(a) What is marketing?
(b) Distinguish between marketing and selling.
(c) Explain five functions of marketing.
Explanation
(a) Marketing; is the business activity that directs the flow of goods and services from the producer to the final consumers. Marketing, therefore, creates time, place, pos-session and form utilities. It arranges for producing and making goods available at the right time, in the right place, at the right price and form. Selling It only creates possession utility. Selling is an aspect of marketing. This is the actual exchange of goods and services for money.
(b) Differences between marketing and selling are:
1. Marketing creates place, time, possession and form utility. while selling only creates possession utility
2. This is the total process of distributing goods and services to the consumers.selling is an aspect of marketing
3. Process of making goods and services available to the consumers. Selling is the actual exchange of goods and services for money.
(c) Functions of Marketing are:
(i) Buying: Buying is a fundamental business activity. Manufacturers buy raw materials, while middle men and retailers buy in bulk from manufacturers.
(ii) Risk bearing: Storing of goods which is one of the functions of marketing involves great risks as a result of changes in demand and supply.
(iii) Selling: Another basic function of marketing is to find buyers for the goods produced. Marketing helps to stimulate demand through sales promotion, etc.
(iv) Product planning and development: Marketing involves the planning of goods to meet the needs of the consumers.
(v) Standardizing and Grading: Marketing ensures the production of quality goods. The goods produced must conform to standard so as to meet the desires of the consumers.
(vi) Assembling: This involves bringing together a wide range of goods for resale by a single establishment.
(vii) Storage: It makes it possible for goods to be produced ahead of demand to be stored until they are needed by the consumers.
(viii) Market information and research: Marketing helps in the col lection of market information which serves great function to the manufacturer.