1. What is marketing? Discuss the components of marketing?
Marketing is the managerial function responsible for identifying and anticipating and satisfying customer requirements profitably. It is a multi-disciplinary subject. The best way to gauge its scope is to know the components of it. There are four components of Marketing:
The system and
The offer: An offer is the outcome of marketing activities of the firm. An offer includes product or service and allied conditions of offer precisely, it includes “what”, “who” and “why” and through “whom” of the purchase.
The Market: Market is the aggregate of forces or conditions within which buyers and sellers make decisions that result in the transfer of goods and services. In other words, it is the aggregate demand of the potential buyers for a commodity or service.
The System: Marketing is concerned with the flow of goods and services from the points of production to the points of
There is a systematic arrangement of these
functions of marketing to move the goods and services to the needy persons.
The forces: The final component of marketing is to do with
environment in which marketing takes place. It is taken as the final component because, environmental forces influence the
nature and character of the “offer”, “market” and the “system”. Environmental forces contribute to every aspect of change and adjustment in a marketing network.
2. What are the major Functions of Marketing? Explain
Marketing functions: Marketing function is an act or operation or service by which original product and the final consumers are linked together. The functions of marketing are “eyes and ears” of the business. Marketing is responsible for keeping the business in close contact with its environment and informed of events that influence its operations. Marketing functions are performed by the manufacturer and all middlemen in the machinery of distribution. 1
Marketing functions have been classified by different marketing experts in different ways. But the most acceptable and meaningful classification is as follows:
Functions of Exchange
Functions of physical Supply
Standardization & grading
3. Explain the salient features of modern marketing?
The following are the major features of Modern Marketing:
Modern marketing is consumer-oriented:
Marketing what is offered for sale today is determined not by the seller at all. On the contrary, the seller takes the lead from the buyer what product is to produce to meet the demands of
Therefore, the manufacturer can no longer determine what the product should be without a close study of the needs and demands of the customer or user. It is more profitable as well as more responsible socially to find out when, where and what the people need and then set out to serve them efficiently. Thus, the modern marketing is not production oriented but customer-oriented.
Modern marketing starts and ends with the customer:
Marketing starts and ends with the consumer, with information flowing from the consumer to the producer, and goods flowing back to the consumer from the producer. Under consumer oriented
marketing, it is highly essential to know that the consumer really wants. This is possible only when proper information is collected 2
from the consumers. Therefore, to say that modern marketing starts and ends with consumer is true in all respects.
Modern marketing precedes and succeeds production:
All organizations accept that the marketing activities start far ahead of production. It is not enough if the activities are begun after the product...