. This classification provides a basic overview of the key areas encompassed by marketing.

2. Clark and Clark divided the marketing functions under three major
groups-functions of exchange, functions of physical supply and
facilitating functions. All the essential functions are included. It
is an accepted classification. The Classification is shown above:

3. Exchange brings about changes in the
ownership of productions. In the process of
changes transfer in the ownership, the two
important functions are buying and selling
are complementary to each other but not
contradictory with a different view-point.
For better understanding of the activities, this
function is sub-divided into buying and
assembling and selling.

4. It is the first step of marketing functions. It is
carried out by all marketers- the manufacturers,
the wholesalers, the retailers etc. Buying and
selling are inseparable. Both happen at the same
time. For example, if any one buy a thing, then
there should be someone to sells the product. The
buying function is over, the buyer gets the title to
the product. Buying may be done either directly or
throught middlemen.

6. Assembling of goods the process of
keeping the goods, purchased from
different places, at the particular place.
For example, retailers buy different
commodities of different sized in
different quantity, in different quality for
their further movement. The main aim of
assembling is to bring the procedure at a
central place in order to disperse them
either for production or consumption
purpose.

8. The process of transferring ownership f goods
from the seller to the buyer is what is known
as selling. The primary objective of
marketing is to sell the products at a profit.
Sales are cocerned with the activities,
whichconvert the desire into demand.
Creation of demand its maintenance,
expansion etc. In this modern period, with
mass productions, stiff competitions in
market etc., the process of selling is a
complicated functions.

10. The second group of marketing
process is the physical supply.
These are the functions that are
related with creatio of place and
time utilities. Physical transfer of
goods from the manufacturer to
consumer takes place by means of
Transporation and storage.

12. The goods produced in a particular place are
not consumed there itself. From the place of
production the goods need to be taken to the various
consumption centers which are scattered throughout
the country are even throughout the world.
The good from a place where they are not
needed, are transferred to place where they are
needed. The function of transport can be as that of a
nerve system, through which the blood circulates and
keeps the body working at ease. Goods are sent to
the markets through land, sea and air. The cost of
transport is justified by the creation of place utility.

14. A manufacturer needs to keep adequate stock of
raw materials to ensure smooth production. A trader has
to maintain adequate stock of the products he sells to
meet the demand.
Storage functions is necessary in concentration as
well as in dispersion. The function is done by the
manufacturers, wholesalers, and professional warehouse
keepers. Marketers can easily adjust the supply with
demand through warehousing and transportation.

16. The facilitating functions are
FINANCING, RISK-BEARING,
STANDARDISATION, MARKETING
INFORMATION and PROMOTION. All
these are supporting activities. But
these activities contributes in
carrying out other functions.

18. Finance is the most fundamental aspect for any
merchandise transactions. Funds are required to
hold the stock and to meet the cost of marketing.
Finance is needed for production as well as for
marketing and production of finished goods. It
means that the manufacturer who invests in raw
materials has to wait till the consumers pay for
the finished goods.
The waiting period is undertaken by
financial institutions by granting loans.
Merchandising machines are lubricated
constantly by such financial institutions. There
are various kinds of finance needed- short term,
medium term, long term etc., and the source are
commercial banks, co-operative credit societies,
other agencies etc.

19. In marketing , there arise numerous damages to
goods, Physical loss, changes in economic values of goods,
mismanagement , credit losses etc, There are loss on
account of fire, flood, deterioration, bad debts etc. On all
these occasions, all intelligent businessman reduces the
possibility of risks. Thus the risks are to be shouldered,
shifted or reduced. Some of the risks are insurable, while
others are not. Eg: loss on account of fire, accident etc.
Can be insured with insurance companies. But the loss on
account of fall in demand, prices, competitions etc.
Risks due to natural calamities
Physical risks
Economics risks
Risks due to technological development
Political risks.

20. Standardization is related with the division of commodities
into distinct groups. Standard is used in providing certain
basic qualities to the goods for their use. Standard is a
specification. It help mainly to know whether a product
conforms to the expected quality and the price paid is
justified
Grading it refers to the process of agricultural goods, these
will be variations between products of the same variety. The
size, shape, colour and taste of two or more pieces of
tomato or beetroot will not be the same. Buying and selling
become easier.

21. The desired success of marketing
depends on correct and timely decisions.
These decisions are based on market
information or market intelligence. Modern
marketing must have information of size
location, characteristics of markets etc.
The customer’s wants, habits,
purchasing power etc., are to be considered,
the strength or weakness of competitors,
trend in market, supply and demand etc. are
also to be taken into account.

22. Promotion is a wide term including advertising,
personal selling, sales promotions etc., Marketing
communications are essential for both sellers and
buyers. Sale promotions are marketing device to
stimulate or restimulate demand for products.
The behavior of buyers can favorably be
influenced only through promotion. Promotional
programmes are needed for both consumer
goods and industrial goods. Persuasive
communication or effective promotion will
facilitate the marketers to increase and maintain
their market share.

23. The functions classified above
provide a bird’s eye-view of the area
of marketing. They provide a basic
knowledge, before proceeding
further for a deeper study. The
selection of classification really
depends on the necessity,
circumstances of each case.