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Producing economic

Marketing meets the needs of markets by producing economic values which, while not so tangible, are qualitatively just as real and quantitatively more significant than those produced in agriculture, mining, and manufacturing. It is not easy to define marketing in a manner that is satisfactory to everyone. To illustrate from but a single area of consumption, the housewife does her marketing when she goes to a supermarket to buy food and household items. The supermarket is doing its marketing partly by bringing products to the store where they are available to meet the housewife’s needs.

Food processing companies do their marketing by planning products to meet consumer needs and moving these products through channels of trade so that they are available in stores, after being publicized through various media of communication. The farmer does his marketing by moving his produce from farm to market, which may consist of wholesale middlemen or processing companies. Each one of these persons or organizations is engaged in marketing, but each is doing only a small part of the total job encompassed by the marketing process.

Clearly, for purposes of objective study and clarity of understanding marketing as a significant social process, it is essential to take

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a viewpoint which is much broader than that of any participating party. Marketing is essentially a process like farming, manufacturing, mining, or construction. As such, it is basically functional in character and may, therefore, be defined as the performance of all activities necessary for ascertaining the needs and wants of markets, planning product availability, effecting transfers in ownership of products, providing for their physical distribution, and facilitating the entire marketing process.

It thus embraces the entire group of functions performed and services rendered in the acquisition or distribution of products for further processing, for business or institutional use, or for ultimate consumption. The various methods by which these functions and services are performed, together with the institutions concerned and the policies adopted, are necessarily an integral part of the subject of marketing. A market is a point, place, or sphere in which transfers in the ownership of goods are effected.

Actual presence of goods is not essential since the principal characteristic is change of title. In fact, some markets are often devoted largely to the exchange of title to goods rather than to physical transfer of merchandise. Nevertheless, goods tend to be concentrated at trading points. Consequently, a market may be defined as a sphere within which price-making forces operate and in which exchanges of title tend to be accompanied by the actual movement of the goods affected (COX, & ALDERSON, 1950).

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