Marketing - Indian Laws - General

Marketing In Corpus Juris Secundum, volume 55, page 785, the term marketing has been defined as follows: Marketing signifies a bringing or sending to market, and includes buying as well as selling. The passage from the Principle and Practice of Marketing in India, by Dr. C. B. Mamoria and B. L. Joshi is very important and instructive in this context. Marketing includes all activities involved in the creation of place, time and possession utilities. Place utility is created when goods and services are available at the places they are needed, time utility when they are needed, and possession utility when they are transferred to those who need them. The process of marketing makes goods and services much more valuable when they are wanted and transferred to the people and place who want them. These authors have made the following classification of the marketing functions : (1) Activities involving transfer of ownership; (a) buying; (b) selling; (2) Activities involving physical supply: (a) transportation; (b) Storage; (3) Activities facilitating the foregoing functions; (a) standardization and grading; (b) financing; (c) risk taking; (d) market research. Encyclopedia Britannica, 1960 Edn., Vol. 14, p. 9 15, says that; Marketing consists of those activities which effect transfers in the ownership of goods and services and provide for their physical distribution. The Encyclopedia of Social Science , 1969 Edn., Vol. 10, 133, says that As an economic concept the term marketing is susceptible of various interpretations. It was pointed out that a common but fallacious theory was that it was concerned chiefly, if not wholly, with finished goods and was the activity of specialized class of middlemen or that it was limited to adding time, place and possibly possession utilities to completed goods. The marketing process was infinitely far-reaching than the transfer of goods from manufacturers to final consumers. CIT v. Gujarat State Warehousing Corporation - 1977 (7) TMI 3 - GUJARAT HIGH COURT