Marketing Management-1

Module-1
Introduction to Marketing
Introduction
Marketing occupies an important position in the organization of business unit. Any business
is likely to be successful when a strong marketing viewpoint or philosophy permeates the
thinking and guides the decision and actions of everyone in the business. A business exists
only to serve people, and marketing is the function that primarily determines –
• What the product or services shall be,
• How it shall be presented, promoted and distributed,
• How it shall be priced.
Marketing is an exciting, dynamic and contemporary field. The fundamental management
issue in marketing is to determine a superior value position from the customer’s perspective
and to ensure that, by developing a consensus throughout the organization, value is
provided, communicated and delivered to the customer group. The core concepts of
marketing are needs, wants and demands which directly affect the identification and
selection of relevant customer values reflected in products, services and ideas that the
organization provides, communicates and delivers in the form of exchanges to build long-
term satisfactory relationships with customers. Marketing can occur any time a person or
organization strives to exchange come thing of value with another person or organization.
Thus, as its core marketing is a transaction or exchange. In this broad sense, marketing
consists of activities designed to generate and facilitate exchanges intended to satisfy
human or organizational needs or wants.
It has been observed that business enterprises are likely to be more successful, when all the
business activities are guided by a strong marketing philosophy which responds to the
following parameters-
• A close association with the customers,
• Customer satisfaction approach than a profit maximization,
• Product experimentation,
• Ethical considerations and social responsibility,
• Providing autonomy to enterprise.
Thus, marketing is the requirement to develop a strategy to cope with competitors, identify
market opportunities, develop and commercialize new products and services, allocate
resources among marketing activities and design an appropriate organizational structure to
ensure the performance desired is achieved
Marketing-Meaning
Marketing is one of the terms in academia that does not have one commonly agreed upon
definition, even after a better part of a century the debate continues. Moving from a
historical perspective, modern marketing has taken new dimensions through various
management approaches. In early days, marketing had been conceptualized as a function of
selling. With the recognition of the difference between marketing and selling, the concepts
tuned more scientific and analytical.
According to American Marketing Association Marketing “is the performance of business
activities that direct the flow of goods and services from producer to consumer or user.”

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According Philip Kotler marketing is “a social and managerial process by which individuals
and groups get what they need and want through creating and exchanging products of value
with others.” (Kotler 1991).
Because of growing importance to business ethics and social responsibility, by 2000 Philip
Kotler had slightly modified this to: “a societal process by which individuals and groups
obtain what they need and want through creating, offering, and freely exchanging products
and services of value with others.” (Kotler 2000)
According to the William J. Stanton “Marketing is total system of business activities
designed to plan, price, promote, and distribute want-satisfying goods and services to
present and potential customer”
Marketing Definitions
Classical Definitions
1. “The performance of business activities that directs the flow of goods and services
from producer to consumer or user.”
2. “Marketing consists of those efforts which affect transfers in the ownership of goods
and services and provide for their physical distribution.”
3. “Marketing may be defined as a set of human activities directed at facilitating and
consummating exchanges.”
Modern Definitions
1. “Marketing is the performance of business activities that direct the flow of goods and
services from producer to consumer or user.” - American Marketing Association
2. “Marketing is a social and managerial process by which individuals and groups get
what they need and want through creating and exchanging products of value with
others.”
- Philip Kotler
3. “Marketing is total system of business activities designed to plan, price, promote, and
distribute want-satisfying goods and services to present and potential customer”
– William J. Stanton
4. Marketing consists of four general activities: (i) Identifying and selecting the type of
customer that the business will cultivate, learning his needs and desires; (ii) Designing
products or services that the firm can sell at a profit in conformity with customers
desires; (iii) Persuading customers to buy at the firm’s offerings; (iv) Storing, moving,
and displaying goods after they leave the production site.
-Oxenfeldt
5. “Marketing is the process of anticipating, identifying and satisfying customer
requirements profitably" - Chartered Institute of Marketing

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What is Marketing Management?

Marketing Management is the art and science of choosing target market and getting,
keeping and growing customers through creating, delivering and communicating superior
customer value”
“Marketing Management is the marketing concept in action”
Marketing management is defined as the process of overseeing and planning new product
development, advertising, promotions and sales.
Marketing management facilitates the activities and functions which are involved in the
distribution of goods and services.
It relies heavily on designing the organisations offering in terms of the target markets needs
and desires and using effective pricing, communication and distribution to inform, motivate
and service the market.” Marketing management is concerned with the chalking out of a
definite programme, after careful analysis and forecasting of the market situations and the
ultimate execution of these plans to achieve the objectives of the organisation.
Further, their sales plans to a greater extent rest upon the requirements and motives of the
consumers in the market. To achieve this objective, the organisation has to pay heed to the
right pricing, effective advertising and sales promotion, distribution and stimulating the
consumers through the best services.
What is Marketed?
Marketing is typically seen as the task of creating, promoting and delivering goods and
services to consumers and businesses. In fact, marketing involves ten types of entities:
goods, services, experiences, events, persons, places, properties, organizations, information
and ideas.
1) Goods: Physical goods constitute the bulk of most countries’ production and marketing
effort. Examples are: refrigerators, television sets, food products, machines etc.
2) Services: As economies advance, a growing proportion of their activities is focused on the
production of services. Examples are: services include the work of airlines, hotels, car rental
firms, barbers, beauticians etc. and professionals such as, Accountants, bankers, lawyers,
engineers, doctors etc.
3) Experiences: By orchestrating several services and goods, a firm creates stage and market
experiences. For examples: travels, climbing Mount Everest etc.
4) Events: Marketers promote time-based events, such as trade-shows, artistic
performance, Asian Games, Sport-events etc.
5) Persons: Celebrity marketing is a major business. To-day, every major film star has an
agent, a personal manager and ties to a public relations agency. For, Example, artists,
musicians, physician etc.
6) Places: Cities, states, regions and whole nations compete actively to attract tourists,
factories, company headquarters and new residents. Further examples: commercial banks,
local business associations, real estate agents, Economic development specialists etc.
7) Properties: Properties are intangible rights of ownership of either real property (real
estate) or financial property (stocks, bonds etc.). Properties are bought and sold, and this
requires marketing.
8) Organisations: Organisations actively work to build a strong, favourable and unique
image in the minds of their target publics. Universities, museums, performing arts
organisations and non-profits all use marketing to boost their public images and to compete
for audiences and funds.

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9) Information: Information can be produced and marketed as a product. This is essentially

what schools and universities produce and distribute at a price to parents, students and
communities. For examples, magazines, encyclopaedias, news-papers etc. supply
information.
10) Ideas: Every market offering includes a basic idea. “In the factory, we make cosmetics; in
the store we sell hope.” Social marketers are busy in promoting such ideas.
Exchange and Transactions
Exchange, which is the core concept of marketing, is the process of obtaining a desired
product from someone from by offering something in return. Exchange is possible when
following five conditions are satisfied:
a) There should be at least two parties
b) Each party has something that might be of value to the other party
c) Each party is capable of communication and delivery
d) Each party is free to accept or reject the exchange offer
e) Each party believes it is desirable to deal with the other party

Exchange is a process, not event. It implies that people are negotiating and moving toward
the agreement. When an agreement is reached, it is transaction. Transaction is the decision
arrived or commitment made. Transaction involves following conditions:
a) At least two things of value
b) Agreed upon conditions
c) A time of agreement
d) A place of agreement
e) A law (legal system) of contract to avoid distrust
Transfer involves obtaining something without any offer or offering anything without any
return. For example, Mr. X gives gift to Mr. Y. Transfer is a one-way process. But, pure
transfer is hardly found in practice. One transfers something with some unexpressed
expectations. Offer of money to beggar is to get the favour of God.

Evolution of Marketing
Marketing is something that affects every one of us every waking moment of our lives –
even though we may not necessarily be conscious of it. The actual term ‘marketing’ may be
a creation of recent history, often associated with the dawn of the 20 th century. However
the actions of marketing date back thousands of years. The practice of marketing is almost
as old as humanity itself. A Market was originally simply a gathering place where people
with a supply of items or capacity to perform a service could meet with those who might
desire the items or services, perhaps at a pre-arranged time. Such meetings embodied many

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aspects of today's marketing methods, although sometimes in an informal way. Sellers and
buyers sought to understand each other's needs, capacities, and psychology, all with the
goal of getting the exchange of items or services to take place.
The rise of Agriculture undoubtedly influenced markets as the earliest means of 'mass
production' of an item, namely foodstuffs. As agriculture allowed one to grow more food
than could be eaten by the grower alone, and most food is perishable, there was likely
motivation to seek out others who could use the excess food, before it spoiled, in exchange
for other items.
In 1960 Theodore Levitt wrote a journal article called Marketing Myopia. This is said to have
really begun the marketing craze. In it he discussed that the big manufacturing industries at
the time were misinterpreting what industry they were part of. Levitt is said to be one of the
founders of the marketing discipline, and contributed to the making of the 4Ps framework
that transactional marketing is based around. In transactional marketing manufacturer use
to concentrate on 4Ps like product, price, promotion, and place. Because of growing
importance to customer, manufacturer started to give importance to long term relationship
with customers. Thus, Relationship marketing is a form of marketing that evolved from
direct response marketing in the 1960s and emerged in the 1980s, in which emphasis is
placed on building longer term relationships with customers rather than on individual
transactions. It involves understanding the customer's needs as they go through their life
cycles. It emphasizes providing a range of products or services to existing customers as they
need them.
In the year 1971 Phillip Kotler introduced Societal Marketing which is an enlightened
concept that holds that a company should make good marketing decisions by considering
consumers' wants, the company's requirements and society's long run interests. These
efforts are now known as Corporate Social Responsibility.
Transactional to Relationship Marketing

Transactional Relationship

One-off Relationship-building
Investment in products Investment in customers Market
Segmentation Customer analysis
Short-term profit Long-term profit

Corporate Orientations towards Market Place

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Evolution of the marketing can be explained with six concepts or five philosophies namely:
1. Production concept
2. Product concept
3. Sales concept
4. Marketing concept
5. Societal marketing concept
6. Holistic Marketing Concept
1. Production Concept
A production-orientated business is said to be mainly concerned with making as many units
as possible. By concentrating on producing maximum volumes, such a business aims to
maximize profitability by exploiting economies of scale. According to Philip Kotler,
production concept holds that “Consumers prefer those products which are widely available
and inexpensive.” Managers of production – oriented businesses concentrate on achieving
high production efficiency, Low costs, and mass distribution. The production era can be
divided into four phases
• Subsistence phase
• Made to order phase
• Early production for market phase
• Mass production for market phase
In subsistence phase families were consuming what they produced for themselves. In this
phase own survival was major concern of the families. Under the made to order phase
products were sold before they were produced. In the early production for market phase
manufacturers started to manufacture products in advance of customer order instead of
waiting for orders. In mass production for market phase manufacturer concentrated of mass
production to get the benefit of the economies of scale. In 21 st century pharmaceutical
companies follow production concept for economies of scale and for distribution
effectiveness.
Limitation In a
production orientated business; the needs of customers are secondary compared with the
need to increase output. Such an approach is probably most effective when a business
operates in very high growth markets or where the potential for economies of scale is
significant.
2. Product Concept
According to Philip Kotler product concept holds that “Consumers favor products that offer
the most quality, performance, or innovative features.” Managers in product oriented
organizations focus their energy on making superior products and improving them over
time. In a product concept, the company pursues product innovation, and then tries to
develop a market for the product. To improve quality and innovation companies
concentrated product engineering. In 21st century consumer durable manufacturers are
following product concept to improve the quality of the product. In this industry customers
are paying price for innovative features even though they don’t expect such features.
Limitation Sometimes
the product concept leads to marketing myopia. Focus on the product, sometimes leads to
the ignorance of the customers’ needs. This situation referred as marketing myopia. By
failing to consider changing technological developments or subtle changes in consumer

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tastes, a product-orientated business may find that its products start to lose ground to
competitors.
3. Selling Concept
According to Philip kotler the selling concept holds that “consumers and businesses, if left
alone, will ordinarily not buy enough of the organizational products. Consumers will buy
products only if the company aggressively promotes/sells these products.” Thus, the sales
orientation stage was characterized by a heavy reliance on promotional activity to sell the
products the firm wanted to make. The selling concept is practiced most aggressively with
unsought goods that buyers normally do not think of buying such as insurance,
encyclopedias etc. Firms practice the selling concept when they have over capacity. Sales-
orientated business pays little attention to customer needs and wants, and does not try
particularly hard to create suitable products or services. Some businesses see their main
problem as selling more of the product or services which they already have available. They
may therefore be expected to make full use of selling, pricing, promotion and distribution
skills.
Selling Concept
Starting
Point Focus Means Ends

Existing Selling and Profits through

Factory
Products Promotion Sales volume

Limitation Pressures
resulted in some organizations made marketing managers to overemphasize on aggressive
selling and they started to adopt deceptive communication programmes. This tactics
become so commonplace that consumers revolted, which led to the birth of consumerism.
4. Marketing Concept
Marketing concept focuses on needs/ wants of target markets and delivering value better
than competitors. According to Philip Kotler the Marketing concept holds “that the key to
achieving its organizational goals consists of the company being more effective than
competitors in creating delivering and communicating superior customer value to its chosen
target markets.” Managers who adopted market orientation recognized that marketing is
vital to the success of their organizations. This realization is reflected in a fundamental
approach to doing business that gives the highest priority. The Marketing concept rests on
four pillars
• Target Market
• Customer needs
• Integrated marketing
• Profitability

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Marketing Concept
Starting
Point Focus Means Ends

Customer Integrated Profits through

Market Customer
Needs Marketing
Satisfaction

Limitation
In satisfying the wants and desires of one segment of market, the marketer may cause harm
to another market. In marketing concept it is difficult to determine the needs and
preferences of the consumers because of the complexities in human behaviour.
Selling V/s Marketing Concept
Selling V/s Marketing Concept
Starting
Focus Means Ends
Point
Market Customer Integrated Profits through
Needs Marketing Customer
Satisfaction

Marketing Concept

Starting Focus Means Ends

Point

Factory Existing Selling and Profits through

Products Promotion Sales volume

Selling Concept

Differences between Selling and Marketing Concept

Selling Concept Marketing Concept
1. Focuses on the needs of seller. 1. Focuses on the needs of buyer
2. Profit through sales volume 2. Profit through customer satisfaction
3. Planning is short term oriented 3. Planning is long term oriented
4. Marketer first makes the product and 4. Marketer first determines the needs and
then figures out how to sell it. wants of the customers and then delivers
the product to satisfy those needs and
wants.
5. Importance to aggressive selling 5. Importance to integrated marketing

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5. Societal Marketing Concept

According to Philip Kotler the Societal Marketing concept “holds that organization’s task is
to determine the needs , wants and interests of target markets and to deliver the desired
satisfaction more effectively and efficiently than competitors in way that preserve the
customers and society’s wellbeing.” It calls upon marketers to build social and ethical
considerations into their marketing practices. There should be balance between company
profits, customer satisfaction, and public interest. In 21 st century most of the company
conducting social responsibility activities to build reputation or image of the organization in
the competitive market.
Societal Marketing Concept

6) The Holistic Marketing Concept

A whole set of forces that appeared in the last decade call for new marketing and business
practices. Companies have new capabilities that can transform the way they have been
doing Marketing.
The holistic marketing concept is based on the development, design, and implementation
of marketing programs, processes, and activities that recognizes their breadth and inter-
dependencies. Holistic marketing recognizes that "everything matters" with marketing—
and that a broad, integrated perspective is often necessary. Four components of holistic
marketing are relationship marketing, integrated marketing, internal marketing, and social
responsibility marketing.
a) Relationship Marketing: Increasingly, a key goal of marketing is to develop deep,
enduring relationships with all people or organizations that could directly or indirectly affect
the success of the firm's marketing activities. Relationship marketing has the aim of building
mutually satisfying long-term relationships with key parties—customers, suppliers,
distributors, and other marketing partners—in order to earn and retain their business.
Relationship marketing involves cultivating the right kind of relationships with the right
constituent groups. Marketing must not only do customer relationship management (CRM),
but also partner relationship management (PRM) as well.
b) Integrated Marketing: The marketer's task is to devise marketing activities and assemble
fully integrated marketing programs to create, communicate, and deliver value for
consumers. The marketing program consists of numerous decisions on value-enhancing

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marketing activities to use. Marketing activities come in all forms. One traditional depiction
of marketing activities is in terms of the marketing mix, which has been defined as the set of
marketing tools the firm uses to pursue its marketing objectives.
c) Internal Marketing: Holistic marketing incorporates internal marketing, ensuring that
everyone in the organization embraces appropriate marketing principles, especially senior
management. Internal marketing is the task of hiring, training, and motivating able
employees who want to serve customers well. Smart marketers recognize that marketing
activities within the company can be as important as, or even more so than, marketing
activities directed outside the company. It makes no sense to promise excellent service
before the company's staff is ready to provide it.
d) Social Responsibility Marketing: Holistic marketing incorporates social responsibility
marketing and understanding broader concerns and the ethical, environmental, legal, and
social context of marketing activities and programs. The cause and effects of marketing
clearly extend beyond the company and the consumer to society as a whole. Social
responsibility also requires that marketers carefully consider the role that they are playing
and could play in terms of social welfare.
Elements/Core Concepts of Marketing
1) Needs, Wants, and Demands: A human need is a state of felt deprivation of some basic
satisfaction. Needs are basically basic like need of food, cloth, and shelter. Wants are
desire for specific satisfiers of basic needs. Wants are form of needs as shaped by culture
and the individual preferences. For example, for satisfying the hunger need, person may
want south Indian food, North Indian food. Wants which are backed by buying power are
referred as demand. The marketer must not only be interested in knowing how many
people want their product but also how many actually have the purchasing power to
purchase.
2) Marketing Offer: Marketing offer is combination of products, services, information or
experiences that satisfy a need or want. Offer may include services, activities, people,
places, information or ideas.
3) Value and Satisfaction: Customers form expectations regarding product. Each and every
product is valued in terms of its customer value. Marketers must deliver value to
consumer’s satisfaction. A satisfied customer will buy again and tell others about their good
experience
4) Exchange, Transactions and Relationships: Exchange is the act of obtaining a desired
object from someone by offering something in return. A Transaction is a trade of values
between two or more parties. One exchange is not the goal; relationships with several
exchanges are the goal. Relationships are built through delivering value and satisfaction
5) Market: The world ‘Market’ is derived from the Latin world ‘Marcatus’ meaning
merchandise, trade, or a place where business is conducted. The term market refers not to a
place, but to a commodity or commodities and buyers and sellers who are in direct
competition with one another. It is a set of actual and potential buyers of a product.
Marketers seek buyers that are profitable.
6) Target Market: Target market is a distinctive category of market which includes market
for company’s goods and services. It refers to a market segment at which a firm directs a
marketing programme.
7) Market Place, Market Space and Meta Market: Market place is physical. Market place is
a physical place where customer purchase goods and services Market space is digital, in

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which customer purchase goods and services through internet. Meta market is a cluster of
complementary product and services that are closely related in the minds of consumers but
are spread across a diverse set of industries. Example: Automobile industry, insurance, bank,
service providers are different industries but they are closely related in the minds of
customers.
8) Segmentation: Segmentation is process of dividing the total market for a good or service
into several smaller, internally homogenous groups. Markets can be segmented on the basis
of geography, demography, psychological aspects of customers. The essence of
segmentation is that the members of each group are similar with respect to the factors that
influence demand. A major element in a company’s success is the ability to segment its
market effectively.
9) Marketers and Prospects: A Marketer is someone seeking response from someone else
and willing to offer something of value in exchange. . Prospect is someone giving response
the marketers offer. Prospect can be customer or consumer.
10) Relationship Marketing: Relationship Marketing is building mutually satisfying long-
term relations with key parties like customers, supplies, and distributors in order to earn
and retain their business.
11) Marketing Channels: Marketing channels are sets of inter dependent organizations
involved in the process of making a product or service available for use or consumption.
These are independent business organization that directly aid in the flow of goods and
services between marketing organization and its market.
12) Supply Chain: Supply chain is a longer channel stretching from raw materials to
components to final products that are carried to final buyers. It represents a total system
perspective of distribution, combining distribution channels and physical distribution. The
core of supply chain is coordinated logistics. It includes Physical distribution (Out bound
logistics), Physical supply (In bound logistics), and reverse logistics.
Supply Chain Management

13) Marketing Mix

Marketing mix is the set of marketing tools; the firm uses to pursue its marketing objectives
in the target market. Marketing mix is the combination of a product, how it I distributed and
promoted and its price. Together, these four components of strategy must satisfy the needs
of the target market and at the same time achieve the organization’s marketing objectives.
Marketing mix includes 4 Ps namely- Product, price, promotion and distribution.
a) Product: Product marketing aspects of marketing deal with the specifications of the
actual good or service, and how it relates to the end-user's needs and wants.

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b) Pricing: This refers to the process of setting a price for a product, including discounts. The
price need not be monetary - it can simply be what is exchanged for the product or service,
e.g. time, or attention.
c) Promotion: Main objective of the promotion is persuasive communication. This includes
advertising, sales promotion, publicity, and personal selling, and refers to the various
methods of promoting the product, brand, or company.
d) Place: Place refers to how the product gets to the customer. This fourth P has also been
called distribution, referring to the channel by which a product or service is sold (e.g. online
vs. retail), which geographic region or industry, to which segment (young adults, families,
business people), etc.
14) Competition: Competition is Rivalry between two companies which are marketing same
product. This is a traditional definition of the competition. In the modern market
competition “is rivalry for consumer disposable income and competitors are companies that
are satisfy the same customer needs”. Competition can be classified into four types namely:
a) Generic Competition
b) Brand Competition
c) Form Competition
d) Industry Competition
a) Generic Competition. Competition between manufacturers of different products which
satisfy the same needs and wants of the customers is called as generic competition.
Example: Manufacturer of soft drink may face competition from manufacturer of mineral
water.
b) Brand Competition. Competition between different brands of different manufacturer
which are identical and satisfy the same needs of customers is called as brand competition.
Example: Competition between Close-up and Colgate.
c) Form Competition. Competition between different products which are providing same
service is called as form competition. Example. Manufacturer of two-wheeler may face the
competition from four-wheeler manufacturers or from cycle manufacturers.
d) Industry Competition. Competition between different companies which are operating in
same industry is called s industry competition. Example: competition between HLL and
Procter and Gamble
According to the Prof. Michael Porter, professor of Hayward university, Organization is
facing five types of competition. Namely-
(i) Inter-segment rivalry
(ii) Threats from new entrants
(iii) Threats from substitute products
(iv) Bargaining power of suppliers
(v) Bargaining power of buyers

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Functions of the Marketing

Marketing is sometimes thought of as simply the process of buying and selling. Its tasks are
much more extensive than this simple description. For a marketing system to be operative
and effective, there are three general types of functions which it must provide.
Functions of the Marketing
Functions of the Marketing
[Link] Functions 2. Physical Functions 3. Facilitating Functions
a) Buying a) Transportation b) a) Financing and risk-bearing
b) Selling Storage and warehousing b) Market information
c) Assembling c) Market research. d)
Packing and packaging
e) Standardization and
grading.
f) Pricing g)
Promotion

1) Exchange Functions
Exchange brings about changes in the ownership of the product. They involve finding a
buyer or a seller, negotiating price and transferring ownership (but not necessarily physical
transfer). These functions take place at the "market" - that is, the physical meeting point for
buyers and sellers at the point of production or via some other means of communication.
a) Buying. It is carried out by all marketers – the manufacturers, wholesalers, retailers, etc.
manufacturers buy raw material for converting them into final product. Wholesalers and
retailers buy goods for the purpose of re-sale.
b) Selling. The primary objective of marketing is to sell the products at a profit. It is the
actual point where transfer of ownership occurs. Sales are concerned with the activities,
which convert the desire into demand.
c) Assembling. Assembling is concerned with the collection of goods of the same type from
different sources at a place for further movement. The main aim of assembling is to bring
the products at a central place in order to disperse them either for production or
consumption purpose.
2) Physical Functions
Physical functions enable the actual flow of commodities through space and time from
producer to consumer and their transformation to a form desirable to the consumer.
Assembling or concentrating the product at convenient points allows its economical
transport. This is a valuable function which is often overlooked in the public perception of
traders. Storage allows the commodity to be held until peak season demand, thereby
stabilizing supply. Processing transforms the commodity into the products desired by the
consumers. Grading and standardization allow the consumer to be more confident of the
characteristics of the good being purchased.
a) Transportation: Transportation is process of transferring goods from one place to
another place. It creates time, place, and form utility. Land, water and air are the principal
means of transport for transporting goods from one place to another. The function of
transport can be as that of a nerve system, through which the blood circulates and keeps
the body working at ease.

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b) Storage and Warehousing: Storage is the process of the preserving products. Warehouse
is the place where goods are stored. Products are preserved from the time of production to
the time of consumption. Storage and warehousing functions are done by the
manufacturers, wholesalers, distributors, retailers to meet demands of the different
markets. These functions are the base for consumers to get the goods.
3) Facilitating Functions
In addition to the exchange and physical function, there is facilitating function. These
functions are classified into
a) Financing and Risk-bearing: Financing and risk-bearing are two important facilitating
functions. The owner of goods at any marketing stage must sacrifice the opportunity to use
the working capital needed to buy those goods elsewhere. Or the owner must borrow that
capital. In either case, capital must be provided by the trader or by some lending source.
Without the willingness to provide the capital and to bear these costs, no stage of the
market chain could function.
b) Market Information: The desired success of marketing depends on correct and timely
decisions. These decisions are based on market information and market intelligence. A
success in marketing to a large extent depends on the volume of information. Modern
marketing must have information of size, location; characteristics of market etc. in order to
facilitate this, information should be collected, analyzed, and interpreted. Most o the major
decisions of business firms are based on the interpretation of the available data.
c) Market Research: Market research is the systematic design, collection, analysis and
reporting of data findings relevant to a specific marketing situation facing the company.
Today, it has become necessary to study systematically the different aspects relating to
marketing process with regard to fulfilling the expectations and needs of the consumer by
the right thing at the right time and at the right place. Market research is concerned with all
those factors which have a direct impact upon the marketing of products and services. It
links the organization with its marketing environment.
d) Packing and Packaging: Packing is wrapping a commodity or bundling it in a way suitable
for transporting, storing and handling. Packaging includes activities of designing and
producing the containers for a product. Packaging involves promoting and protecting the
product.
f) Standardization and Grading: Standardization is the process of establishing standards for
products. Standard is a measure which is generally recognized as having a fixed value.
Standards are determined on the basis of colour, shape, appearance, etc. Grading is part of
standardization. Grading is the division of products into classes made up of units possessing
similar characteristic of size and quality.
g) Pricing. This refers to the process of setting a price for a product, including discounts.
Price is the amount of money charged for a product or service, or the sum of values
exchanged for the benefits of having or using the product or service. Price is the only
element of the marketing mix which generates revenue otherwise all the elements have
cost.
h) Promotion. When a company develops a new product, changes an old one or wants
increase sales of an existing product or service, it must transmit its selling messages to
potential customers. Promotion includes all the tools in the marketing mix whose major role
is persuasive communication. Promotion consists of those activities that are designed to
bring a company's goods and services to the favourable attention of customers. This

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includes advertising, sales promotion, publicity, and personal selling, and refers to the
various methods of promoting the product, brand, or company.
Nature and Scope of the Marketing
American Marketing Association defines Marketing as “the performance of business
activities that direct the flow of goods and services from producer to consumer or user.”
This position has come under attack from various writers. Marketing is not easy to define.
No one has yet been able to formulate a clear, concise nature of marketing that finds
universal acceptance. Marketing is one of the terms in academia that does not have one
commonly agreed upon definition. Even after a better part of a century the debate
continues. This section discusses the general nature of the marketing.
1) Marketing as an Organizational Function
While marketing is central to most organizations, it does not stand alone. Below figure
shows a typical arrangement of functional units within an organization. Each unit has
separate functions, procedures and staff, but they are also integrated within the
organization as a whole. Marketing cannot operate without finance, operations, HRM and
other functions within an organization. When marketing works effectively in concert with
other functional units, the organization has an opportunity to create an efficient corporate
strategy. Unfortunately, though, many organizations operate in a manner that pays only
importance to functional integration. The organization might survive in the short term, but
its longer-term future could be uncertain, as this is an inefficient use of valuable internal
resources. In many cases their collapse has been caused by a lack of functional integration
and a dynamic and sound corporate strategy. Thus marketing activities should be integrated
with all other functional departments of the organization.

2) Marketing as a Process
Marketing is a process that marketing managers execute. In a number of instances, a
marketing manager does not manage people, but manages the marketing process. A
product manager is an example of such a marketing manager; manages the marketing
process for a product within a larger marketing organization. Consumers, see the results of
that process in the form of products, stores, shopping malls, advertisements, sales pitches,
promotions, prices, etc. This process usually involves four phases.

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a) Analysis: Markets must be understood, and this understanding flows from analysis.
Marketing managers spend weeks analyzing their markets before they undertake the
development of marketing plans for influencing those markets.
b) Planning: Once a market is understood, marketing programs and events must be
designed for influencing the market's customers and consumers, and even the firm's
competitors.
c) Execution: The marketing events are executed in the markets: advertisements are run;
prices are set, sales calls are made, etc.
d) Monitoring: Markets are not static entities and thus must be monitored at all times. After
events execute, they need to be evaluated. The planning assumptions upon which the
upcoming events are based must be continually tested; they are not longer true then the
events may need modification.
3) Marketing is Science or Art.
This is a matter of debate. Science is a classified and systematized knowledge. Art means the
application scientific principles to the practical life. In marketing there are many principles,
but application of these principles in modern competitive environment. The field of
marketing has been slow in developing unique body of theory, because it is not a science.
Because of following reasons marketing is regarded as art.
• Marketing principles must be applied to the practical situation based on the
situation.
• The success of the any marketer is depends on his ability and skill.
• Just like other social sciences, marketing also deals with human beings.
• Marketing needs adjustments in its strategy based on the market situation and
consumer behaviour.
• It increases the standard of living of the people.
4) Marketing is Collaboration
The nature of marketing requires marketing managers and professionals to work together
on all aspects of marketing. It is common for the marketing manager to be at the center of a
set of activities being worked on by people within the company (sales force, promotion
manager, product development teams, etc.) and outside the company (ad agencies,
consultants, marketing research firms, etc). Thus marketing managers must spend
considerable time in consultation and collaboration with other people.
Marketing Environment
Marketing environment refers to external and internal factors and forces that affect the
company’s ability to develop and maintain successful relationships with its target
customers. A firm’s marketing environment consists of the factors and forces outside
marketing that affect marketing management’s ability to develop and maintain successful
transactions with the target customers.

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Factors Affecting Marketing Environment

Marketing environment can be classified into two broad categories, namely:
I. External Environment
II. Internal Environment
I. External Environment
The external environment is a set of complex, rapidly changing and significant interacting
institutions and forces that affect the organization's ability to serve its customers. External
forces are not controlled by an organization, but they may be influenced or affected by that
organization. External environment can be classified into two categories, namely.
1. Macro Environment
2. Micro Environment
1) Macro Environment
The external microenvironment consists of all the outside institutions and forces that have
an actual or potential interest or impact on the organization's ability to achieve its
objectives. These factors are external to the firm and are quite uncontrollable. The macro
environment generally consists of following factors namely:
a) Economic Environment
The economic environment consists of factors that affect consumer purchasing power and
spending patterns. Economic factors include business cycles, inflation, unemployment,
interest rates, and income. Changes in major economic variables have a significant impact
on the marketplace. People spend, save, invest and try to create personal wealth with
differing amounts of money. How people deal with their money is important to marketers.
b) Competitive Environment
Adopting the marketing concept means that an organization must provide greater customer
value than its competitors. Being good is not good enough if a competitor is better. It is
impossible for an organization to develop strong competitive positioning strategies without
a good understanding of its competitors and the strengths and weaknesses of the
competitors. In general competitors are those who sell the goods and services of the same
and similar products in the same market. Firm’s competitors include not only the other firms
which are marketing same products but also those who compete for the discretionary
income of the consumer.
c) Technological Environment
The technological environment refers to new technologies, which create new product and
market opportunities. Technological developments are the most manageable uncontrollable
force faced by marketers. Organizations need to be aware of new technologies in order to
turn these advances into opportunities and a competitive edge. Technology has a
tremendous effect on life-styles, consumption patterns, and the economy. Advances in
technology can start new industries, radically alter or destroy existing industries, and
stimulate entirely separate markets. The rapid rate at which technology changes has forced
organizations to quickly adapt in terms of how they develop, price, distribute, and promote
their products.
d) Demographic Environment
Demographics tell marketers who current and potential customers are; where they are; and
how many are likely to buy what the marketer is selling. Demography is the study of human
populations in terms of size, density, location, age, sex, race, occupation, and other
statistics. Changes in the demographic environment can result in significant opportunities

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and threats presenting themselves to the organization. Major trends for marketers in the
demographic environment include worldwide explosive population growth; a changing age,
ethnic and educational mix; new types of households; and geographical shifts in population.
e) Cultural Environment
Social/cultural forces are the most difficult uncontrollable variables to predict. It is
important for marketers to understand and appreciate the cultural values of the
environment in which they operate. The cultural environment is made up of forces that
affect society's basic values, perceptions, preferences, and behaviors. Changes in
social/cultural environment affect customer behavior, which affects sales of products.
Trends in the cultural environment include individuals changing their views of themselves,
others, and the world around them and movement toward self-fulfillment, immediate
gratification, and secularism.
f) Political and Legal Environment
Organizations must operate within a framework of governmental regulation and legislation.
Government relationships with organizations encompass subsidies, tariffs, import quotas,
and deregulation of industries. The political environment includes governmental and special
interest groups that influence and limit various organizations and individuals in a given
society. The major purposes of business legislation include protection of companies from
unfair competition, protection of consumers from unfair business practices and protection
of the interests of society from unbridled business behavior. The legal environment
becomes more complicated as organizations expand globally and face governmental
structures quite different from those within the home country. The marketing activities
flourish when there is a stable govt. in the economy on the other hand if the Govt. is
unstable and doubtful, it will demoralize the business and may adversely effect on its
performance.
2) Micro Environment
The external microenvironment consists of forces that are part of an organization's
marketing process but are external to the organization. The micro environment is a
company’s immediate environment and that affect the company’s ability to produce goods
and services and serve consumers. Known as task environment or operating environment.
The micro environment generally consists of following factors namely:
a) Suppliers
Suppliers are organizations and individuals that provide the resources needed to produce
goods and services. They are critical to an organization's marketing success and an
important link in its value delivery system. Marketers must watch supply availability and
monitor price trends of key inputs. If there is a breakdown in the link between the
organization and its suppliers, the result will be delays and shortages that can negatively
impact the organization's marketing plans. On the other hand, positive and cooperative
relationships between the organization and its suppliers can lead to enhanced service and
customer satisfaction.
b) Marketing Intermediaries
Like suppliers, marketing intermediaries are an important part of the system used to deliver
value to customers. Marketing intermediaries are independent organizations that aid in the
flow of products from the marketing organization to its markets. The intermediaries
between an organization and its markets constitute a channel of distribution. These include
middlemen (wholesalers and retailers who buy and resell merchandise). Physical

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distribution of firms helps the organization to stock and move products from their points of
origin to their destinations. Warehouses store and protect the goods before they move to
the next destination. Marketing service agencies help the organization target and promote
its products and include marketing research firms, advertising agencies, and media firms.
Financial intermediaries help finance transactions and insure against risks and include
banks, credit unions, and insurance companies.
c) Customers
A business exits only because of its customers. A company may have different categories of
customer like individuals, households, Industries and other institutions. Depending on a
single customer is risky because it may place company in poor bargaining position.
d) Publics
A public is any group that has actual or potential interest in or impact on company’s ability
to achieve its objectives. It is the duty of the company to satisfy the people at large, which is
necessary for future stay and growth. In order to build goodwill and seek favorable response
from the public, it is necessary for the firm to satisfy the needs of the public as well.
II. Internal Environment
Internal environment factors are controllable factors. These come within the organization
and under the control of the organization. These factors constitute the strength and
weaknesses of the organization. It is very necessary that the firm should develop its
strengths and then relate them with the opportunities existed in external environment.
Internal environment factors can divided as follows-
a) Value System: Value system is an informal term that includes all forms of value that
determine the health and well-being of the firm in the long run. Business value expands
concept of value of the firm beyond economic value (also known as economic
profit, economic value added, and shareholder value) to include other forms of value such
as employee value, customer value, supplier value, channel partner value, alliance partner
value, managerial value, and societal value. Many of these forms of value are not directly
measured in monetary terms.
b) Vision Mission and Objectives: The terms, vision, mission, goals and objectives have
great importance in management literature. Understanding these terms will not only lead a
person to get the conceptual meaning being associated with them, but it will also be
complementary in many ways. Being used across an enterprise, the aforementioned terms
have a lot to do with a business having a significant impact on both short term and long
term success of a business including its performance and processes.
c) Organizational Structure: The typically hierarchical arrangement of
lines of authority, communications, rights and duties of an organization. Organizational
structure determines how the roles, power and responsibilities are assigned, controlled, and
coordinated, and how information flows between the different levels of management.
d) Human Resources: The resource that resides in the knowledge, skills, and motivation of
people. Human resource is the least mobile of the four factors of production, and
it improves with age and experience, which no other resource can do. It is therefore
regarded as the scarcest and most crucial productive resource that creates the largest and
longest lasting advantage for an organization.
e) Company Reputation: The collective assessments of a corporation’s past actions and
the ability of the company to deliver improving business results to
multiple stockholders over time. Many businesses assess corporate reputations using

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financial soundness, quality of management, products and services and market

competitiveness as the criteria for ranking.
f) Financial strength: Business financial strength is of vital concern to business owners,
corporate managers, investors and lenders. Efficiency and cost control are keys to success
in many companies throughout the United States and the world. There are many ways to
measure the financial strength of a company. The key is identifying the right measurement
tools for the company, taking into consideration: the industry, stage of life cycle, time
horizon, business objectives, and economic conditions.
g) Production system: It is manufacturing system that includes all functions required
to design, produce, distribute, and service a manufactured product.
Environmental Scanning
Environmental scanning is a Process of collecting information about the forces in the
business environment and assessing, interpreting the information to take effective
managerial decision. Environmental scanning is also called as environmental analysis. It is
necessary for organizations to understand the environmental conditions because they
interact with strategy decisions. It Includes SWOT analysis
• S - Strength
• W - Weaknesses
• O - Opportunities
• T - Threats
To identify strength and weaknesses a firm has to analyze internal environment and identify
opportunities and threats firm has to analyze external environment. Environmental analysis
helps organization to develop broad strategies and long-term policies of the firm. It also
helps in development of action plans to deal with technological advancements. It foresees
the impact of socio-economic changes at the national and international levels. It helps in
analysis of competitor’s strategies and formulation of effective counter measures.
Process of Environmental Scanning
Following are the steps involved in environmental scanning:
1) Identification of Relevant Environmental Variables: All environmental variables do not
have the same relevance to all the industries. A variable that is relevant to one industry may
not be relevant for another. It is essential to identify the critical environmental variables and
to predict their future trends. Marketers must determine which variables are most
important for their particular industries and firms to monitor.
2) Collection of Information: It Involves identification of sources of information,
determination of the types of information to be collected, selection of methods of data
collection etc. Information can collected from primary data sources and secondary data
sources.
3) Forecasting: Decision making requires a future orientation. Forecasting is concerned with
developing projections of the direction, scope and intensity of environmental change.
4) Monitoring: The characteristics of the variables or their trends may undergo changes.
New variables may emerge as critical or the relevance of certain variables may decline. It is
necessary to monitor such changes. Some time it is necessary to re-collection of information
and re-forecasting
Techniques used in environment analysis
Environmental analysis is a very important part of decision making. Managers need to take
this aspect of taking decisions very seriously. It has been proved time and time again that

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decisions that are made from gut feelings or instincts may not work how the manager
envisioned it to work out. It is always better for analysis to be done and different scenarios
to be worked out to see how a decision can work out. This reduces the risk associated with
taking decisions. There are many strategic analysis tools that a firm can use, but some are
more common.
SWOT Analysis
A study of the internal and the external environment is a critical component of the strategic
planning process. The firm’s internal environmental factors can be classified as strengths (S)
or weaknesses (W), and those factors which act as external agents to the firm can be
classified as opportunities (O) or threats (T). This is called SWOT analysis.
a) Strengths: A resource advantage relative to competitors and the needs of markets firm
serves.
b) Weaknesses: A limitation or deficiency in one or more resources or competencies relative
to competitors.
c) Opportunities: A major favorable situation in a firm’s environment.
d) Threats: A major unfavorable situation in a firm’s environment.
2) PEST Analysis
PEST analysis identifies the external forces that affect the organization such as Political,
Economic, Social and Technological drivers. It is very useful for the organization when used
together with other tools such as the SWOT analysis.
a) Political Factors: These factors may have a direct or an indirect impact on the way the
organization operates. Laws made by the government may have a huge impact on the way
business is conducted by the organization.
b) Economic Factors: Economic factors such as the market prices and market cycles which in
turn affects the buying power and the behavior of the organization’s customers.
c) Sociological Factors: Sociological factors include the lifestyles, demography
characteristics, and the cultural habits and characteristics of the customers. These factors
have a huge sway on the requirements and desires of the customers and also affects the
size of potential markets.
d) Technology Factors: Technological changes have an important role in modeling how
organizations operate with the resources that they have. Technology is a factor which is very
important to gain a competitive advantage over the closest competition. Technological
innovations can also improve the efficiency of production, speed and quality. Evolving
technologies will change how organizations operate.
3) PESTLE Analysis
PESTLE analysis consists of various factors that affect the business environment. Each letter
in the acronym signifies a set of factors. These factors can affect every industry directly or
indirectly. The letters in PESTLE, also called PESTEL, denote the following things:
▪ Political factors
▪ Economic factors
▪ Social factors
▪ Technological factors
▪ Legal factors
▪ Environmental factor

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4) Porter’s Five Forces Model Analysis

Michael Porter is credited for his five forces model of competitive strategy. The power of
each of these forces varies from industry to industry, but taken together they determine
long-term profitability. These five factors will affect the strategies which will be adopted by
the organization and hence should be carefully analyzed. To be successful, the organization
must respond in an effective manner to the environmental pressures exerted on it.
The five forces are environmental forces that impact on a company’s ability to compete in a
given market. The purpose of five-forces analysis is to diagnose the principal competitive
pressures in a market and assess how strong and important each one is.

Marketing to the 21st Century -Opportunities

Marketing in the 21st century is very different from its early beginnings. Today’s marketers
have more choices in terms of support, media opportunities, and communications. They
also have more competition from varied sources, especially as the Internet has made it
possible for companies around the globe to compete virtually. The 21st century has seen the
advent of the new economy, thanks to the technology innovation and development. To
understand the new economy, it is important to understand in brief characteristics and
features of the old economy. Following are the some of the change that can be found in the
21st century:
1) A Substantial Increase in Buying Power: Buyers today are only a click away from
comparing competitor prices and product attributes. They can get answers on the internet
in a matter of seconds. They don’t need to drive to stores, parks, wait on line and hold
discussions with salespeople. They have the comfort of doing all that through the internet
2) A Greater Variety of Available Goods and Services: Today, a person can order almost
anything over the internet: furniture, washing machines, Books, etc. Moreover buyers can
order these goods from anywhere in the world which helps people living in countries with
very limited local offerings to achieve great savings. It also means that buyers in countries
with high prices can reduce their costs by ordering in countries with lower prices
3) A Great Information about Practically Anything: People can read almost any newspaper
in any language from anywhere in the world. They can access on-line encyclopedias,
dictionaries, medical information, consumer reports, moving ratings and other information
sources

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4) A Greater Ease in Interacting and Placing and Receiving Orders: Today’s buyers can place
orders from home, office, or mobile phone 24 hours a day, 7 days a week, and the orders
will be delivered to their home or office quickly.
5) An Ability to Compare Notes on Products and Services: Today’s customers can enter a
chat room centered on some area of common interest and exchange information and
opinions.
6) More Communication Choices: The 21st century offers many choices for marketing
communications. Companies still have access to traditional tools, such as newspapers, radio,
and television, but also have a wide range of online tools, including social media. More
choices are a good thing; they present opportunities to connect with more people in
different ways than ever before. More choices also represent challenges, however. Staying
on top of the many options available can be time-consuming and sometimes costly.
7) More Creative Options: Technology has offered not only more options for sharing
marketing messages, but more selections for creating these messages as well. Today’s
marketing personnel can use a range of tools to enhance communications through graphics,
sound, and movement. Inexpensive video cameras mean marketers can create do-it-
yourself media that saves both time and money. Be careful, as the quality of created
materials needs to be consistent with the desired brand image.
8) Social Media Streamlines Word-of-Mouth: Word-of-mouth has always been an
important factor in successful marketing efforts, but social media makes this method even
more of a factor. Consumers have the ability to interact with millions of people in the 21 st
century, in sharp contrast to the days when information was shared over the backyard
fence.
9) Tried and True Marketing Techniques Still Work: Despite the many new opportunities
available to marketers in the 21st century, tried and true marketing techniques still work.
Ultimately, successful marketing is about identifying a target market, understanding its
needs, and communicating the business’ compelling messages through multiple channels.
These marketing messages all convey how consumer needs can be met by the business’
products and services.
Marketing to the 21st Century -Challenges
The 21st century has seen the advent of the new economy, thanks to the technology
innovation and development. To understand the new economy, it is important to
understand in brief characteristics and features of the old economy.
Industrial revolution was the start point of the old economy with focus on producing
massive quantities of standardized products. This mass product was important for cost
reduction and satisfying large consumer base, as production increased companies expanded
into new markets across geographical areas. The old economy had the organizational
hierarchy where in top management gave out instructions which were executed by the
middle manager over the workers.
1) Marketing and new technologies: The information and communication technology
revolution, with the global diffusion of the internet and the proliferation of advanced
interaction technologies (e.g. mobile devices such as laptops, smartphones, tablets, etc.),
has deeply changed every sphere of life. The advancement of new technology, particularly
the Web 2.0, is redefining interactions among individuals as well as relationships between
producers and consumers.
The research track is looking for submissions on, but is not limited to, the following topics:

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• Digital and social media marketing;

• Internet and mobile marketing;
• Consumer behaviour and new technology
• Marketing and innovation;
• Marketing and smart-life
• E-commerce.
2) Marketing and international competition: The globalization of markets has changed the
rules of competition. The loosening of barriers to trade may present threats to the firm,
since domestic markets are opening up to foreign competition, but may also offer huge
growth opportunities on global, traditional or emerging markets. In the new competitive
environment even the smallest firm is global. Internationalization has become a condition of
survival and growth. Firms are asked to develop marketing processes that are globally
integrated and locally responsive.
3) Marketing and societing: The environmental, political, social and cultural changes that
affected the world in the last decades, together with the crisis of production and
consumption patterns and the evolution of lifestyles caused a rethinking of the traditional
marketing paradigm. Marketing is evolving towards a new view of service delivery that has
been inspired by the need to create economic and social value for the customer. The new
paradigm has gained a place in the management of all kind of organization, including
cultural and public services. The typical today’s consumer is better informed, critically-
minded and cares about the environment. He looks for authentic offers, he is health-
conscious and looks for products that offer material and intellectual well-being and a better
quality of life. He is a responsible consumer, caring for sustainability and waste reduction.
Therefore companies are more and more developing public engagement strategies and
embracing corporate social responsibility to achieve economic success and social progress.
According to the recent sharing economy logic, marketing may contribute to increase social
and economic value in different ways: i.e. conceiving new products and new markets, new
business models focused on social needs, on the small scale of the activity and on the value
of handmade production, thus increasing productivity and innovation inside the
environment in which the company acts.
4) Rapid Globalisation
Technological and economic developments continue to shrink the distances between
countries. World is becoming global village due to advancement in the connecting
technologies. The world is shrinking rapidly with the advent of faster communication, and
transportation, and financial flows. In the Twenty First century, firms can no longer afford
to pay attention only to their domestic market, no matter how large it is. Many industries
are global industries, and those firms that operate globally achieve lower costs and higher
brand awareness. At the same time, global marketing is risky because of variable exchange
rates, unstable governments, protectionist tariffs and trade barriers, and other prohibitive
factors.
5) The New Marketing Landscape: The new marketing landscape is a dynamic, fast-
paced and evolving function of all these changes and opportunities. More than ever there is
no static formula for success. Customer is known as the king in the marketing and all efforts
of the organization rate directed towards the customer satisfaction this provides
new landscape to the marketing and development of the connecting technologies
are playing primary role in this concern.

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6) Creation of unique value with customers and Personalized Marketing: Classical

(traditional) or transactional marketing (characterized by 4 instruments of marketing mix –
"4P") is considered to be insufficient in hypercompetitive business environment. That is to
say, a good product is necessary, but it is not sufficient for a success at the marketplace.
Co󰀭creation of the unique value with customers and personalized marketing are necessary.
Co󰀭creation of the unique value with customers changes traditional roles of an organisation
and customers. According to the new concept of co󰀭creation of unique value with
customers, customers have an active role in the creation of values.
Questions
3 Marks
1) What is marketing?
2) What is Marketing Management?
3) What is marketed?
4) What do you mean by Exchange?
5) What is a transaction?
6) What is a transfer?
7) Define Needs, Wants, and Demands
8) What is Marketing Offer?
9) What is Market?
10) What is Target Market?
11) What is Market Space?
12) Define Meta Market
13) What do you mean by Segmentation?
14) What is Relationship Marketing?
15) What is Marketing Channels?
16) What is Supply Chain?
17) Define Marketing Mix
18) Define Competition
19) What is Marketing Environment?
20) What is Environmental Scanning?
21) What is SWOT?
22) What is PESTLE?
23) What ethics?
25) What is Marketing Ethics?
7 Marks
1) List out Product and Customers oriented definitions of Marketing.
2) Explain Production Concept
3) Explain Marketing Concept.
4) Explain Product Concept.
5) Explain societal concept.
6) What are the differences between selling and marketing?
7) What is the Internal Environment factors affecting marketing?
8) What are the different elements of micro environment?
9) Explain process of Environmental Scanning
10) Write a note SWOT Analysis.
11) What are the different elements of PEST Analysis?

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12) What are the different elements of PESTLE Analysis?

13) Write a note on Porter’s Five Forces Model Analysis.
10 Marks
1) What is Marketed?
2) What are the Corporate Orientations towards Market Place?
3) Explain in detail Holistic marketing concept.
4) Explain different Core Concepts of Marketing.
5) Explain nature and scope of marketing.
6) What are the different functions of the Marketing?
10) What are the factors Affecting Marketing Environment?
11) What are the different elements of Macro Environment?
12) What are the different techniques used in environment analysis?
13) What are the opportunities to be grabbed in marketing in 21 st century?
14) Explain 21st Century Marketing Challenges

***

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