What is marketing? What functions does it perform in the process of exchange of goods and services? Explain.

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Solution

Marketing: 'A social process by which individual groups obtain what they need and want through creating offerings and freely exchanging products and services of value with others'.

Functions performed in the process of marketing are:

(i) Gathering and analysing market information

(ii) Marketing and Planning

(iii) Product Designing and Development

(iv) Standardisation and Grading

(v) Packaging and Labelling

(vi) Branding

(vii) Customer Support Services

(viii) Pricing

(ix) Physical Distribution

(x) Transportation

(xi) Promotion

(xii) Storage

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