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CLASS 12 BUSINESS STUDIES

Concept of Marketing

Marketing Concept | Business Studies Study Material

CONCEPT OF MARKETING

  • Buyer’ (an individual or business) purchases goods or services produced (or provided) by another individual or a business to satisfy his needs and wants.
  • Seller’ is that another person who produces (or provides) those goods or services for a price.
  • The transaction of sale and purchase between them happens in a place called ‘Market‘. Market may be nationwide or even international.
  • But the Question is “In these huge markets, how a buyer will be able to find the seller who sells goods required by him?
  • Here comes the role of a person who works as a linking pin between Buyers and sellers and helps them in completing the transaction of sale and purchase. That linking pin is called the ‘Marketer’. Thus, the marketer is a medium who helps the seller to identify his customers and also helps the buyers to identify the seller.
  • In this process, Marketer acquires Customers and Maintains relations with them and matches needs and wants of the customers with the goods and services provided by the seller. All these activities and the process followed by the marketer are called ‘Marketing’.
  • In today’s scenario marketing is done physically as well digitally.
  • Marketing is done by the organization to sell the goods and services produced by it for the purpose of achieving organizational goals and objectives. ‘Marketing ensures profitability’, which is one of the main objectives of an organization.

DEFINITION OF MARKETING

Marketing is the process of

  • acquiring customers and maintaining relationship with them
  • And matching their needs and wants with
  • the products and services of the organization
  • Thereby ensuring profitability for the organization.