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Long answer type questions.
Define marketing. Explain functions of marketing.
Define marketing. Explain functions of marketing.
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Solution
Marketing refers to all the activities and functions performed in order to move goods and
services from the producer/manufacture to the consumer. In other words, the entire process, wherein buyers and sellers interact with each other for the purchase and sale of various goods and services is known as marketing. The following are the major functions of marketing:
i. Analysing the market- The marketer must appropriately analyse the market to identify the best opportunities that are available. This is done by collecting information related to the target market segment such as size of the market, as well as behaviour, culture, needs and wants of the customers.
ii. Planning- This involves creating a market plan in order to accomplish the marketing goals and objectives of the organisation.
iii. Designing the product- The producers should bear in mind that the design of a product is a vital factor in attracting customers. A good design helps attract a large number of customers to the product. Thus, the producers should pay a great deal of attention towards the design and development of the product.
iv. Standardisation and grading of a product- Standardisation implies producing goods with certain specific qualities, such as durability, safety and utility, so that uniformity is maintained in the output. On the other hand, grading implies classifying the products as per certain characteristics such as size, quality, etc.
services from the producer/manufacture to the consumer. In other words, the entire process, wherein buyers and sellers interact with each other for the purchase and sale of various goods and services is known as marketing. The following are the major functions of marketing:
i. Analysing the market- The marketer must appropriately analyse the market to identify the best opportunities that are available. This is done by collecting information related to the target market segment such as size of the market, as well as behaviour, culture, needs and wants of the customers.
ii. Planning- This involves creating a market plan in order to accomplish the marketing goals and objectives of the organisation.
iii. Designing the product- The producers should bear in mind that the design of a product is a vital factor in attracting customers. A good design helps attract a large number of customers to the product. Thus, the producers should pay a great deal of attention towards the design and development of the product.
iv. Standardisation and grading of a product- Standardisation implies producing goods with certain specific qualities, such as durability, safety and utility, so that uniformity is maintained in the output. On the other hand, grading implies classifying the products as per certain characteristics such as size, quality, etc.
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