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Concept of marketing
Marketing is a process in which people exchange goods and services for money or for something which values to them. Marketing includes many activities that are performed before goods are produced and is continued after goods being sold.
Who is a marketer?
A marketer refers to a person who takes active part in the process of exchange. Basically it is the seller who is more active in the exchange process as he analysis the need of the buyers, makes a market offering and encourage the buyers to buy the products.
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Features of Marketing
need and wants
The process of marketing helps people in obtaining what they want and need. The primary reason for people to engage in the marketing is to satisfy their needs and wants.Creating a market offering
Market offering refer to a offer for a service or product, with features like size, quality,taste etc . A good market offering is one in developing after analysing needs and preferences of the buyers.Customer value
The process of marketing helps exchange of goods and services between the buyers and thr sellers. The purpose of marketing is to generate customer value at a profit .Exchange mechanism
Exchange refers to the process through which two or more groups come together to get the desired product or service from each other, offering same by giving something in return. Exchange is hence referred to as the essence of marketing.
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Function of marketing
Gathering and analysing market information
One important functions of the marketer is to gather and analyse the market information. It is necessary to identify the needs of its customers and take decisions for the successful marketing of the products and services.Marketing planning
The other important function of marketing is to develop good marketing plans to achieve the marketing objectives of the firm.Product designing and development
A good design can improve the performance of the product and will give it a good advantage in the market.Packaging and labelling
Packaging refers to the design and developing thr package for its products. Labelling refers to designing and making the label to be put in the package.Branding
A very important decision for marketing of the products is to sell the product in its generic name or by selling it in brand name. Brand name help in distinguishing the product of a firm with that of the competitor. Which will help in buliding customer loyalty and promoting sales.
Hence these were some topics related to Marketing,. Its functions and features.