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Marketing is a economic process by which goods and services are exchanged between
the producers and consumers and their values is determined in terms of money prices.
Scope of marketing
It is seen as the task of creating ,promoting & delivering goods & services to
customers & business. Marketers are skilled in stimulating demand for the company’s
products tey are responsible for demand management .marketing managers seek to
influence the level , timing & composition of demand to meet the organizations
objectives
Marketing thinking starts with the fact of human needs and wants. We all have some
needs residing in ourselves. These needs exist. Remember that needs can never be
created.
Needs:
Needs are the basic human requirements. People need food, air, water, clothing & shelter to
survive. People also have needs for recreation, education and entertainment.
Wants:
The needs become wants they are directed to specific objects that might satisfy the needs.
Eg: Mercedes
Demands:
Demands are wants for specific products that are bagged by an ability and willingness to buy
them.
MARKET
A market is a common place or locality where things are brought and sold and where
buyers and sellers usually meet to affect purchase and sale.
• Available Market (who have interest, income and access to a particular offer)
• Target Market or Served Market (a co. can go for serving whole available market
or can concentrate on certain segments)
• Penetrated Market (set of buyers who are buying the co.’s product
MARKETING MANAGEMENT
MARKETING TASKS
The process of marketing management is about attracting and retaining customers by offering
them desirable products that satisfy needs and meet wants.
Product development
Businesses must develop products and services that meet needs and
wants sufficiently to attract target customers to wish and buy
Marketing mix
Having identified the target markets and developed relevant products,
management must then determine the price, promotion and distribution
for the product. The marketing mix is tailored to offer value to
customers, to communicate the offer and to make it accessible and
convenient
Market monitoring
The objective in marketing is to first attract customers - and then (most
importantly) retain them by building a relationship. In order to do this
effectively, they need feedback on customer satisfaction. They also need
to feed this back into product design and marketing mix as customer
needs and the competitive environment changes
MARKETINGCONCEPT
The marketing concept is the philosophy that firms should analyze the needs of their
customers and then make decisions to satisfy those needs, better than the competition.
Today most firms have adopted the marketing concept, but this has not always been the
case. In 1776 in The Wealth of Nations, Adam Smith wrote that the needs of producers
should be considered only with regard to meeting the needs of consumers. While this
philosophy is consistent with the marketing concept, it would not be adopted widely until
nearly 200 years later. To better understand the marketing concept, it is worthwhile to put
it in perspective by reviewing other philosophies that once were predominant. While
these alternative concepts prevailed during different historical time frames, they are not
restricted to those periods and are still practiced by some firms today.
The Production concept holds that consumers will prefer products which are widely
available & inexpensive.
– Achieving high production efficiency
– Low costs
– Mass distribution
– Market expansion
The Product concept holds that consumers will favor the most quality , performance
or innovative features
– Marketing Myopia
The Selling concept holds that consumers & businesses if left alone ,will ordinarily
not buy enough of the organizations products.
– Overcapacity
The Marketing concept holds that consumers a business should start with the
determination of consumer wants & end with the satisfaction of those wants.
– Consumer Orientation
– Integrated Management
– Customer Satisfaction
– Competitor Intelligence
– Realization of Organizational Goals
Societal Marketing
Societal Marketing =
Societal marketing focuses on satisfying customer needs and wants while enhanchig
individual and societal wellbeing.
Marketing mix
Marketing mix is a set of marketing variables that the firm uses to pursue its marketing
objectives in the target market.
The term marketing mix became popularized after Neil H . Borden published his 1964
article , “The concept of marketing mix”. The ingredients in bordens marketing mix
included product ,planning ,pricing ,branding ,distribution channels ,personal selling
,advertising ,promotions ,packaging ,display ,servicing ,physical handling and fact
finding and analysis. E.Jerome McCarthy later grouped these ingredients into four
categories that today known as 4 P’s of marketing they are
PRODUCT
PRICE
PLACE
PROMOTION
♦ Pricing: This refers to the process of setting a price for a product, including
discounts.
MARKETING STRATEGIES
Marketing strategies explain how the marketing function fits in with the overall strategy for a
business. Examples of marketing strategies could be:
Once a strategy has been identified, then the business must develop an action to turn the
strategy into reality. The starting point for this plan is the setting of marketing objectives.
Marketing objectives are the specific targets for marketing set by the business to achieve their
corporate objectives.
It is important for a business to set marketing objectives because managers can then have
targets for their work. They can then measure more effectively the success or failure of their
marketing strategies to achieve these objectives.
♦ Segmentation
The marketing environment is defined as the external forces that directly or indirectly
influence an organization’s capability to undertake its business.
The macro marketing environment consists of six core forces: political, legal, regulatory,
societal/green, technological, plus economic/competitive issues.
The forces close to the company that affect its ability to serve its customers - the
company, market channel firms, customer markets, competitors and publics, which
combine to make up the firm’s value delivery system.
• Marketing Intermediaries - help the company to promote, sell, and distribute its
goods to final buyers.
• Customers - five types of markets that purchase a company’s goods and services.
• Competitors - those who serve a target market with similar products and services.
• Publics - any group that perceives itself having an interest in a company’s ability
to achieve its objectives.
The larger societal forces that affect the whole microenvironment - demographic,
economic, natural, technological, political and cultural forces.
The company and all of the other actors operate in a larger macroenvironment of
forces that shape opportunities and pose threats to the company.
• Demographic - monitors population in terms of age, sex, race, occupation,
location and other statistics.
• Political - laws, agencies and groups that influence or limit marketing actions.
• Cultural - forces that affect a society’s basic values, perceptions, preferences, and
behaviors.