What Actually is Marketing?
“It may be naively assumed that marketing is merely concerned with the selling of goods and services. But the reality is that various roles like product planning and development, standardization and grading come under the preview of marketing.”
Marketing is the process of transfer of goods from the producer to the consumer. It creates place, time and possession utilities. Marketing is a method, a point of view and a manner of thinking. Its primary aim is to satisfy customers’ needs and aspirations, as it cannot go beyond the customer.Moreover, good marketing is behind the success of any business enterprise. Marketing is necessary not only for a producer of goods and services but also for a customer, the government and the society at large.
It may be naively assumed that marketing is merely concerned with the selling of goods and services. But the reality is that various roles like product planning and development, standardization and grading and buying and assembling come under the preview of marketing.
Not only this functions like, storage, transportation, market financing and risk bearing also have a close connection with marketing, so and so that they are being considered as inseparable aspects of marketing.
If you want to be successful in business, you ought to have knowledge of different kinds of marketing strategies. The use of an appropriate marketing blend is also necessary to improve marketing function. The price fixation, channels of circulation and promotional effects too form significant marketing strategies.
Accounting is also akin to marketing. It involves the collection, recording classification and presentation of financial data for the advantage of management and outside agencies and government. Accounts are prepared to find out profitability of business and to have a clear picture of the financial position of any particular business.
A rigorous record of cost and revenue has to be maintained if a businessman wants to calculate the profitability of his business within the permissible limits of error. The financial position is ascertained by the recording of value of assets and liabilities. Accounting conventions relating to disclosure, constancy, conservatism and materiality are also employed to make the accounting more useful.
While financial accounts are used to find out the profitability of the business, cost record helps in controlling the costs of various inputs. Management accounting on the other hand is concerned with the wider dimensions of business, taking it into consideration as a whole.
Author - DeeKay
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