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SUMMARY
Marketing is a human activity directed at satisfying needs and wants
through exchange processes. Marketing includes such activities as product
development, marketing research, communication, pricing, promotion and
service apart from selling.
The importance of marketing is being realised by Indian business houses.
The concept simultaneously benefits the organisation that practices it, the
consumer at whom it is aimed and the society at large.
There are several definitions of the term marketing. The American
Marketing Association has defined the marketing as “the performance of
business activities that directs the flow of goods and services from producer to
consumer or user”. The features of the marketing through analysing the
definitions state that,
i)
it is an exchange process
ii)
it covers a variety of functions to be carried out in an integrated manner
and,
iii)
it is directed to satisfy the needs of the consumer.
There are different stages in the development of marketing.
In the self sufficiency stage, the families aimed at self-sufficiency and
they met all their own need for food, clothing and shelter. In the primitive
communism stage, the custom was that one who had more than others was to
share his surplus with all others till every one had equal quantity. In the
Bartering stage, the trade commenced due to the production of surplus i.e., in
excess of its needs and entered into a bartering relationship with others by the
exchange of desired goods under the money economy stage, the product is
being valued in the terms of money with a common medium of exchange,
quickened the pace of trade.
In the stage of capitalism, the production began not only for meeting the
own and family needs but also for making profit. Mass production stage was a
result of development in population and improvement in transportation and
communication with the increase use of capital equipment etc. In the affluent
society stage, some sections of the people have surplus of money over their
basic needs. Goods and services, which meet their psychological, cultural,
social desires and wants are needed. This makes necessary to collect market
information and conduct market research.
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The maintenance of the stability in demand for products – a marketing
process began attracting the attention. Branding, packaging and advertising are
some of the marketing processes that were used by the producers of distributors
for identifying their product.
Selling is a process where goods and services finally flow to the
customers who need them in exchange of money. Selling focuses on the needs
of seller, marketing on the needs of consumer. Thus, there is a difference
between the selling and the marketing.
Selling is an important function of marketing and includes all the
activities such as sales planning, sales forecast, sales research, advertising,
personal selling, sales promotion etc. But marketing is wide in its meaning and
includes selling also.
Peter F. Drucker say that “marketing occupies a critical role in respect of
the development of developing nations”. It contributes for the speedy
development of such nations in socio-economic system, such as
1)
It brings an increase in the National Income.
2)
It reduces the cost of distribution to the extent possible.
3)
Marketing process links the production and consumption.
4)
It protects against Business slumps by discovering new markets etc.
5)
It creates form utility to the latent resources to suit the requirements of
consumers.
6)
Marketing helps in improving the productive efficiency.
7)
Scientific marketing remedies the imbalance in the supply by making
available the surplus stocks at deficit areas.
8)
Place utility is created when a product is made readily accessible to the
potential consumer. Time utility is created when a product is available to
customers when they want it.
9)
Marketing adds value to the services.
10)
Patterns of consumption are determined by the structure of marketing
system which is set up to carry the flow of goods and services from
producer to consumer.
11)
Marketing is essential for full employment.
12)
Marketing helps in increasing the standards of living of the people.
13)
Marketing can serve to expand the house market and thus provide
a more secure base for export.
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