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Marketing - role in business
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Marketing | mkt | n. M16. [f. MARKET v. + -ING1.] 1 The action of MARKET v.; an instance of this. M16. b spec. The action, business, or process of promoting and selling a product etc., including market research, choice of product, advertising, and distribution. L19. 2 a Something bought at a market; a purchase. rare. E18. b Produce to be sold at market. rare. L19.
Marketing is the creation or enlargement of demand for a good or service by a company. Market research is the study of consumer' needs and preferences. The aim is to obtain information that will help design a product or service, so that its sales and profits can be maximized. Techniques can be simple, testing the expectations of sales staff or looking at previous sales of the same or a similar product, or at competing products. More sophisticated surveys may be conducted, by mail, telephone, or personal interview, with a population sample selected with due attention to age, sex, socio-economic grouping, or geographical location. Advertising is the use of mass media to carry messages for a commercial purpose or to advance a product or service; it can influence the
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