/ m o Question No.26 No.26:: What is the Marke Markett c and Marketin Marketing? g? What are are the funct ions ion s of Marketin arketing? g? . OR Discuss the services rendered rendered by e Market. e An A n s w er: er : r MARKET AND MARKETING: INTRODUCTION: f e n i Lat i n w ord or d “M ERCATUS ATUS” ” l n o l DEFINITIONS: l MARKET: a to LISPEY: According “A market mark et is i s an area over. w hich buyers buyers and sellers sellers negot iat e for t he exc exchange of a w ell-defi ell-defi ned comm odit y.” w MARKETING: w Traditional Definition: w “M arketing arket ing is i s a performance perfor mance of busines business act act ivit ies t hat direct direct /and service t he flow flo w of goods go ods servicess f rom produce pro ducerr t o cons consum umer.” er.” / According to MODREN APPROACH: : “A proces processs of p get t ing goods t o t he right consumer onsumer at a right place place and price.” t and t ime and at t he right price t h th
Marketing is really a 20 Century Concept and with expansion of trade related activities the need of marketing is also increasing day by day. The word market is derived from which means a place where the business is done. In fact market is a concept and not a specific term. This concept is based on three fundamental beliefs i.e. marketing orientation, profitable sales volume.
/ m o According to MR.KOTLER: che individual or group obtain w hat t hey hey nee need and want t hrough creating creating and . exc exchanging pr oduct oduct s and value e w it h ot hers.” hers.” e FUNCTIONS OF MARKETING: r Marketing functions are as follow: f e n i l n o l l a . w w i. Buying i. w Financing in ancing i. Pri cing in g / ii. ii . As Asssemblin embl ing g ii. ii . Risk / Taking aki ng ii. ii . Selling elli ng : p t t h “A social and managerial process by which t
/ m iii. o Grading c iii . Advert Advert ising ising . iv. Storing e iv. iv . Proce ro cesssi ng e v. Trans Transport port at ion r vi. M arket ark et Researc esearch h f vii. M arket arket informat ion e viii. vii i. Pac Packin king g n ix. Labe abeling/ ling/ Brandin randing g A: Merchandizing iFunctions: l 1. Buyi ng: n The Marketing is concern with the buying of goods for sale o of marketing. Buying is or use. Buying is the first function the process of acquiring goods l at right time, at right price, in right quality and from l a right Place. In the modern world the success of the business depends upon the effective a purchasing it can be made by: purchasing purchasing system. system. Way of purchasing by: . By samples w By inspection By grading w By descript descript ion w / 2. Assembli ng: / collection of goods from various places Assembling means in small quantities and making them available in sufficient : quantities at some central places. In Agriculture as well as p Industrial raw material assembling is done by middleman. t t h
/ m The assembled goods are bought by manufacturer and o is whole sellers. For example agricultural product produced by a large number of farmers c in various parts of the country. . e 3. Standardization/Grading: eto standard, size, If goods are properly graded according rand quantity then shape, colour, taste, design, material, these can be easily bought or sold on net, telephones and f telegrams etc…. e n 4. Storing tor ing:: iof holding the goods in The Storing involves the function proper condition from the time lof production till the time of selling. selling. Storing Storing function function is required when the productio production n n and consumption do not match. Production is always o made in anticipation to consumption. So surplus production must be kept l in stores until it is demanded. It lprices of the market. has helped to regulate the a . 5. Transp Transport orta ation: tio n: Transportation means w the movement of the goods from one place to another w place it is the function of transportation to carry the goods to those places where w they are needed / the modes of transport are, by land, by water, by air. / : : 6. Market Market Research Research p guides the supplier that which quality of Market research the product t does consumer demands. It helps to t h
/ m understand the attitude of the consumer towards price. o Correct the measurement, correct the decisions. c 7. Marketin arketing g Information Info rmation : . The information regarding the market condition before e taking various kinds of decision, and marketing information function include collecting, analyzing e and distribution rcarryout and about the information needed to plan, connect marketing activities. f e 8. Packin Packing: g: n Packing is an art or act of covering the goods or material with the help of glass bottles, i tin plates, cans etc… before keeping them in storage or shipment. l The packing of goods is necessary for protection against damage leakage n and spoilage. So goods are packed and wrapped for easy o transportation and storage and has a considerable l influence on sale. l 9. Labeling/Brandin Labeling/Brandin g: a Labeling means putting some signs, which classify the . grade or quality of a particular product. Label provides the informa informatio tion n about about the w produc product. t. Example Examples: s: i) Sony Sony ii) LG iii) iii) w Samsung etc… w B: / General Business Functions: / 1. Financing: : is much important in the marketing The financing function p production, distribution and consumption process. Actually require a large tamount of funds many producers sell the t h
/ m goods to the whole seller on credit and many whole sellers o sell the goods to retailer on credit. c 2. Risk Taking : . There is also financial risk in buying and selling of goods e due to competition and developments. The change in e the marketing demand, price, and satisfaction can affect r or destroyed. function. When goods are sent or damaged So insurance insurance provides provides safety safety against aga f inst the loss. loss. e C: Sales: n i 1. Sell Selling ing : l Selling is the very important n function of marketing. Today the producer has to face the problem that how he should o sell the commodity at profitable prices. It is very expensive lof demand, advertising and function because creation l job. Selling includes the bargaining is a very difficult following elements: a Establishment of c ontact with purchaser purchaser . Creatio reation n o f demand demand w nt ofo f terms Negotiation and settlement settleme Entering into int o the w agree agreement ment for the sale sale of good s Product planning wand development / 2. Pricing ric ing:: / Price means what you pay for what you get. It should be :cover all direct & indirect cost and profit. fixed, as it would p demand of the commodity is also keep in The elasticity of t t h
/ m mind. All the revenue activities of business depends upon o pricing. c 3. Advertising: . Advertising means bringing the product into the notice of e public to motivate the sales. The activity involved in presenting a paid, sponsor identified e non-personal message about an organization and r or its product services or ideas. It is also important function of marketing because f the producers and sellers have no direct contact with all e buyers, so they deliver their selling message through it. n i 4. Proc Processing: essing: It takes the form of reduction l of the bulk of commodities in order to make them more readily transportable or the n working up of by products. o l CONCLUSION: It can be conc concluded luded that t l hat marketi mar keting ng plays a very at h of busines import ant role for t he grow grow businesss as w ell as for t he grow t h of economy. economy. Due t.o marketi mar keting ng t he busines businesss grow s a lot . It creates reat es a link l ink betw een een t he busines businesss and t he outs out side w w orld and communic communi cat ing w hat products or servic services es t he w busines businesss is off ering and w hy people peopl e shoul should d come t o pur chase hase w them. / / : p t t h
