What is Market and Marketing – Marketing Topics Online Studymaterial Material

BBA management topics MBA Management Topics

Meaning:

Market is a place.where buyer and seller gether to exchange of goods and services

Definition:

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

Meaning:

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.

Definition

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

* Transportation

* Storage or warehousing

Fucilitating functions

* Financing

* Risk-taking

*Market information

Difference Between selling and marketing:

Selling

* selling emphasis on products

* company manufacturing the product and decide to sales

* management is sales volume oriented

* planning is short term oriented

Marketing

* 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

Buying :

It is the first step in the process of marketing.A manufacturers has to buy raw materials for production.

Assembling :

Assembling means creation and maintenance of the stock of good purchased from different sources.

Selling :

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.

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