Marketing

• Marketing

  A social process where in people interact with others, in order to persuade them to act in a particular way, say to purchase a product or a service, rather than forcing them to do so
• Needs and Wants


  • The primary reason or motivation for people to engage in the process of marketing is to satisfy some of their needs or wants
• Need


  A state of felt deprivation or feeling of being deprived of something
• Want


  Culturally defined objects that are potential satisfiers of needs
• Market Offering


  A complete offer for a product or service, having given features like size, quality, taste, etc; at a certain price; available at a given outlet or location
• Customer Value


  The buyers make buying decisions on their perceptions of the value of the product or service in satisfying their need, in relation to its cost
• 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
• Marketing is not merely a business phenomena or confined only to business organisations. Marketing activities are equally relevant to non-profit organisations such as hospitals, schools, sports clubs and social and religious organisations
• Marketing Management


  Planning, organising, directing and control of the activities which facilitate exchange of goods and services between producers and consumers or users of products and services
• The primary job of a marketing manager is to create superior values so that the customers are attracted to the products and services and communicate these values
• Marketing management


  The process of choosing a target market, getting, keeping and growing customers, and creating, developing and communicating superior customer values
• Marketing management process


  1. Choosing a target market

  2. Getting, keeping and growing customers

  3. Creating, developing and communicating superior customer values
• Marketing management involves analysing and planning marketing activities, implementing marketing plans and setting control mechanisms to achieve organisational objectives at minimum cost
• Marketing management


  Concerned with creation and management of demand, not just creation of demand
• In situations of 'overfull demand' or 'irregular demand', the marketing manager's job is to find ways to reduce or change the demand pattern
• Marketing philosophies


  Different ways of thinking that guide the marketing efforts of an organisation
• Production concept


  • Focus on production efficiency to maximise profits through large scale production and affordable prices
• Product concept


  • Focus on continuous product improvement in quality, performance and features to maximise profits
• Selling concept


  • Focus on aggressive selling and promotional techniques to persuade customers to buy products
• Marketing concept


  • Focus on identifying and satisfying customer needs to achieve organisational objectives
  • Involves target market identification, understanding customer needs, developing products/services to satisfy those needs, doing it better than competitors, and achieving profit
• Societal marketing concept


  • Extends marketing concept by also considering the long-term well-being of consumers and society, not just customer satisfaction
• Functions of marketing


  • Gathering and analysing market information
  • Marketing planning
  • Product designing and development
  • Standardisation and grading
  • Packaging
  • Branding
  • Customer support services
  • Physical distribution
  • Promotion
  • Pricing
• Standardisation


  Producing goods of predetermined specifications to ensure uniformity and consistency
• Grading


  Classification of products into different groups based on important characteristics like quality, size etc.
• Good design


  • Can improve performance of a product
  • Can give it a competitive advantage in the market
• Standardisation


  Producing goods of predetermined specifications, which helps in achieving uniformity and consistency in the output
• Standardisation


  • Ensures the buyers that goods conform to the predetermined standards of quality, price and packaging
  • Reduces the need for inspection, testing and evaluation of the products
• Grading


  The process of classification of products into different groups, on the basis of some of its important characteristics such as quality, size
• Grading


  • Ensures that goods belong to a particular quality
  • Helps in realising higher prices for high quality output
• Packaging


  Designing and developing the package for the products
• Labelling


  Designing and developing the label to be put on the package
• Packaging and labelling


  • They have become so important in modern day marketing that these are considered as the pillars of marketing
  • Packaging is important not only for protection of the products but also serves as a promotional tool
  • The quality of the product is sometimes assessed by the buyers from packaging
• Successful consumer brands


  • Lays or Uncle Chips potato wafers
  • Clinic Plus shampoos
  • Colgate Toothpaste
• Branding


  Selling the product in a brand name rather than generic name
• Branding


  • Helps in creating product differentiation
  • Provides basis for distinguishing the product of a firm with that of the competitor
  • Helps in building customer's loyalty and in promoting its sale
• Customer support services


  After sales services, handling customer complaints and adjustments, procuring credit services, maintenance services, technical services and consumer information
• Customer support services


  • Aim at providing maximum satisfaction to the customers
  • Key to marketing success in modern days
• Pricing


  The amount of money customers have to pay to obtain a product
• Pricing


  • An important factor affecting the success or failure of a product in the market
  • The demand for a product or service is related to its price
• Promotion


  Informing the customers about the firm's product, its features, and persuading them to purchase these products