(a) Meaning of Market: A market can be defined as a collection of current and future individuals or organizations who buy or sell products. OR A market can be defined as the present and potential buyers of a product.
(b) Functions of Marketing include:
(i) Carrying ut marketing research.
(ii) Involving in product planning and development.
(iii) Selling the company's products.
(iv) Determining the price of products.
(V) Determining the channels of distribution.
(vi) Involving in personal selling.
(vii) Ensuring credit control.
(viii) Engaging in advertising.
(ix) Carrying out sales forecasting.
(x) Offering customer support services (After-sales services)
(xi) Involving in public relations.
(xii) Involving in merchandising.
(xiii) Carrying out packaging and labeling activities.
(xiv) Engaging in product branding.
(xv) Risk bearing.
(c) Explain the following:
(i) Government market: This market consists of local, state and federal governments that purchase goods and services to support their internal operations and to provide essential services for citizens.
(ii) Reseller market: This is a market that consists of distributors, dealers, wholesalers and retailers who buy raw materials and finished goods with the intention of selling the products at a profit.
(iii) Industrial market: This is a market that consists of individuals or organizations that buy products for direct use in manufacturing other products for resale or for use in the daily operations of the business