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.
