What is Marketing?

Marketing words derived from Market, Market is a place where buyers and sellers come together and exchange products and services. Marketing is a process of determining the needs and wants of consumers. Marketing helps the customers to provide them those products that they are looking for. Marketing helps the company to find out new customers.

Definitions of Marketing

According to Candiff and Still

Marketing is a social process by which products are matched with markets and through which the consumer is able to use or enjoy the product. It makes goods and services more useful to the society by creating the place, time and possession utilities

According to William MPride and OC Ferrel

Marketing is the process of creating, distributing, promoting, and pricing goods, services and ideas to facilitate satisfying exchange relationships in a dynamic environment”

Scope of Marketing

  • Product Planning

It is also an important part of marketing. Marketing helps the company to design the products or goods according to the requirements and needs of the customers. Their price is also fixed according to the prevailing price of competitors. This is the most important function of marketing.

  • Advertising

This is the Era of advertising. It is considered that if you will not advertise your products, then you will not be able to sell your products on the market and you can not survive for a long time.  Advertising can be done through newspaper, magazines, social media platforms and etc. Marketing includes the advertisement.

  • Pricing Policies

The Pricing of products is the most important thing for the customers. The company should decide the price of the products according to its customer needs or requirements. The price of products depends on competition, product, marketing goals and etc.

  • Distribution

The distribution channel is the most important thing in order to increase the sells of the products. Because when the company has good numbers of the distribution list, then chances of acquiring new customers increases.

  • Selling

Selling is the supply of goods and services to customers directly or indirectly. Selling involves various activities such as approaching to the new customer, giving the demonstration, making sales on huge discount and getting feedback. it plays a very important role in selling.

  • Packaging

Packaging protects the product from damage. The packaging of products increases the goodwill of the product. it attracts the new customer to buy the products. So, attractive packaging is the likes of modern customers.

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