Introduction to Marketing, Features, Needs and Scope
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Marketing is defined as the process of creating, communicating, delivering, and exchanging offerings that provide value to customers and society. It encompasses a wide range of activities from understanding consumer needs to product development, branding, pricing, promotion, and after-sales services. Effective marketing is essential for satisfying customer demands, achieving business goals, and maximizing profits.
Introduction to Marketing, Features, Needs and Scope
- 3. ‘Marketing is Meeting needs Profitably’ Definition: Marketing is the activity, Set of Institutions and process for creating, communicating , delivering and exchanging offerings that have value for customers, clients, partners and society at large
- 4. ‘Marketing Management is the art and science of choosing target markets and getting, keeping and growing customers through creating ,delivering and communicating superior customer value’ ‘Marketing is a societal process by which individuals and groups obtain what they want through creating, offering and freely exchange of products and services of value with others’
- 8. SERVICES Software Programmers Car Rental Firms Air Lines Hotels Banks and Lawyers Barbers and Beauticians Management Consultant
- 9. EVENTS Artistic Performance Olympics World Cup Major Trade Events Company Anniversaries
- 10. EXPERIENCES Amusement Park Water Park Theme-Based Restaurant
- 12. PLACES National Parks Wild Life Sanctuaries Religious Places Scenic Beauty Rich History
- 13. PROPERTIES Real Estate Property Stocks and Bonds Bank Market Securities Investment Companies
- 15. INFORMATION Production, Packing and Distribution Information Information in Books Information on Lab Tests
- 16. IDEAS
- 17. NATURE/FEATURES OF MARKETING • Exchange is the essence of marketing. • Marketing is customer/ consumer oriented. • Marketing starts and ends with customers/ consumers. • Modern marketing precedes and succeeds production. • Marketing is goal oriented and the goal being profit maximization through satisfaction of human needs. • Marketing is a science as well as an art. • Marketing is the guiding element of business (It tells what, when, how to produce; Marketing is capable of guiding and controlling business. • Marketing is a system . • Marketing is a process, i.e., series of interrelated functions. Input Process Output
- 18. Why we Need MARKETING ?
- 19. To satisfy NEEDS
- 20. To Satisfy WANTS
- 21. DEMANDS Wants for specific products backed by an ability to pay
- 22. Wants to buy a Mercedes but buys a Maruti Suzuki To Satisfy DEMAND
- 23. For Proper SEGMENTATION Division of Market on the basis of various parameters
- 26. For OFFERINGS & Creating BRAND Name
- 27. Every BRAND carries many ASSOCIATIONS in people’s minds
- 31. Marketing has a very wide scope it covers all the activities from conception of ideas to realization of profits. Some of them as discussed as below: • Study of Consumer Wants and Needs: Goods are produced to satisfy consumer wants. Therefore study is done to identify consumer needs and wants. These needs and wants motivates consumer to purchase. • Study of Consumer behaviour: Marketers performs study of consumer behaviour. Analysis of buyer behaviour helps marketer in market segmentation and targeting. • Product Planning and development : It includes the activities of product research, marketing research, market segmentation, product development, determination of the attributes, quantity and quality of the products. • Branding: Branding of products is adopted by many reputed enterprises to make their products popular among their customer and for many other benefits. Marketing manager has to take decision regarding the branding policy, procedures and implementation programs. • Packaging: Packaging is to provide a container or wrapper to the product for safety, attraction and ease of use and transportation of the product. Scope of Marketing
- 32. Scope of Marketing • Channels of Distribution: Decision regarding selection of most appropriate channel of distribution like wholesaling, distribution and retailing is taken by the marketing manager and sales manager. • Pricing Policies: Marketer has to determine pricing policies for their products. Pricing policies differs form product to product. It depends on the level of competition, product life cycle, marketing goals and objectives, etc. • Sales Management: Selling is a part of marketing. Marketing is concerned about all the selling activities like customer identification, finding customer needs, persuading customer to buy products, customer service, etc. • Promotion: Promotion includes personal selling, sales promotion, and advertising. Right promotion mix is crucial in accomplishment of marketing goals. • Finance: Marketing is also concerned about the finance, as for every marketing activity be it packaging, advertising, sales force budget is fixed and all the activities have to be completed with in the limit of that budget. • After Sales services: Marketing covers after sales services given to customers, maintaining good relationships with customers, attending their queries and solving their problems.