Marketing

Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchange that satisfy individual and organisational objectives. Purpose of marketing: Bring the buyer to the seller Satisfy existing customer wants It is a revenue generating activity of the business Types of markets: Resource market - primary production markets Industrial market - businesses that purchase products to use in their production Intermediate markets - wholesalers …

…and unwritten terms of a contract. Merchantable quality means that the product is of a standard a reasonable person would expect for the price. Fitness of purpose means that the product is suitable for the purpose for which it is being sold. Warranty is a promise by the business to repair or replace faulty products. Resale price maintenance occurs where the manufacturer or supplier insists that a retailer sell the product at a certain price.