Page 160 - VIRANSH COACHING CLASSES

Marketing
8

8.1 Introduction

8.2 Meaning and Definition
8.3 Concept of Market

8.4 Types of Market

8.5 Importance of Marketing
8.6 Functions of Marketing

8.7 Marketing Mix

Summary
Exercise

8.1 INTRODUCTION

There is a cut throat competition in almost all walks of life and business is not an exception. It is
difficult to survive on the basis of past performance in the product market. Innovative and variety of
products are introduced in the market which gives lot of choices to the customers. It is difficult for the
companies to retain consumers' loyalty. There are many sources like internet, television, newspapers
etc. which are available for collecting necessary information about products and services. It makes
very difficult for the businesses to retain and expand the brand in the minds of the customers.
Marketing is a part and parcel of modern day's life. Marketing is pervasive in nature and it
affects our day-to-day life in every possible manner. Marketing is both an art as well as a science.
Competitive environment motivates organizations to understand marketing as a discipline of
management. In fact today marketing is regarded as most important of all management functions of
business.
Need of marketing arises because of the increasing production and lower demand of goods
and services over the years. Every organization wants to increase market share by presenting
themselves different than their competitors. Marketing is important where the competition is very
high. Marketing provides a competitive edge to business. It helps to gain loyal customers through
implementing good marketing plan. Convincing somebody to do something or not to do something
is a part of marketing.
8.2 MEANING AND DEFINITION

Marketing is a key function of modern management. We are exposed to marketing of products
and services and ideas almost every day. Study of marketing plays an important role as everyone of
us performs marketing activities in one or the other form. Marketing has different meanings based

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