Which of the following are the features of marketing?

(A) The process of discovering and translating consumer needs into products and service.

(B) A system that creates value in goods through the creation of form, place, time and ownership utilities.

(C) Setting of objectives and appropriate course of action to achieve the organizational goals.

(D) Presuming that demand for the product being produced already exists.

Choose the correct answer from the options given below:

Option 1 -> (A), (B) and (C) only - Incorrect because (C) describes general management/planning functions, not specifically marketing features.

Option 2 -> (B) and (C) only - Incorrect because (C) is not a marketing feature but a general management function, and it excludes (A) which is a core marketing feature.

Option 3 -> (A), (C) and (D) only - Incorrect because (C) is general management and (D) represents a production-oriented approach, not modern marketing philosophy.

Option 4 -> (A) and (B) only - Includes discovering and translating consumer needs (customer-focused approach) and creating utilities (form, place, time, ownership), which are fundamental marketing features.

Hence, Option 4: (A) and (B) only -> Statement (A) correctly identifies marketing's customer-centric nature of discovering and meeting consumer needs. Statement (B) accurately describes marketing's value creation through utilities. Statement (C) is a general management function, not specific to marketing. Statement (D) reflects an outdated production concept, not modern marketing which creates demand rather than presuming it exists. -> correct