Which of the following are the features of marketing?

(A) The process of discovering and translating consumer needs into products and service.

(B) A system that creates value in goods through the creation of form, place, time and ownership utilities.

(C) Setting of objectives and appropriate course of action to achieve the organizational goals.

(D) Presuming that demand for the product being produced already exists.

Choose the correct answer from the options given below:

(A) and (B) only

The correct answer is option 4- (A) and (B) only.

(A) The process of discovering and translating consumer needs into products and service. IT IS FEATURE OF MARKETING. The process of marketing helps individuals and groups in obtaining what they need and want. Thus, the primary reason or motivation for people to engage in the process of marketing is to satisfy some of their needs or wants. In other words, the focus of the marketing process is on satisfaction of the needs and wants of individuals and organisations.  A marketer’s job in an organisation is to identify needs of the target customers and develop products and services that satisfy such needs.

(B) A system that creates value in goods through the creation of form, place, time and ownership utilities.  IT IS FEATURE OF MARKETING. On the part of the marketers, the effort involves creation of a ‘market offering. Market offering refers to a complete offer for a product or service, having given features like size, quality, taste, etc; at a certain price; available at a given outlet or location and so on.  A good ‘market offer’ is the one which is developed after analysing the needs and preferences of the potential buyers

(C) Setting of objectives and appropriate course of action to achieve the organizational goals.  IT IS NOT FEATURE OF MARKETING. This is related to planning or management, not specifically marketing.

(D) Presuming that demand for the product being produced already exists.  IT IS NOT FEATURE OF MARKETING. This reflects a production or selling concept, not a marketing concept. Marketing creates and understands demand, it doesn't assume it already exists.