Before going toward Meaning of Marketing lets understand What is Market?
Meaning of Market:
Do you know the term market is derived from the Latin word ‘Marcatus’ which means trade or place of trade?
In common, we use to mention vegetable market, share market, fruit market, bullion market, cloth market, etc
Thus we refer the market as a place of purchasing and selling.
Meaning and Definition of Marketing:
Marketing is a concept compared to the market. It is an organized training process. It includes sales and various activities for the exchange of goods and service
Definition of Marketing:
“Performing the business activities that direct the flow of good and service from producer to consumers or users.”
“The creation and delivery of standard of living to society.”
Importance of marketing:
Increase in standard of living: Modern society is divided into three classes 1) rich classes 2) middle classes 3) poor classes.
Standard of living in society mainly depends on the purchasing power of these classes. Better standard of living needs fulfillment of various wants, which is possible with the help of marketing.
Hence it can be stated that the standard of living is a gift of marketing. In simple word, marketing improves the standard of living in society.
Employment opportunities: Marketing is an important instrument of employment. The process includes various activity. Such as buying, selling, warehousing, transportation, grading, finance, risk undertaking, etc.
Which provides employment to the number of persons. Thus marketing generates sufficient scope for employment to thousands of people and improves their income levels.
Economic stability: Marketing place of vital role in the economic stability of a country. economic growth depends on economic stability.
Economic stability depends on the balance between production and consumption that is demand and supply.
To maintain balance in production and consumption marketing is necessary. marketing maintains this balance and stabilizes the economy.
Create Utility: Marketing is an economic activity. it creates ownership, place and time utility in goods and services. marketing creates demands. Various activities of marketing create utility example exchange of goods offer ownership, time utility, and place utility is created due to warehousing and transportation.
Thus marketing provides value to the goods and services and the right time at the right place and reasonable price.
Satisfaction of Human wants: Marketing plays a significant role in the distribution of goods and services to the consumer for the satisfaction of their wants.
It is the activity which transfers goods and service from the place of production to satisfy the need of society. Thus, marketing has great importance in providing goods necessary to satisfy human wants.
Features of Marketing:
Marketing is made up of a number of activities known as a marketing function, therefore, the study of marketing management is nothing but the racial evaluation of various marketing functions the widely accepted functions of marketing are as follow as
Buying: Buying is an important function of marketing and it is the first step in the process of marketing.
Every trading concern needs efficient and economical buying to get adequate profit. the list of specific requirements are to be prepared and suppliers are contacted.
To buy means to purchase a commodity, having a specific price, from the seller, to fulfill our needs.
Selling: Selling is another important function of marketing. It involves the transfer of title of goods to the buyer. It is very important from the point of view of the seller, the consumer and the general public.
The objective of profit of concern is successfully carried out through the sale of goods. The selling function in marketing creates demand for the product.
It involves the creation and expansion of the market for the goods produced in anticipation of demand. Thus, selling increases the profit of the business and the production of goods and services available to the consumers in society.
Transporting: Transportation includes the movement of goods and services from the place of production to the place of consumption. Transportation primarily creates place utility.
It is of great importance to get obtain the benefits of regional specialization of production, division of labour and large scale production.
Large scale production is possible because of the fastest mode transformation for sending raw material to the industries and finished goods to the market.
Warehousing: Warehousing function creates time utility. storage is very essential to keep the goods from the time they are produced until they are needed for the ultimate consumer.
At present, the goods are produced in anticipation of demand and therefore, it is necessary for the producer to store the goods systematically till the time of their sale.
The storage function is made effective by establishing warehouses. Storage helps to keep the steady flow of commodities in the market throughout the year.
Financing: Availability of adequate and cheap finance is very essential for the smooth marketing of the products.
The total growth of the business depends upon finance, hence all sectors of business are in need of a regular supply of marketing money.
Market Research: Modern marketing requires a lot of information accurately, adequately and promptly for any purpose. In marketing, such information is very useful to solve a number of marketing problems.
The proper study of this information enables the seller to know when to sell, where to sell, at what price to sell, who are the competitors, etc.
This market information helps the seller to know the likes and preference of customers.
Conclusion: It is easy to understand the Meaning of marketing but if you have any question related to it feel free to drop a comment.
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