Question and answer
) Define the term marketing. Discuss the scope and appropriateness of marketing function in satisfying human needs and wants. Given suitable examples. (b) As a marketing manager, propose and
formulate STP strategy for home fitness kit targeted at women. Discuss the base for your strategy.
Marketing is the performance of business activities that directs the flow of goods and services from producer to consumer or user. Meaning of Marketing Function As an entrepreneur, when we went to start a new business, we don't have a product. In fact we will have to decide what product we should manufacture and sell. We have first to decide what product we should select. This, we can do only if
Question
Asked 5/2/2012 10:20:56 PM
Updated 4/5/2013 3:06:54 PM
1 Answer/Comment
Ask a question
Not a good answer? Get an answer now. (Free)
New answers
Rating
0
Marketing is the performance of business activities that directs the flow of goods and services from producer to consumer or user.

Meaning of Marketing Function
As an entrepreneur, when we went to start a new business, we don't have a product. In fact we will have to decide what product we should manufacture and sell.
We have first to decide what product we should select. This, we can do only if we can do only if we identify the needs which require satisfaction among human beings. Once, we have identified the needs of a group of human beings (or called market segment), we can determine the product which can help to satisfy that needs. This is a part of the marketing concept or we can say the part of modern philosophy of marketing.
Philip Kotler, an author in area of marketing defined marketing "a human activity directed at satisfying needs and wants through exchange processes."
Human Needs
The human need is a state in which a person feels deprived of
something. There are many human needs described in many
ways.
Briefly, these needs can be divided into two types.
1. Physiological needs
2. Psychological and Sociological needs.
The physiological needs consist of the need for food, clothing, shelter and even sex. Similarly, there are social needs for belonging, affection and love from others. Of course, there are.higher order psychological needs of self-actualisation.
Important to understand that there are different needs for human being on the earth. At any time some needs in a human being are dormant and unsatisfied, whereas others are active and are being satisfied. A marketing man may thus devise a product or service aimed at satisfying a certain dormant need and thus provide satisfaction to the user. This is why a man is often described as a bundle of dormant wants. The need exists buy these have to the converted into 'wants' by a marketing strategy.
In a socially competitive society, people may have unlimited wants but the ability to buy may be restricted on account of their economic background. They will, therefore, select from among those products, which give satisfaction or are needed more. Thus, when they are backed by ability to buy, the wants are converted into demand for your product. Therefore, when people decide to satisfy their needs and wants, in terms of marketing activities, exchange takes place.

Scope and Appropriateness of Marketing Function
The first and foremost role is that it makes more potential aggregate demand and thus enlarges the size of the market. If we ask how does it help in the economic growth of a country. Then the answer is that through stimulation of demand, people are motivated to work harder and earn additional money to buy the various ideas, goods and services being marketed.
An additional advantage which accrues is that it accelerated the process of monetising the economy which in turn facilitates the
transfer of investible resources. (In India, about one-fourth of GNP and more than one-third of agricultural output are still non-monetised).
Another important role which marketing plays is that it helps in the discovery of entrepreneurial talent. Peter Drucker (a celebrated writer in the relevant field) makes this point very clearly when he observes that marketing is a multiplier of managers and entrepreneurs.

Added 4/5/2013 3:06:54 PM
Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
Questions asked by the same visitor
) Identify and discuss the major environmental changes being faced by McDonald's. User: What course of action should the company CEO pursue to regain its dominant market position? User: What king of distribution channel would you recommend for the following products and why? User: Explain the term product-item, product-line and product mix in the context of the above situation.
Weegy: Product item indicates a specific version of a product that can be designated as an distinct offering among an organization's products. Product line means a group of closely- related product items. Product mix is all products that an organization or [ institution sells. ] (More)
Question
All Categories|No Subcategories|Expert Answered
Asked 5/2/2012 9:57:47 PM
0 Answers/Comments
What elements of promotion mix would be more appropriate for the company to market blood pressure instruments, and why?
Weegy: go here i think there is answer of that try (More)
Question
All Categories|No Subcategories|Expert Answered
Asked 5/2/2012 9:54:07 PM
0 Answers/Comments
16,916,653 questions answered
Popular Conversations
Ad Hominem
Weegy: A) ad hominem arguments
7/22/2014 10:50:04 PM| 2 Answers
Nearly all standing committees have several
7/22/2014 1:25:29 AM| 1 Answers
what is Marginal analysis
Weegy: Marginal analysis is the process of identifying the benefits and costs of different alternatives by examining ...
7/22/2014 1:25:47 AM| 1 Answers
Weegy Stuff
S
R
L
1
1
P
C
1
P
1
1
L
P
C
P
C
1
P
C
L
P
C
1
P
C
Points 1754 [Total 20754]| Ratings 1| Comments 1744| Invitations 0|Offline
S
L
P
C
P
C
1
L
P
C
L
P
C
P
C
P
C
Points 1712 [Total 16841]| Ratings 0| Comments 1712| Invitations 0|Offline
S
L
P
C
L
P
C
P
C
L
P
C
P
C
Points 1396 [Total 13951]| Ratings 1| Comments 1386| Invitations 0|Offline
S
L
1
Points 1326 [Total 3510]| Ratings 2| Comments 1306| Invitations 0|Offline
S
L
1
1
1
1
L
1
Points 1021 [Total 7198]| Ratings 2| Comments 1001| Invitations 0|Offline
S
1
L
Points 868 [Total 3004]| Ratings 4| Comments 828| Invitations 0|Offline
S
1
L
1
L
P
P
L
Points 800 [Total 10408]| Ratings 0| Comments 800| Invitations 0|Offline
S
1
L
Points 708 [Total 4384]| Ratings 2| Comments 688| Invitations 0|Offline
S
P
C
L
P
L
1
Points 685 [Total 5739]| Ratings 4| Comments 645| Invitations 0|Online
S
Points 247 [Total 395]| Ratings 2| Comments 227| Invitations 0|Offline
Home | Contact | Archive | Blog | About | Terms | Privacy | Social | ©2014 Purple Inc.