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INTRODUCTION TO MARKETING
Marketing may be defined as the process of assessing consumer needs, wants, preferences and demand; designing and producing goods and services that will satisfy such wants and moving such gods and services to the final consumer at a profit to an organisation.
Importance of Marketing to the Economy
- It encourages mass- production which leads to lower unit cost of goods and services
- It promotes competition and efficiency
- It improves the standard of living of people by making modern goods available to them
- It creates employment opportunities for the practitioners
- It ensures consumers satisfaction
- It increases productivity (GDP) and is the key to economic growth
Functions of Marketing
- Exchange function
- Buying function
- Selling function
- Storage function
- Transportation function
- Financing function
- Risk bearing function
- Pricing function
- Standardizing and grading of goods
- Market information and research
- Production planning and development
- Determining the level of production