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MB0046 - Q.1 Discuss the different marketing concepts with its merits and drawbacks.

Answer:Marketing is a set of business activities that facilitate movement of goods and services from producer to consumer. It is an ongoing process of discovering and translating consumer needs into products and services, creating demands for them, serving the customer and his demand through a marketing programme of promotion and distribution to fulfill the company’s marketing goals in a competitive environment.
It is evident that customer, his needs and wants are very important aspects of today’s marketing.
Customer focus is the very essence of marketing and his viewpoints should be taken into account while
making marketing decisions.
In this era of rapid changes, it is marketing which keeps the business in close contact with its economic, political, social and technological environment and informs it of events and changes that can influence its activities.
American Marketing Association (AMA) offers the following definition of Marketing.( AMA 2004)
Definition: Marketing is an organization function and a set of process for creating, communications and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stake holders.
The Chartered Institute of Marketing defines Marketing as:
Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements, profitably.
Having understood what a Market is and what is Marketing, we will now look what is an exchange and the exchange process.
The Exchange Process
Today’s marketing system has evolved from the time of a simple barter of goods through the stage of a money economy to today’s complex marketing. Throughout all these stages, exchanges have been taking place. In small town and villages there were artisans such as carpenters, weavers, potters blacksmiths, barbers and others such service providers who produced goods and services not only for their own consumption but also for exchanging with others what they could not produce but needed. This was barter system of exchange. For a transaction to take place between two parties, it was necessary that there be needs and wants on both sides. The development of money came to act as a common medium, and the exchange process became very easy and convenient.Fig. below shows the exchange process under money economy in which products
and services flow to the market from the producers and sellers and money, the value of the products and services, flow from the buyers to the sellers.

Thus, exchange is an act of obtaining a desired product or service from someone by offering something in return. This exchange process will continue as long as human society exists because satisfying one’s needs is the basic instinct of human beings and no one can produce everything that he /she needs. For an exchange process to take place, between two or more parties, few conditions have to be met. They are:
1. Each party has something that could be of value to other party.
2. Each party has desire, willingness and ability to exchange.
3. Each party is capable of communicating and delivering.
4. Each party has the freedom to accept or reject the offer.


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