wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

What is marketing? What functions does it play with process of exchange of goods and services? Explain.

Open in App
Solution

Marketing refers to the process wherein the buyers and sellers interact with each other for purchase and sale of goods and services. Earlier, marketing had different approaches with respect to its definition. It was sometimes described as a post-production process that involves purchasing of the final products and sometimes, as a pre-production process that involves merchandising (designing) of the product. In reality, marketing is a much wider concept than this. It consists of all those activities that are involved in the process of exchange of the goods and services between producers and consumers. These activities are basically the functions performed under marketing. It involves planning, designing the product, packaging and labelling of the product, standardising, branding, warehousing, transportation, advertising, pricing and distribution. It also includes activities that are performed even after the sale of product such as, maintaining customer relations and collecting feedback. Thus, marketing plays an important role in the process of exchange of goods and services.


flag
Suggest Corrections
thumbs-up
4
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Marketing Management
BUSINESS STUDIES
Watch in App
Join BYJU'S Learning Program
CrossIcon