Q1-Define marketing. What is the importance of marketing.
Marketing: is the process by which goods and services move from the point of production to the point of consumption.
IMPORTANCE OF MARKETING
Importance of marketing has gone up extremely high honed by speedy technological development, increased consumer needs, and better education.
The importance of marketing can be judged from the following:
1- Creation Of Utility:
The importance of marketing is the fact that it creates variety of utilities that occupy a central place in economics. The types of utilities created are as under:
2- Consumer Satisfaction
Marketing plays an importance role in satisfying human needs and wants. Producer and sellers bring the products on the market. Before doing so they make the product attractive and acceptable to customers so that it can best satisfy their needs.
3- Effects On Business Status:
Marketing has a strong impact on the company, its status, organization, planning, and staffing. It has bearing on finance, storing, accounting, training, buying and selling. When marketing activities become voluminous, the company divides itself into departmentation creating sales, advertising, marketing research, and training departments.
4- Abundant Supply:
Large production and abundant supply have multiplied the importance of marketing. Heavy production has given rise to scathing completion. Competition has necessitated aggressive advertising. Marketing goods, meting competition, undertaking advertising all remind the fact that only those products will survive that are made to suit and satisfy to needs of consumer.
Marketing calls the seller not only for producing goods that satisfy the needs of consumer but also undertaking advertising, publicity, research, public relations, and offer promotional activities that includes, prize schemes, sampling, exhibition, display, free distribution of calendars, diaries. The complexities of markets have made marketing an art and science.