(a) A market is a place where goods and services are exchanged. It is an avenue for buying and selling.
(b) Market important to the economy in the following ways:
(i) Marketing bridges the gap between the producer and the consumer.
(ii) It also reduces wastages through marketing research thus indirectly increasing production. ( Marketing converts peoples' needs into profitable company opportunities, through the movement of industrial good to rural consumers by promotion and consumer education.
(iv) Marketing is a creative employer because all try numerous activities performed therein are possible employment avenues.
(v) The exercise improves the standard living by making goods produced in one area available in another area.
(vi) Marketing creates market for goods are services.
(vii) It assists in the transfers of goods from the producer to the consumers.
(viii) Marketing informs th consumers about the availability of goods and services.
(ix) It also ensures consumer satisfaction.
(c) The functions of marketing include:
(i) It assists in the exchange of goods and services through buying and selling.
(ii) helps in the storage and warehousing of goods.
(iii) It helps in transportation of goods and services from place to place.
(iv) Marketing assists in the delivery of goods and services.
(v) It helps in the standardization of goods are services.
(vi) Marketing research assists in communication, publications, advertising, sales promotion and publicity.
(vii) Marketing research reduces risk of doing business.