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    Meaning of Marketing

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    kritikanema
    Marketing involves creating customer interest in products and services. It identifies customer needs and satisfies them while also keeping customers. The marketing concept holds that organizational goals depend on understanding customer needs and satisfying them better than competitors. Marketing is defined as the process of anticipating customer requirements and creating value for customers profitably. It involves market segmentation, analyzing the internal and external environment, and developing a marketing strategy using the marketing mix of product, price, place, and promotion.

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    Meaning of Marketing

    Uploaded by

    kritikanema
    250 views7 pages
    Marketing involves creating customer interest in products and services. It identifies customer needs and satisfies them while also keeping customers. The marketing concept holds that organizational goals depend on understanding customer needs and satisfying them better than competitors. Marketing is defined as the process of anticipating customer requirements and creating value for customers profitably. It involves market segmentation, analyzing the internal and external environment, and developing a marketing strategy using the marketing mix of product, price, place, and promotion.

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    Marketing involves creating customer interest in products and services. It identifies customer needs and satisfies them while also keeping customers. The marketing concept holds that organizational goals depend on understanding customer needs and satisfying them better than competitors. Marketing is defined as the process of anticipating customer requirements and creating value for customers profitably. It involves market segmentation, analyzing the internal and external environment, and developing a marketing strategy using the marketing mix of product, price, place, and promotion.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    250 views7 pages

    Meaning of Marketing

    Uploaded by

    kritikanema
    Marketing involves creating customer interest in products and services. It identifies customer needs and satisfies them while also keeping customers. The marketing concept holds that organizational goals depend on understanding customer needs and satisfying them better than competitors. Marketing is defined as the process of anticipating customer requirements and creating value for customers profitably. It involves market segmentation, analyzing the internal and external environment, and developing a marketing strategy using the marketing mix of product, price, place, and promotion.

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    4.

    1INTRODUCTION OF MARKETING
    Marketing is the process by which companies create customer interest in goods or services. It generates the strategy that underlies sales techniques, business communication, and business developments. It is an integrated process through which companies build strong customer relationships and creates value for their customers and for themselves. Marketing management is used to identify the customer, to satisfy the customer, and to keep the customer. With the customer as the focus of its activities, it can be concluded that marketing management is one of the major components of business management. The adoption of marketing strategies requires businesses to shift their focus from production to the perceived needs and wants of their customers as the means of staying profitable. The term marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions. It proposes that in order to satisfy its organizational objectives, an organization should anticipate the needs and wants of consumers and satisfy these more effectively than competitors.

    4.2 Definition of marketing


    Marketing is defined by the American Marketing Association (AMA) 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." Seen from a systems point of view, sales process engineering views marketing as "a set of processes that are interconnected and interdependent with other functions, whose methods can be improved using a variety of relatively new approaches." The Chartered Institute of Marketing defines marketing as "the management process responsible for identifying, anticipating and satisfying customer requirements profitably." Marketing is also defined as "the management process that seeks to maximize returns to shareholders by developing relationships with valued customers and creating a competitive advantage."

    4.3 Market segmentation Market segmentation pertains to the division of a market of consumers into persons with similar needs and wants. As an example, if using Kellogg's cereals in this instance, Frostier are marketed to children. Crunchy Nut Cornflakes are marketed to adults. Both goods aforementioned denote two

    products which are marketed to two distinct groups of persons, both with like needs, traits, and wants. The purpose for market segmentation is conducted for two main issues. First, segmentation allows a better allocation of a firm's finite resources. A firm only possesses a certain amount of resources. Accordingly, it must make choices (and appreciate the related costs) in servicing specific groups of consumers. Market segmentation can be defined in terms of the STP acronym, meaning Segment, Target and Position. 4.3.1Market segments Market segments are group of customers having certain common characteristics. They may have uniformity in employment patterns qualifications, economic status, income, preferences, likes and dislikes or opinion. Classification of market segments

    Geographical
    village-townstate-country region-hillvalley rural-urban

    Demagraphic
    Age occupation income education language

    Psycographic
    Attitude Orientation Autonomy

    4.4 Marketing environment The market environment is a marketing term and refers to all of the forces outside of marketing that affect marketing managements ability to build and maintain successful relationships with target customers. The market environment consists of both the macro environment and the micro environment.

    micro environment

    Marketing environment
    macro environment

    4.4.1 Macro environment The macro environment refers to all forces that are part of the larger society and affect the microenvironment. It includes concepts such as demography, economy, natural forces, technology, politics, and culture.

    4.4.2 micro environment The microenvironment refers to the forces that are close to the company and affect its ability to serve its customers. It includes the company itself, its suppliers, marketing intermediaries, customer markets, competitors, and publics. 4.5Marketing strategy The field of marketing strategy encompasses the strategy involved in the management of a given product. A given firm may hold numerous products in the marketplace, spanning numerous and sometimes wholly unrelated industries. Accordingly, a plan is required in order to manage effectively such products. Evidently, a company needs to weigh up and ascertain how to utilize effectively its finite resources. As an example, a start-up car manufacturing firm would face little success, should it attempt to rival immediately Toyota, Ford, Nissan, Chevrolet, or any other large global car maker. Moreover, a product may be reaching the end of its life-cycle. Thus, the issue of divest, or a ceasing of production may be made. 4.6 marketing mix Marketing mix is a combination of four inputs that constitute the core of organization s marketing system. it consists of a

    list of important elements or ingredients that make up the marketing system. Elements of the marketing mix are often referred to as the "Four P's":

    Product
    consumer produts industrial products services

    Price
    cost recovery pricing market rate pricing price skimming

    Marketing mix
    Place
    Distribution channel Direct sales Indirect sales E-commerce

    Promotion
    Advertising Sales promotion Personal selling Publicity

    Product - A tangible object or an intangible service that is mass produced or manufactured on a large scale with a specific volume of units. Intangible products are service based like the tourism industry & the hotel

    industry or codes-based products like cell phone load and credits.

    Price The price is the amount a customer pays for the product. The business may increase or decrease the price of product if other stores have the same product

    Place Place represents the location where a product can be purchased. It is often referred to as the distribution channel. It can include any physical store as well as virtual stores on the Internet.

    Promotion represents all of the communications that a marketer may use in the marketplace. Promotion has four distinct elements: advertising, public relations, personal selling and sales promotion.

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