(c) Development of Means of Communication. Meansofcommunjcatjon also play an important role in the expansion of market, If these means are well-developed, the market will be very wide, otherwise the market will be limited.
(d) Currency and Credit System: If the currency and credit system of the country are well- developed, the market of the products of the country can be wide, otherwise it will be limited.
(e) Development of Scientific Facilities: Availability of scientific facilities also helps in the expansion of market. If scientific facilities are available to an enterprise, the market for its pro duct can be wide, otherwise it will be limited.
(f) Division of Labour: Division of labour is also helpful in the expansion of market. If it is adopted in an enterprise, the demand of the products of the enterprise can be increased and the area of its market can be wide.
(g) Government Policy: Policy of the government plays a significant role in the expansion of market. If the policy of government is to encourage exports, the market for the goods and services of the country can be wide. On the other hand, if the government is not encouraging exports, the market of these goods ard services will be limited.
(ii) Internal Peace and Security: Internal Conditions of law and order in the country affect the area of market to agreat eftent. If there is peace and security in the country the commercial activities can go on smoothly and the market can be expanded, If, on the other hand,there is law and other order problems in the country, it will cause hinderances in the development of trade and commerce and it will limit the area of market.
Q.2. Define and explain critically the term ‘Marketing’ and also describe Its functions.
Or What do you understand by marketing functions? Explain the
various functions
of
marketing In brief. Ms. Marketing: Marketing is a very common and popular term. It
occupies an important place in
all the spheres of life-social, economical and commercial now-a-days. it has
acquired key position in every business and industrial enterprises. However, it
is unfortunate to note that marketing, though known to everyone is widely
misunderstood It is a painful fact that it is misunderstood even by the
persons involved in marketing. Generally, the purchase and sale of commodities is taken to be the meaning of marketing. Even a top executive in the field of marketing feels that marketing is to sell. A farmer feels that the sale of agricultural products in the market is marketing. A general consumer feels that the purchase of goods and services for the satisfaction of his needs is marketing. A businessman feels that the sale of his stock is marketing. But this is limited form of thinking. Marketing is somewhat broader and wider than it is understood. The term ‘Marketing’ has been defined by many eminent authors and there is also a real difference between their opinions, no definition of marketing can be regarded as universal and authentic.
Definitions of Marketing: There are several definitions on marketing provided by various marketing authors:
‘Marketing is a human activity directed at satisfying needs and wants through exchange process..
‘Marketing is a process of determining consumer demand for a product or service motivating its sales and distributing it into ultimate consumption at a profit: —F. L. Breach
Marketing is the delivery of a standard of living to society’ —Paul Mazur
Marketing is a process of planning and executing the conception, pricing, promotion a’nd distribution of ideas, goods and services to create exchanges that satisfy individual and organisational objectives: —American Marketing Association
‘Marketing is a total system of interacting business activities designed to plan, price, promote and distribute want satisfying products and services to the present and potential customers:. —William Stanton
On the basis of analytical study of all the above definitions of marketing, it can be concluded that marketing is a wide term which includes all the activities performed by the producer right from the stage of discovery of the needs and wants of consumer till the services after goods and services In marketing, the goods and services are manufactured according to the needs and wants and the entire production is surrounded for consumption. New demands are created and maintained so that the standard of living of the society may be improved and the object of maximisation of profits may be achieved by providing maximum satisfaction to the consumers.
To place thegoods in the hands of consumers, is the function of marketing.
Marketing Functions
The functions of marketing are as follows: