M Marketing
6th Edition
ISBN: 9781259924033
Author: Levy Grewal
Publisher: Mcgraw-Hill
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Question
Chapter 1.3, Problem 1PC
Summary Introduction
To determine: The four functions that show the importance of marketing.
Introduction: Marketing is an art in which a seller sells the goods and services to the customer. Marketing has the four elements which are price, product, place and promotion.
Expert Solution & Answer
Answer to Problem 1PC
The four functions that show the importance of the marketing are customer, finance, marketing research and pricing.
Explanation of Solution
The four functions are as follows.
- The main function of the business is to satisfy the customer needs and wants. Attract the customers without using promotion and to satisfy them.
- One of the important functions of the marketing is financing. As an owner of the business, the main purposes of marketing of the product is finance. The owner always thinks about how to create more money through the product.
- Marketing research is an important function in marketing because under the
market research , someone has to gather information related to the targeted customers. - Pricing is one of the primary functions of the marketing. The manager has to set a price which can be afforded by a customer.
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