Question

Define Marketing and explain any 3 functions of marketing​

Answer 1

Answer:

The universal functions of marketing involve buying, selling, transporting, storing, standardizing and grading, financing, risk taking and securing marketing information. However, modern marketing has some other functions such as gathering the market info and analyzing that info. Market planning and strategy formation.

Answer 2

ANSWER :

➢ Definition of Marketing :-

The term "maketing" is concerned with exchange of goods and services from producers to consumers in such a way which can maximizes the satisfaction of needs of the consumers.

In traditional aspect, marketing is referred to as a performance of business activities which direct the flow or exchange of goods as well as services from the producers to the consumers.

Again, in modern aspect, marketing is a social concept whereby the people exchange goods and services either for money or something of value to them.

• According to Philip Kolter, "Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others."

• According to the Chartered Institute of Marketing, "Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably."

➢ Three functions of marketing are explained below :-

• (1) Gathering and Analyzing Market Information : To gather and analyze the market information is one of the important function of marketing. It is very necessary to identify the needs of the consumers in the market for taking various decisions related to successful marketing of the goods and services. Again, it is also important to analyze the opportunities and threats available in the market as well as the strengths and weaknesses of the business organization to decide which opportunities can best be pursued by it for a successful marketing.

• (2) Marketing Planning : Next function of marketing is the marketing planning. For an efficient and successful marketing of the products or services of an organization, a marketer should develop appropriate marketing plans so that marketing objectives of the organization can be achieved. He needs to develop the marketing plan covering various important aspects which include plan for increasing the level of production, plan for promotion of products or services, plan for distribution of products or services as well as specify the action programmes to achieve these objectives.

• (3) Product Designing and Development : Another important marketing function is the product designing and development. To make a product attractive to the target consumers of the market, it is very necessary to design the product in a good way. A good designed product can improve performance of a product as well as give it a competitive advantage in the market also. The design of a product includes its shape, size, style, colour etc. Again, along with a good design, the product should be developed well. The quality of the products should be good so that it becomes useful to the consumers.