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Introduction i
t.
!e ob"ective of all business enterprises is to satisf# t!e needs and wants
of t!e societ#.
Marketing is$ t!erefore$ a basic function of all business %rms. &!en a salesperson
sells was!ing
o
mac!ines$ a doctor treats a patient or a Government asks people to take t!eir
c!ildren for getting
polio drops$ eac! is marketing somet!ing to t!e targets. raditionall#$ small %rm
owners did not
p
give as muc! importance to marketing as to ot!er functions suc! as accountanc#$
production and
s
selling. raining programmes$ enterprise development and t!e current t!rust for
competitiveness
g
!ave now given !ig! priorit# to promoting marketing awareness among small
business owners$
and marketing is now assuming its rig!tful place along wit! ot!er business
functions.
o
l
'ince earl# ())*s t!ere !as been a c!ange in t!e t!inking of businessman
from product
b
orientation to consumer orientation. Modern business concerns la#
emp!asis on +selling
.
satisfaction, and not merel# on selling products. !e activities !ave to be
coordinated so as to
s
develop t!e marketing mix$ w!ic! provides maximum satisfaction to t!e
customers. !at is w!#
marketing researc! and product planning occup# an important role in
marketing. !e ot!er
important functions of marketing include- bu#ing and assembling$ selling$
standardisation$
m
packing$ storing$ transportation$ promotion$ pricing and risk bearing. !us$
t!e scope of
a
marketing is ver# wide and no more restricted to merel# selling of products.
x

&!at is Marketing . E

Marketing ma# be narrowl# de%ned as a process b# w!ic! goods and services are
exc!anged and
k
t!e values determined in terms of mone# prices. !at means marketing
includes all t!ose
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activities carried on to transfer t!e goods from t!e manufacturers or producers to
t!e consumers.
a
&e s!all be learning later in t!e lesson t!at marketing is more t!an a mere
p!#sical process of
distributing goods and services. It is t!e process of discovering and translating
consumer wants
B
into products and services. It begins wit! t!e customer /b# %nding t!eir needs0
and ends wit! t!e
4
customer /b# satisf#ing t!eir needs0.
!e scope of marketing can be understood in terms of functions t!at an
entrepreneur !as to
e
perform. !ese include t!e following-
d
(. Functions of exc!ange- w!ic! include bu#ing and assembling and selling.
i
1. Functions of p!#sical suppl#- include transportation$ storage and
ware!ousing
u
2. Functions of facilitation- Product Planning and 3evelopment$ Marketing
4esearc!$
'tandardisation$ Grading$ Packaging$ Branding$ 'ales Promotion$ Financing
G
.
!e Marketing 5oncept

!e marketing concept !olds t!at t!e ke# to ac!ieving organi6ational goals
consists in
w
determining t!e needs and wants of target markets and delivering t!e desired
satisfactions more
e7ectivel# and e8cientl# t!an competitors(. 9nder marketing concept$ t!e
emp!asis is on
w
selling satisfaction and not merel# on t!e selling a product. !e ob"ective of
marketing is not t!e
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