MARKETING

Meaning of marketing
Marketing refers to activities a company undertakes to promote the buying or selling
of a product or service. Marketing includes advertising, selling, and delivering
products to consumers or other businesses. Some marketing is done by affiliates on
behalf of a company.

Understanding Marketing

Marketing as a discipline involves all the actions a company undertakes to draw in

customers and maintain relationships with them. Networking with potential or past
clients is part of the work too, and may include writing thank you emails, playing golf
with prospective clients, returning calls and emails quickly, and meeting with clients
for coffee or a meal.

At its most basic level, marketing seeks to match a company's products and services
to customers who want access to those products. Matching products to customers
ultimately ensures profitability.

Product, price, place, and promotion are the Four Ps of marketing. The Four Ps
collectively make up the essential mix a company needs to market a product or
service. Neil Borden popularized the idea of the marketing mix and the concept of
the Four Ps in the 1950s.

Marketing is the study and management of exchange relationships. It is

the business process of creating relationships with and
satisfying customers through a value exchange. Because marketing is used to
attract customers, it is one of the primary components of business
management and commerce Marketers can direct product to other businesses
(B2B marketing) or directly to consumers (B2C marketing).
Regardless of who is being marketed to, several factors, including the
perspective the marketers will use. These market orientations determine how
marketers will approach the planning stage of marketing. This leads into the
marketing mix, which outlines the specifics of the product and how it will be
sold. This can in turn, be affected by the environment surrounding the product,
the results of marketing research and market research, and the characteristics
of the product's target market
DEFINATION OF MARKETING

Marketing is defined by the American Marketing Association as "the

activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large". The term developed from the
original meaning which referred literally to going to market with goods for
sale. From a sales process engineering perspective, marketing is "a set
of processes that are interconnected and interdependent with other
functions of a business aimed at achieving customer interest and
satisfaction".

Philip Kotler defined marketing as "Satisfying needs and wants through

an exchange process". and a decade later defines it as “a social and
managerial process by which individuals and groups obtain what they
want and need through creating, offering and exchanging products of
value with others.”

Concept of marketing

The 'marketing concept' proposes that to complete its organizational

objectives, an organization should anticipate the needs and wants of
potential consumers and satisfy them more effectively than its
competitors. This concept originated from Adam Smith's book The
Wealth of Nations but would not become widely used until nearly 200
years later .  Marketing and Marketing Concepts are directly related.

FUNCTIONS OF MARKETING

Marketing is the process that comprises of all the activities involved

from the concept of the product all the way till it reaches the final
consumer. So there are a lot of activities in this process, which we
call the functions of marketing. Let us take a look.

 Identify customer needs

  Planning
 Product development
 Standardization and grading
 Packing and labeling
 Branding
 Setting up customer support services
 Pricing
 Promotion
 Distribution
 Transport
 Warehousing

SCOPE OF MARKETING

The scope of marketing is determined by the marketing offering of an

organization. Market offering is a combination of goods, services, ideas,
persons, places, information, etc. offered to a market to satisfy specific needs
and wants of people.

Market offerings are not limited to physical goods. They also include services
like banking, air travel, hotel stay, tourism, etc. which are not tangible in
nature and can’t be owned by the buyers.

NATURE OF MARKETING
Marketing is pervasive in nature as it applies to all organizations . It is
applicable not only to business organizations, but also to organizations such as
educational, medical, government, non-government, social, religious and
cultural organizations. All organizations market their products and services to
accomplish their goals and ensure their survival and growth.

For instance, educational institutions are marketing knowledge packed

courses, character building and all round development, hospitals are selling
total health care, family welfare, child welfare, etc. and social organizations are
selling their programs Market offering is a combination of goods, services,
ideas, persons, places, information, etc. offered to a market to satisfy specific
needs and wants of people. Market offerings are not limited to physical goods.
They also include services like banking, air travel, hotel stay, tourism, etc.
which are not tangible in nature and can’t be owned by the buyers.

Market offering is a combination of goods, services, ideas, persons, places,

information, etc. offered to a market to satisfy specific needs and wants of
people. Market offerings are not limited to physical goods. They also include
services like banking, air travel, hotel stay, tourism, etc. which are not tangible
in nature and can’t be owned by the buyers.

OBJECTIVES OF MARKETING

 Creation of demand

 Customer satisfaction

 Market share

 Generation of profits

 Creation of goodwill and public image

CHAPTER -01
BRAND POSITIONING SERVICE

DEFINITION

Brand positioning has been defined by Kotler as “the act of designing

the Company’s offerings and image to occupy a distinctive place in the
mind of the target market. In other words, brand positioning describes
how a brand is different from its competitors and where, or how, it sits in
customers minds.

MEANING

Brand positioning is defined as the conceptual place you want to own in

the target consumer's mind , the benefits you want them to think of when
they think of your brand. An effective brand positioning strategy will
maximize customer relevancy and competitive distinctiveness, in
maximizing brand value.

Functions