The correct answer is option (1) : It works through Exchange Mechanism
The correct statement about Marketing is :
(1) It works through Exchange Mechanism
- Marketing primarily operates through the process of exchange, where products, services, or ideas are offered in the market to meet the needs and wants of consumers in exchange for something of value, usually money. This exchange mechanism is central to the functioning of marketing as it involves the creation, communication, delivery, and exchange of offerings that have value for customers, clients, partners, and society at large.
(2) Market offering only refers to the price of the product:
- This statement is not entirely accurate. The term "market offering" in marketing refers to the entire bundle of goods, services, or experiences that are offered to the market to satisfy a consumer's needs or wants. It encompasses various elements beyond just the price, including the product itself, its features, benefits, quality, packaging, services, warranties, and more.
(3) Ideas cannot be marketed :
- This statement is not true. In marketing ideas can certainly be marketed. Concepts, initiatives, social causes, ideologies, and even political campaigns can all be promoted and marketed using various marketing techniques. For example, marketing is often used in social campaigns to raise awareness about important issues and to influence public opinion and behavior.
(4) The job of marketing is just to sell the product :
- This statement is too narrow and does not fully capture the scope of marketing. While selling products is an essential part of marketing, the field of marketing encompasses a broader set of activities, including market research, product development, pricing, advertising, promotion, distribution, customer relationship management, and more. Marketing is about understanding customer needs, creating value, and building strong customer relationships, which goes beyond just selling a product.
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