Define marketing and state any three functions of marketing.

Marketing refers to identifying group of potential customers and finding out ways to convince them to buy the company’s products.

Functions of marketing:

(i) Marketing research/Gathering and analysing market information: Marketing research is the systematic investigation of the facts relevant to the various aspects in marketing. Marketing research helps managers to arrive at an appropriate decision. Market information should be gathered and analysed appropriately.

(ii) Product Designing and Development: Another important marketing activity is related to the product designing and development in such a way so as to attract the targeted customers. The product design should be such, which improves the performance of a product or gives it a competitive edge over its competitors.

(iii) Standardisation and Grading: Standardisation refers to determining the basic measure/standard of the product with regard to shape, size, colour quality, quantity, etc. Grading is the process of classification of the product into different groups, on the basis of some parameters like quality, quantity, size, etc.

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