The process of marketing incolves creating a market offering and to satisfy and wants of the present and potential buyers. The real question is how to create a market offering. Suppose, after gathering and analysing market information, a profitable business opportunity is seen by some firm in the field of producing soft drinks. To develop and market a new brand of soft drinks, the firm takes a number of important decisions, for example whether to go for any collaboration with a foreign manufactures of the new product so that it is attractive to the target customers, whether the drink will be packed in glass bottles or plastic cans, what will be the name (brand name ) of the drinks, at what price it will be sold (at par with the price at which other competitive brands are sold or below it or above it), and so on.
(a) Identify and explain the two features of marketing discussed above.
(b) Identify and explain any functions of marketing discussed above.