Meaning of Marketing
Marketing is a combination of activities and processes involved in moving goods and services from the producers to the customers. Production adds form utilitythe state of being useful, profitable, or beneficial. More to materials for example when steel, aluminum, plastic, and other components are assembled to make a car. But marketing adds place and time utility to products, for instance. When products are moved from one area to another where there is greater demand for the products. Thus place and time utility of products is increased and the products fetch prices that ensure a margin of profit to the producers.
Note: Form utility refers to how well a product or service meets the customer’s needs. Including of customers needs and wants into the features of the product being offered by the business is known as Form Utility
Marketing moves the products from the points of manufacture to points of final consumption. This movement involves different processes that constitute the functions of marketing.
Market
A market may be defined as a place where goods and services are exchanged. It is an avenue for buying and selling. In other words, a market is a place, point, or any means of communication whereby the transfer of title or ownership of goods and services can be effected.
Roles/Importance of Marketing
Marketing contributes positively to the economy of any nation especially in the following ways;
1. Distribution of the products of the industry: Marketing ensures that products are services are distributed and made available to those who have a need for them.
2. Time and place utility: Production is not complete until the products get to the end-users. Therefore, marketing compliments products by adding time and place utility to the products.
3. Creation of Demand: Marketing creates awareness about the use and availability of a product thus creating demand for the product or service.
4. Creating job Opportunities: Marketing ensures that goods produced are sold, thus making way for production to continue. An increase in production leads to an increase in capacity utilization thus creating job opportunities.
5. It makes exchange possible: Marketing is the medium that makes exchange possible.
6. It makes industrialization possible: Marketing enhances the development of industries in a country by finding local and international outlets for the products of Local industries.
7. Raises Standard of Living: Marketing improves the standards of living of the people by maximizing production and consumption.
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