MARKETING

UNIT 1 – MARKETING AN INTRODUCTION

1)Define the term market and marketing.

Market
The term Market is derived from the latin word “Marcatus”
which means merchandise or Trade or a place where business is
transacted.The term market in the common usage refers to a place where
actual buying and selling take place or where buyers and sellers
personally meet together to effect purchases and sales.
Market – Definition
“Market includes both place and region in which buyers and
sellers are in free intercourse with one another” – Pyle.J.F
Marketing
Marketing refers to those business functions which are most
directly and primarily concerned with the recognition of demand,the
stimulation of demand and the satisfaction of demand.
Simply, Marketing refers to all those activities which deal with
creation of place,time and possession utilities.
Definition of Marketing
“Marketing is the place of business activities through which
human wants are satisfied by the exchange of goods and services –
Pyle.T.F
2)What is Marketing? What are the difference between Micro and
Macro Marketing?
Marketing
Marketing refers to all those activities which deals with creation
of place,time and possession utilities.
Difference between Micro and Macro marketing
Micro marketing Macro marketing
 It is used target small segment  It is used to target large
of customer with specific needs. segment of customers.
 It focused on narrow market  It focused on wide market
target. target.
 Earning of profit through  Earning of profit through the
customer satisfaction. benefits of the products.
 Product ,place, promotion and  Production process and
price are considered. purchase patterns of the
consumers are to be
considered

3)What are the Objective of Marketing?

Marketing-meaning
Marketing refers to all those activities which deals with creation
of place, time and possession utilities.
Definition
“Marketing is that part of economics which deals with the
creation of time, place and possession utilities” – American marketing
Association.
Objective of Marketing
Following are the objective of the Marketing ,
 The first and foremost objective of marketing is the satisfaction of
Human wants.
 Profit maximisation is the second objective of Marketing.
 Effective distribution of products is the third objective of
Marketing.
 It aims to find sources for further more information concerning the
Market problems.
 To study marketing problems according to circumstances and to
suggest solution.
 To enable manager to access and decide a particular of action.

4)Bring out the importance of Marketing .

Importance of Marketing can be Studied in two heads.
I. Importance of Marketing to the society
II. Importance of Marketing to the firm
Importance of Marketing to the society
Following are the benefits of Marketing to the society
a) Delivers the standard of living
Marketing helps to achieve, maintain and raise standards of
living of the community. The consumers are also benefitted by
getting a variety of goods at a lower price.
b) Increase the national income
Lower cost of distribution and lower prices to the consumers
brings an increase in the national income.
c) Connects the producers and consumers
By the way of marketing connect to the producer of the goods
and services to the consumer.
d) Provide Employment opportunities
A large number of people are needed for performing various
functions of marketing which create large employment.
e) Helps to maintain economic stability
Marketing help to maintain economic stability of the people.
Importance of Marketing to the Firm
Following are the Importance of Marketing to the firm
a)Helps in increasing profits
Marketing helps in increasing the business profit by reducing
the selling cost on the one hand by increase the demand of the product.
b)Helps in Business planning and decision making
Marketing helps in business planning and decision making.
Production is planned according to the sale forecasts.
c)Connecting link between production and consumption
Marketing process livings new varieties, Qualities and
beneficial goods to consumers. Thus it provide a connecting link
between production and consumption.
d)Creates Revenue to the firm
Marketing creates revenue to the firm without this revenue no
production process is possible.
e)Increase volume of sales
 Marketing helps the producers to increase the volume sales.
Large sales volume leads to more production and more profit.

5)What are the difference between marketing and selling.

Selling Marketing
1) Selling refers to creating 1) Marketing refers to finding
products and selling them to wants of people/customer and
customers. fill them.
2) Selling revolves around the 2) Whereas Marketing revolves
needs and interest of the around the needs and interest
seller. of the consumer.
3) It emphasis more on product 3) It emphasis more on
or service. consumer needs and wants.
4) Selling is a only an 4) While marketing is a wider
integrated part of the term consisting of number of
marketing process. activities.
5) Selling is based on short 5) Marketing is based on long
term business planning. term business planning.
6) It manufactures the product 6) It is identifies the market
first. first.
7) It is sales volume oriented 7) It is customer satisfaction
with profit oriented
8) It views business as a goods 8) It views business as a
producing and selling consumer satisfying process.
process.
6)Discuss clearly the modern concept of marketing.
Modern concept of marketing
Modern concepts of marketing are broad concepts. It means
finding out the consumer and make the goods as per their needs rather
than to provide them what the seller has made.
Types of modern marketing
There are 5 modern concepts of marketing which are very important
from the point of view of marketer.
a) Production concept: – The companies which use the production
concept generally focus too narrowly on their own activities
because according to this concept the companies think that
consumer will buy the product which comes in the market.
b) Product concept: – As per this concept companies give
importance to the features or the quality of the product because in
long run the product exists only with the quality it is giving to the
consumer.
c) Selling concept: – it is not sufficient for the manufacturer to made
the goods and wait for the customers. Thus, according to this
concept it is very important to inform the consumer about the
product which can be done through different ways of promotion.
d) Marketing concept: – consumer now a day is treated as “GOD”.
So it is very important for the manufacturer to produce the product
which the consumer wants, so that consumer get satisfaction and
manufacturer earns profit.
e) Societal marketing concept: – this concept means that company
should not only work for the consumer but also for the society. So
the company should make balance between company’s profits,
consumer wants and society welfare.
7)Explain the factors influencing marketing concept.
According to Cundiff and Still, “Marketing is the business
process by which products are matched with the markets and through
which transfer of ownership are effected”. There have been a number of
factors which are responsible for the development of the concept of
marketing.
Factors
1)Population growth
The growth is population has opened a wide field in the
marketing. Increase in population has brought not an increase in demand
but also has created a variety in tastes and preferences.
2)Increase households
The growing number to household has created more demand for
goods. Most of the joint families are divided into a number of small
families, This increases the demand for their products
3)Growth of marketing channels
Management of marketing channels or distribution outlets.
Hence a new philosophy of a marketing gas emerged.
4)Technological Changes
Science and technology are making progress more fastly. The
technological changes have created the demand for more sophisticated
goods and services.
5)Disposal of income
 Automation in industries, birth of many new firm etc. open the
door of employment. With an increase in personal income, employment
and education, the growth in disposable income.
6)Mass communication media
The growth of mass communication media facilitates the buyers
to learn more about the products available for sale.
7)Credit purchases
In order to increase the sales, most of the business firms sell
their products on credit. So customer can enjoy the credit facilities and
this widens the market.

8)List out the advantages of marketing concept

Marketing concept is a set of strategies that the firms adopt
where they analyse the needs of their customers and increase in sales
and profit maximisation.
Advantages
1)Creating jobs
Marketing concept helps businesses and companies to amplify
their growth, create their demands in the market, and attract new
customers

2)Accepting Customers

The welfare of society depends on the welfare and prosperity of

its citizens. When customers are doing well, then it means that the whole
society is doing fine.
3)Meeting Social & Business goals

The effective and smooth running of an organization requires

collaboration among various departments and units.

4)Marketing Strategies

When we talk about creating a marketing strategy, then it

depends on customer market research and the knowledge demands of
customers.

5)Good for society

The ultimate goal of the marketing concept is to satisfy the

needs and demands of customers.

6)Higher business profits

Businesses and companies invest a significant amount of

money in marketing and advertisement in order to create demand among
customers