What is Marketing ?
Marketing may be narrowly defined as a process by which goods and services are
exchanged and the values determined in terms of money prices. That means
marketing includes all those activities carried on to transfer the goods from the
manufacturers or producers to the consumers. We shall be learning later in the
lesson that marketing is more than a mere physical process of distributing goods
and services. It is the process of discovering and translating consumer wants into
products and services. It begins with the customer (by finding their needs) and
ends with the customer (by satisfying their needs).
The scope of marketing can be understood in terms of functions that an
entrepreneur has to perform. These include the following:
1. Functions of exchange : which include buying and assembling and selling?
2. Functions of physical supply : include transportation, storage and warehousing
3. Functions of facilitation : Product Planning and Development, Marketing
Research, Standardisation, Grading, Packaging, Branding, Sales Promotion,
Financing
