Theory question 105
MarketingCommerce 2 (answer any five questions)
(a) Distinguish between marketing and a market.
(b) In which four ways is marketing important to a developing country?
Show the model answer
(a) Marketing is all the activities involved in identifying consumers' needs and moving goods and services from producer to consumer profitably (research, product planning, pricing, promotion, distribution, selling). A market is any arrangement or place where buyers and sellers meet (physically or by communication) to exchange goods and services at a price.
(b) Any four, explained: creates employment; increases sales and so encourages production and investment; raises the standard of living by making a variety of goods available; earns foreign exchange through export marketing; helps producers find out consumers' needs and improve products; encourages competition, better quality and lower prices; generates revenue for government; helps develop new industries and markets.
In (a) define both terms clearly.