Marketing

Marketing 

Marketing is the Process of planning and executing the conception,pricing,promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives.

Philip Kotler defines marketing as “Satisfying needs and wants through an exchange process”

Bartles defines “ Marketing is the process whereby society, to supply its consumption needs, evolves distributive system composed of participants, who interacting under constraints, technical (economic) and ethical (social), create the transactions or flows which resolve market separations and results in exchange and consumption “

Nature of Marketing

1.      Marketing is a human activity

2.      Marketing is a social-economic activity

3.      Marketing is consumer-oriented process.

4.      The core of marketing is product or service

5.      Marketing is based on exchange

6.      Marketing is both art and science

7.      Marketing is an universal activity.

                                                What can be marketed

Goods

Place

Services

Properties

Events

Organization

Experience

Information

Knowledge

Persons

Ideas

Scope of Marketing

The scope of marketing has been increased a lot in modern time. The scope of marketing are:

·         All the decisions related to product like size,colour,design,packaging etc are taken with active participation of marketing department of the company

·         All the secisions related to the consumers are taken after having studied the consumer’s responses with respect to different products,different prices and brands.

·         All promotional decisions like choosing type of marketing media are also being taken under marketing activity.

·         All effective after sales service is formulated by the marketing manager in order to satisfy the consumers.

Marketer :

                      One who takes more active part in the process of exchange

                      One who analysis the needs of the potential buyers.

INTERNET MARKETING:

     Now-a-days Internet has become a relatively cheaper Marketing channel compared to television and radio counterparts and has gained popularity so soon. Hence we can define Internet Marketing as promotion of products or services online through ads. It is also known as e-Marketing or Internet advertising. There are several channels of Internet Marketing Such as Banners, adds, pay-per-click adds, blog marketing, optimization techniques etc.

For example suppose today if a person wants to buy any product the following steps are followed

        1. First he/she searches the Internet for the required product

        2. Then we check the relevant results

        3. Then we check the ratings and user views on the product.

        4. We select the best suited product in terms of features and pricing.

        5. We check for a site that offers the best deal

        6. Compare offline prices with online prices (generally online prices are cheap)

        7. Finally order the product

TYPES OF TRADITIONAL MARKETING:    

     1. PRINT ADVERTISING: It is nothing but advertising through printed means such as newspapers, magazines, brochures etc.

     2. TELEVISION: Advertising through TV.

     3. RADIO ADVERTISING: Advertising through radio

     4. COLD CALLS: calling the customers directly

     5. DIRECT MAILS: mails are sent to selected group of customers.

Creating a Customer :

The activities necessary to create the customers includes :

·         Identifying customers needs

·         Designing goods and services that can satisfy those needs

·         Communicate information about those goods and services to prospective buyers.

·         Making the goods and services available to customer’s at right place at right time

·         Providing the necessary service and follow up to ensure customer satisfaction after the product is sold.

Importance of marketing to the society :

·         Delivery of standard of living to the society

·         Decrease in Distribution cost

·         Increase in  Employment opportunities

·         Increase in National Income

·         Protection against Businees slump

Concept of Marketing

Exchange Concept :

                                   This concept of marketing indicates that the exchange of a product between the seller and buyer is necessary.

Production Concept :

                                      Production dominates the thinking process of the consumers.

                                Products produced in a great volume at a low unit cost are supported by the consumers.

                                      Production is focused in this concept.

Product Concept :

                                 In this concept  quality of the product is focused.

                                  Good and quality products are provided to the customers.

Sales Concept :

                                Large sales promotion is believed to maximize the selling.

                                Organizations resort to aggressive advertising, high power personal selling.

                                The customer is being neglected in this concept.

Marketing Concept :

                                     Organization focuses on the customers.

                                     Consumer is at both the beginning and the end of the business cycle.

                                     Consumer needs and aims at the satisfying those needs are determined.

                                     The customer’s need becomes the focal point of the business.