Explain the term Marketing.
Marketing: All organisations are occupied in producing products or services meant for utilize/consumption by people at large. Wants and needs are part of human characteristics and people tend to look for and find those products and services which satisfy their wants and needs. An organisation comes in being in the environment to satisfy these wants and needs of people. Thus, for the organisation to survive, this need to know and understand the customer with, the product or service that suits him and sells itself. Marketing results in a customer who is ready to buy himself.
Therefore, all organisations need marketing to sell their products and services. By marketing the organisation is capable to find out the wants, values of a target market and needs and to adapt the organisation to deliver the needed satisfaction, too efficiently and effectively than the competitors. It in turn, helps the organisation to achieve its objectives.
Companies can't survive today by simply doing a good job in producing services and goods. They must do an admirable job in marketing these goods and services in the face of stiff competition and technological innovations. Therefore marketing becomes as integral post of the organisation.
Marketing includes planning and execution of all aspects and activities of a product or service in order that exert optimum influence on the consumer to result in maximum consumption at the optimum price, and consequently, producing the maximum long term profit for the organisation. Thus, all organisations need marketing.