Marketing
performance of business activities that direct the flow of goods and services from producer to consumer
important features of marketing
- needs and wants
- creating a market offering
- customer value
- exchange mechanism
market offering
a complete offer for a product or service, having given features like size, quality, taste, at a certain price, available at a given outlet ans so on
exchange
the process through which two or more parties come together to obtain the desired product or service from someone, offering the same by giving something in return
conditions that should be satirised for exchange
- involvement of at least two parties
- each party should be capable of offering something valuable to the other
- each product should have the ability to communicate and deliver the product or service
- each party should have freedom of accept or regret other party’s offer
- the parties should be willing to enter into transactions
marketing management
planning, organising, directing and control of the actives which facilitate exchange of goods and services between producer and consumer or user of products and services
marketing philosophies are further divided to
- the production concept
- the product concept
- the selling concept
- the marketing concept
- the societal marketing concept
production concept
greater emphasis should be placed on improving the production and distribution efficiency of the firm
product concept
product improvement became the key to profit maximisation of a firm
selling concept
importance to attracting and persuading customers to buy the product
focus of marketing concept
customer needs and customer satisfaction
pilers of marketing concept
- identification of market or customer who are chosen as the target of marketing effort
- understanding needs and wants of customers in the target market
- development of products or services for satisfying needs of the target market
- satisfying needs of the target market better than the competitors
- doing all this in profit
societal marketing concept
the societal marketing concept holds that the task of any organisation is to identify the needs and wants of the target market and deliver the desired satisfaction in such a manner so that the long term well-being of the consumer and society is being take care of
functions of marketing
- gathering and analysing market information
- market planning
- product design and development
- standardisation and grading
- packaging and labelling
- branding
- customer support service
- pricing of a product
- promotion
- physical distribution
- transportation
- storage and warehousing
standardisation
producing goods of predetermined specification which helps in achieving uniformity and consistency in the output
grading
the process of classification of products into different groups, on the basis of some of its important characteristics
packaging
designing and developing the package of products
labeling
designing and developing the label to put on the package
four important methods of promotion
- advertising
- personal selling
- publicity
- sales promotion
two major decision under physical distribution
- decision regarding channel of distribution or market intermediates to be used
- physical movement of the product from where it is produced to a place where it is required by the customer for their consumption to use
the four p’s of marketing
- product
- place
- price
- promotion
product
goods or services or ‘anything of value’ which is offered to the market for sale
generic name
the name of the whole class of product
branding
the process of giving name or a sign or a symbol etc to a product
