Gujarat BoardEnglish MediumSTD 12 CommerceOCMMARKETING MANAGEMENT3 Marks
Question
What is marketing? Give a brief idea about marketing process.
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Answer
According to the American Marketing Association, ‘Marketing is a business activity, in which products or services are diverted from the producer to the consumer.’
The firms produce goods and services keeping in mind future needs of the consumers.
The marketing process tries to balance the needs of the consumers and the products.
The type of product to be produced is decided on the basis of preference of consumers whereas the price is decided according to the purchasing power of the consumers.
Finally, at the end of marketing process, exchange is developed between two parties i.e. buyers and sellers. This exchange enables the producers to fulfill their business objectives and buyers satisfy their needs.
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