Q1 - Q1 Define Marketing Distinguish between selling and...

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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
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