Tamilnadu Samacheer Kalvi 12th Commerce Notes Chapter 14 Marketing and Marketing Mix Notes
→ Marketing is the performance of buying activities that facilitate to more flow of goods and services from producer to ultimate user.
→ The evolution of marketing is as old as the Himalayas. It is one of the oldest professions in the world.
→ The traditional objective of marketing had been to make the goods available at places where they are needed.
→ Evolution of Marketing may be of:
(i) Barter System (ii) Production Orientation (iii) Sales Orientation (iv) Marketing Orientation (v) Consumer Orientation (vi) Management Orientation
→ Functions of marketing are classified into three types:
(i) Functions of Exchange (ii) Functions of Physical Supply (iii) Facilitating Functions
→ Functions of exchange can be divided into: (i) Buying and assembling (ii) selling
→ Functions of Physical supply is divided into: (i) Transportation (ii) Storage and warehousing
→ Facilitating functions may be of: (i) Financing (ii) Risk Bearing (iii) Market information (iv) Standardization (v) Grading (vi) Branding (vii) Packing (viii) Pricing
→ “Marketing mix is a pack of four sets of variables namely product variable, price variable, promotion variable, and place variable”.
→ Price is the value of a product expressed in monetary terms.
→ An excellent product with competitive price cannot achieve a desired success and acceptance in market, unless and until its special features and benefits are conveyed effectively to the potential consumers.