a markup. The final selling price of an item equals its production cost plus the total of the markups. See PRICE; PROFIT.

Some people believe a large part of the money spent on marketing is wasted. But most economists believe the marketing process actually benefits consumers. For example, market research helps industry offer what customers need and want. Marketing also provides consumers with shopping information and makes products available in convenient quantities at nearby locations.

6/- PROMOTION

Promotion includes advertising, catalogues, coupons, direct-mail, in-store displays, and door-to-door sales. Companies engage in a variety of promotional activities to inform customers about products and services and to persuade them to buy. See the articles on ADVERTISING and SALESMANSHIP for more information about this phase of marketing

7/- CANALISE PRODUCT

Market research is the process of gathering and analysing information to help business firms and other organizations make marketing decisions. Business executives use market research to help them identify markets (potential customers) for their products and decide what marketing methods to use. Government officials use such research to develop regulations regarding advertising, other sales practices, and product safety.