Question

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Answer 1

short answers
Q1
answer:
marketing is the action or business of promoting and selling products or services, including market research and advertising.

Q2
answer:
The difference between product concept and production concept is described in the points given below:Product concept refers to a philosophy which is based on the assumption that customers will prefer those productswhich are good in quality, specifications and performance.

Q3
answer:
The marketing and selling concepts are usually perceived as being the same, but there are some importantdifferences between the two of them. The first major difference is given by the fact that the selling concept is focused on the product, while themarketing concept is focused on consumers needs.

Q4
answer:
1. A customer's perception is their reality.
2. it's easier to keep your customer happy then to attract new ones.
3. complaints spread like wildfire on the internet.
4. without customer we don't have a business.

long answers
Q1
answer:
A set up where two or more parties engage in exchange of goods, services and information is called a market. Ideally a market is a place where two or more parties are involved in buying and selling.
Types of Market:

Physical Markets - Physical market is a set up where buyers can physically meet the sellers and purchase the desired merchandise from them in exchange of money. Shopping malls, department stores, retail stores are examples of physical markets.

Non Physical Markets/Virtual markets - In such markets, buyers purchase goods and services through internet. In such a market the buyers and sellers do not meet or interact physically, instead the transaction is done through internet. Examples - Rediff shopping, eBay etc.

Auction Market - In an auction market the seller sells his goods to one who is the highest bidder.

Market for Intermediate Goods - Such markets sell raw materials (goods) required for the final production of other goods.

Black Market - A black market is a setup where illegal goods like drugs and weapons are sold.

Knowledge Market - Knowledge market is a set up which deals in the exchange of information and knowledge based products.

Financial Market - Market dealing with the exchange of liquid assets (money) is called a financial market.

Q2
answer:
marketing is the action or business of promoting and selling products or services, including market research and advertising.

Q3
answer:
Marketing is definitely not selling. Selling may be a part of marketing as it involves one-to-one customer interaction, but it is not marketing. By understanding the differences between a marketer and a salesperson, companies can therefore plan better, market better and sell better!

Q4
1) Marketing helps to achieve, maintain and raise the standard of living of the society

2) Marketing increases employment opportunities

3) Marketing helps to increase national income

4) Marketing helps to maintain economic stability and development

5) Marketing in connecting link between the consumer and the producer

6) Marketing helps in creation of utilities



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