Marketing Management 3(2+1)

Lesson 01 : Marketing

Marketing, Selling and Merchandising

• The word ‘market’ is a derivative of the Latin word Marcatus, meaning thereby merchandise, trade or a place where business is conducted. It was born as a home based business with self sufficiency and later turned into an extremely large socioeconomic system with urbanization and industrialization.
• Marketing is a comprehensive term, while the others are one part of the marketing system.
• Merchandising may be defined as “product planning”. It includes the “internal planning” that is required to get the right product or service at the right time, at the right place and in right quantity and quality.
• Selling is “one method of promotion” and promotion is only a part of the total marketing programme.