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
See also
INTRODUCTION TO BUSINESS STUDIES
GOVERNMENT REGULATION OF BUSINESS
SUBSCRIBE BELOW FOR A GIVEAWAY
Building & maintaining an elearning portal is very expensive, that is why you see other elearning websites charge fees. Help to keep this learning portal free by telling mum or dad to donate or support us. We accept grants, sponsorships & support to help take this to the next big level and reach out to more people. Thank you so much. Click here to donate