This preview shows pages 1–2. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: Q1. Define Marketing. Distinguish between selling and marketing. What are the four components of Marketing Mix? Briefly explain. Ans: Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. Marketing is much wider than selling. In fact there is a fundamental difference between the two. Selling revolves around the needs and interests of the seller; marketing revolves around the needs and interests of the buyer. Selling starts with existing products of the corporation and views business as a taste of somehow prompting these products. Marketing on the contrary starts with the customers present and potential and views business as a task of meeting the needs of the customers by producing and supplying those products and services that meet the needs. Selling seeks profits by pushing the products to the buyers. Marketing seeks profits by meeting the needs of customers and by creating value for them. According to Theodore Levitt, A truly marketing minded firm tries to create value satisfying goods and services by which the consumers will want to buy. What it offers for sale is determined not by the seller but by the buyer. The seller takes his cue from the buyer and the determined not by the seller but by the buyer....
View Full Document
This note was uploaded on 01/19/2012 for the course COMPUTER S 255 taught by Professor Sahani during the Spring '11 term at Amity University.
- Spring '11