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According to MODREN APPROACH: A process of getting goods to the right consumer at a right place and time and at the right price.

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According to LISPEY: A market is an area over which buyers and sellers negotiate for the exchange of a well-defined commodity. MARKETING: Traditional Definition: Marketing is a performance of business activities that direct the flow of goods and services from producer to consumer.

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DEFINITIONS: MARKET:

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Question No.26: What is the Market and Marketing? What are the functions of Marketing? OR Discuss the services rendered by Market. Answer: MARKET AND MARKETING: INTRODUCTION: Marketing is really a 20th Century Concept and with expansion of trade related activities the need of marketing is also increasing day by day. The word market is derived from the Latin word MERCATUS which means a place where business is done. In fact market is a concept and not a specific term. This concept is based on three fundamental beliefs i.e. marketing orientation, profitable sales volume.

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According to MR.KOTLER: A social and managerial process by which the individual or group obtain what they need and want through creating and exchanging products and value with others. FUNCTIONS OF MARKETING: Marketing functions are as follow:

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i. Buying Financing ii. Assembling Taking

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i. Pricing ii. Selling i. ii. Risk

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2. Assembling: Assembling means collection of goods from various places in small quantities and making them available in sufficient quantities at some central places. In Agriculture as well as Industrial raw material assembling is done by middleman.

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1. Buying: The Marketing is concern with the buying of goods for sale or use. Buying is the first function of marketing. Buying is the process of acquiring goods at right time, at right price, in right quality and from a right Place. In the modern world the success of the business depends upon the effective purchasing system. Way of purchasing it can be made by: By samples By inspection By grading By description

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iii. Grading iii. Advertising iv. Storing iv. Processing v. Transportation vi. Market Research vii. Market information viii. Packing ix. Labeling/Branding A: Merchandizing Functions:

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The assembled goods are bought by manufacturer and whole sellers. For example agricultural product is produced by a large number of farmers in various parts of the country. 3. Standardization/Grading: If goods are properly graded according to standard, size, shape, colour, taste, design, material, and quantity then these can be easily bought or sold on net, telephones and telegrams etc. 4. Storing: The Storing involves the function of holding the goods in proper condition from the time of production till the time of selling. Storing function is required when the production and consumption do not match. Production is always made in anticipation to consumption. So surplus production must be kept in stores until it is demanded. It has helped to regulate the prices of the market.

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6. Market Research: Market research guides the supplier that which quality of the product does consumer demands. It helps to

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5. Transportation: Transportation means the movement of the goods from one place to another place it is the function of transportation to carry the goods to those places where they are needed the modes of transport are, by land, by water, by air.

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understand the attitude of the consumer towards price. Correct the measurement, correct the decisions. 7. Marketing Information: The information regarding the market condition before taking various kinds of decision, and marketing information function include collecting, analyzing and distribution about the information needed to plan, carryout and connect marketing activities. 8. Packing: Packing is an art or act of covering the goods or material with the help of glass bottles, tin plates, cans etc before keeping them in storage or shipment. The packing of goods is necessary for protection against damage leakage and spoilage. So goods are packed and wrapped for easy transportation and storage and has a considerable influence on sale. 9. Labeling/Branding: Labeling means putting some signs, which classify the grade or quality of a particular product. Label provides the information about the product. Examples: i) Sony ii) LG iii) Samsung etc B: General Business Functions: 1. Financing: The financing function is much important in the marketing process. Actually production, distribution and consumption require a large amount of funds many producers sell the

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goods to the whole seller on credit and many whole sellers sell the goods to retailer on credit. 2. Risk Taking: There is also financial risk in buying and selling of goods due to competition and developments. The change in demand, price, and satisfaction can affect the marketing function. When goods are sent or damaged or destroyed. So insurance provides safety against the loss. C: Sales:

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2. Pricing: Price means what you pay for what you get. It should be fixed, as it would cover all direct & indirect cost and profit. The elasticity of demand of the commodity is also keep in

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1. Selling: Selling is the very important function of marketing. Today the producer has to face the problem that how he should sell the commodity at profitable prices. It is very expensive function because creation of demand, advertising and bargaining is a very difficult job. Selling includes the following elements: Establishment of contact with purchaser Creation of demand Negotiation and settlement of terms Entering into the agreement for the sale of goods Product planning and development

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mind. All the revenue activities of business depends upon pricing. 3. Advertising: Advertising means bringing the product into the notice of public to motivate the sales. The activity involved in presenting a paid, sponsor identified non-personal message about an organization and or its product services or ideas. It is also important function of marketing because the producers and sellers have no direct contact with all buyers, so they deliver their selling message through it. 4. Processing: It takes the form of reduction of the bulk of commodities in order to make them more readily transportable or the working up of by products. CONCLUSION: It can be concluded that marketing plays a very important role for the growth of business as well as for the growth of economy. Due to marketing the business grows a lot. It creates a link between the business and the outside world and communicating what products or services the business is offering and why people should come to purchase them.

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