As Chapman quotes, the term market refers not to a place but to a commodity or commodities and buyers and sellers who are in direct competition with one another.
Marketing, from the economic point of view is defined as the exchange function by maintaining supply and demand in equilibrium. It aims at creating the welfare and standard of living to the society as the object of marketing. It can be said to be “the performance of business activities that direct the flow of goods and services from the producer to the consumer or uses. However, one can explain that it makes marketing production-orientation rather than censure - oriented.
Object of Marketing
According to the saying of great economists, Barker and Anshan, “the end of all the marketing activities is the satisfaction of human wants”. With the satisfaction of human wants, profits are obtained from the business and at the same time the reward is available leverage for marketing.
- Intelligent and capable application of modern marketing policies suitable to the vibrant growth of globalization
- To expand and develop the marketing field
- To adopt, develop and implement guiding polices to meet good results
- Pertaining to marketing, problem should be studied closely to arrive at the best solutions
- To find sources for further information regarding market problems
- To identify defects and accumulate its effects in the existence of marketing function
In the modern society, marketing draws the greatest attention of the public to purchase anything anytime anywhere else at negotiable rates. Because it is the competitive world where any commodity can be bargained. Marketing has a link between the consumer and the producer. Marketing processes new items to retail shops from where from a poor hand can buy. It takes a vital role to stimulate and tempt the consumers to purchase any material. Marketing increases a nation's income. By and large, it changes the living standard of people. It creates employment opportunities even in the Age of Internet. Continuous marketing invites a large number of commercial and innovative activities and in consequence the job opportunities are provided to the people.
No doubt, marketing creates modern producers. It removes the imbalance of supply by transferring the surplus to deficit areas through better transport facilities. It maintains economic stability and boosts rapid development in under developed or developing countries.
One can be sure of the fact that market includes all activities in the creation utilities, form, place time and possession, as far as the individual firm/industries/company/organization, marketing and innovations are the two basic functions of all business. In the eve of Globalization, change is the essence of life. Changing a business suitable to the taste of customer's new product and innovative methods is more important than running a business more efficiently. In order to carry out marketing through business, are should adopt the changing styles, fashions and preferences. The function of marketing is a boon to business. It invites and creates customers.
