Question

Explain the nature, scope and importance of marketing concept.

Answer 1

Answer:

In the modern marketing activities, the marketing research is the systematic gathering, recording, and analysis of useful information about the market for planning and growth of the business activity. It acts as a tool for accurate decision making regarding to marketing of goods and services.

Here, Market refers to the place or geographical area where buyers and sellers gather and enter into transactions involving transfer of ownership of goods and services. Definition of Marketing. Nature of Marketing. Scope/Functions of Marketing.

Answer 2

Answer:

★ Marketing holds that an organization should anticipate the needs and wants of customers and try to satisfy them more effectively than its competitors and by doing this it will be able to achieve its organizational objectives and goals more efficiently. In simple words, marketing is “meeting needs profitably”.