Market is a place.where buyer and seller gether to exchange of goods and services
According to Philip kotler “A market consist of all the potential customer sharing a particular need or wants.who might be willing and able engage in exchange to satisfied that need or wants”.
Marketing is a total system of interacting business activities designed to plan, price, promote,and distributes wants satisfying product and service to the present the potential customers.
According to Willam J Stanton”marketing is a total system of interacting business activities designed to plan, price,promote, and distributes wants satisfying product and service to the prevent the potential customers.
Scope of functions of marketing.
* functions of exchange
* function of physical supply
* fucilitating functions
Functions of exchange:
* Buying and Assembling
* selling and dividing
Function physical supply
* Storage or warehousing
Difference Between selling and marketing:
* selling emphasis on products
* company manufacturing the product and decide to sales
* management is sales volume oriented
* planning is short term oriented
* marketing emphasis on consumer needs and wants
* marketing determines costomer needs and wants.than decides to deliver the product.
* management is profit oriented
* planning is long term oriented
It is the first step in the process of marketing.A manufacturers has to buy raw materials for production.
Assembling means creation and maintenance of the stock of good purchased from different sources.
In business the selling function is very important the primary objective of marketing is to sell the product at a profit
Objective of marketing:
* creating a new customer.
* To satisfy the needs of customer.
* Enhance the profitability of the business.
* Rising the standard of living of the people.
*Determining the marketing mix.