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Marketing and Sales

Marketing is the focal point of all business activities because production or purchase has no meaning unless a firm is able to market its goods and services. It is defined as the process of discovering the consumer wants and then translating them into products and services. It includes everything that a company does to get the customers buy its product. It is an integrated process of identification , assessment and satisfaction of human wants i.e. the focus is on the customer and his wants.

The concept of marketing is based on three fundamental ingredients :- (i) Profits through satisfaction of customers rather than maximisation of sales volume should be the objective of the firm; (ii) All planning, policies and operations of the company should be oriented towards the customers; (iii) All marketing activities of a firm should be integrated to achieve organisational goals. For a successful business, marketing campaign should concentrate on the target group of customers and determine a suitable marketing mix for them.

'Marketing mix' is a term which is used to describe the combination of the four inputs that constitute the core of a company's marketing system. These inputs are product; price; promotion; and physical distribution. These elements of the marketing mix are interrelated because decisions in one area affect the others. Marketing mix is a dynamic concept as it keeps on changing with the changes in the market conditions and the environment.

The scope of marketing is very wide and can be understood in terms of three main functions of the entrepreneur,which include:- (i) functions of exchange or selling; (ii) functions of physical supply or storage and warehousing; and (iii) functions of facilitation or market research.

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