What is marketing? What functions does it perform in the process of exchange of goods and services? Explain.
Answers
SOLUTION :
Marketing :
Marketing is concerned with identifying customers' needs developing the product, pricing , selling and providing after sales services to satisfy the customers. It focuses on maximum satisfaction of customers needs and wants.
The functions performed in the process of exchange of goods and services are :
(i) Gathering and analysing market information :
To gather market information, the marketer makes a SWOT analysis , i.e , the analysis of strengths and weaknesses of the organisation and available opportunities and threats.
Collection of market information in necessary to identify the views and opinions and needs of customers before taking decisions regarding what opportunity can be best pursued by the firm .
(ii) Marketing planning :
Marketing planning is the basic function of marketing. Marketers develop suitable marketing plans so that the marketing goals of an enterprise can be achieved.
For example, a marketer of smartphones having 15% of the current market share aims at increasing his market share to 25% in the next 2 years.
For this to achieve , the Marketers have to develop a marketing plan for increasing the production level , advertising of products ,etc.
(iii) Product designing and development :
Product designing and development helps to make a product in such a way that it attracts the target customers. A good product design can improve the performance of a product. For e. g , if you plan to buy a car we will not consider its features like price, mileage, etc , but its design, shape, colour etc.
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