"It is necessary to identify the needs of the customers and subsequently take various decisions for the successful marketing of products and services." This statement is related to which function of Marketing?

Gathering and analyzing market information

The correct answer is Option (2) → Gathering and analyzing market information

" Gathering and analysing Market information: One of the important functions of a marketer is to gather and analyse market information. This is necessary to identify the needs of the customers and take various decisions for the successful marketing of the products and services. This is important for making an analysis of the available opportunities and threats as well as strengths and weaknesses of the organisation and help in deciding what opportunities can best be pursued by it. For example, rapid growth is predicted in several areas in the Indian economy, say in the use of the Internet, market for cell phones and several other areas. Which of these areas a particular organisation should enter, or in which area should it expand, requires a careful scanning of the strengths and weaknesses of the organisation, which is done with the help of careful market analysis."