Marketing = =~ > It is a Social Process by which (individual Group obtain what they Need and Want, through Creating Offerings and freely Exchanging Products and Service of Value with others. Under modern’concept , marketing Start Before the Production Process and continue even After The been Sold. |Marketing Activities » Firm produce goods not for their own consumption but for the consumption or use by other . @-= ==> » So, in order to Move the Goods and service from Producers to Consumer , number of activities such as Product Designing , Packaging , Warehousing , Transpeneagh, Branding , Selling , Advertising and After Sales Service are required. All these red to as Marketing Activities.2) 3) 4) Features Of Marketing Need & Want Creating a Market Offering Customer Value Exchange MechanismMarketing Management » It is Planning , Organising , Directing and Controlling activities, which facilitates Exchanae or Goods and Service between producer and consumer or users of products and service. » Marketing Management is the art and science of choosing Taraet Markets and Getting , Keeping and Growing customer through Creating , Delivering and Communicating superior Customer Values of management.Marketing management Philosophies — PrOduction| Product Selling Marketing Societal Concept Concept Concept Concept Marketing a = = -- —— Concept Aggressive Focuseson | | ~~ —— selling and need/wants Focuses on promotional target markets | | needs/wantof Consumer ‘Consumer favour products |_| favour products which are , which offer Nath widelyavallable | |/supetiorqualiyy | Jefforsneededto} }) ane delivering} | target markets BR RGhT a aaiteimsnce convincea satisafaction || and society's CF customerto buy | | betterthan Feil affordable. nd features aa eae1.Production Concept » According to Production Concept , profit could be maximised by producing at large scale, thereby reducing the per unit cost of production. » Main focus- large-scale production to reduce the cost. » Limitation-, Availability and Low Price of the product do not ensure increased sale and survival th of the firm.2.Product Concept > According to Product Concept, consumer favour those product , which offer superior quality, performance and features. » Main focus: Quality, Performance and Features of product. » Limitauon; Customer may not buy a product just it is of higher quality unless they need it.°3.Selling Concept » According to Selling Concept, firm believe that Aggressive Selling and Promotionar_éfforts will convince a customer to buy the product. » Main focus: Selling existing product(through Aggressive Sellina and Promotional Efforts). » Limitations : Customers once wrongly persuaded can spoil the firm’s image . So selling concept can Siereedin the short run but not in the long run. _4. Marketing Concept Marketing concept emphasise that firm can achieve the objective of profit maximisation by finding out needs and requirement of customers and satisfying them in an ettective manner. Main focus: Satisfaction of customer’s needs. Aims tc make what the customer wants to buy mee not what a marketer wants to sell._ 5. Societal Marketing Concept » This concept emphasis that along with customer’s satisfaction, due importance should be given to welfare of the customer and tne society. » Main focus: satisfaction of customer needs and society’s well being.Nature of Marketing 1, Dynamic Process: To develop such Pest ae) Remus ‘j—_) See) Eeenren reli Caen nn nets cuns Geek . Customer Oriented: To satisfy needs and wants of present consui and future prospecis. 3. Integrating: It integrates all the departments of an enterprise suc production, finance, IT, HR, etc. 4. All Encompassing: Because it includes production planning. advertising, financial management, budgeting, selling and alNature of Marketing Dynamic Process Customer Oriented All Encompassing Integrating Creative Marketing is an Economic Function Marketing is a Managerial functionScope of Marketing Study of Consumer Wants and Needs Study of Consumer behaviour Product Planning & Development Branding Packaging Pricing Channels of Distribution-eeeeeeee Function of Marketing Marketing Research Product Planning and Development Buying and Assembling Packaging Standardisation and Grading Branding Pricing Promotion of the ProductWhat is Marketed? Goods (Machine, TV, Car, Trucks) Services (Hotels, Barbers, Car rentals) Events (Artist performance, Olympics, Cricket tournament) Experiences (Water Park) Persons (Amitabh Bachchan. Sachin Tendulkar) Places (Tourist Places, Headquarters, Factories) Properties (Real Estate) Organisations (Universities, Museums) Idea (Advertising Companies) Information (Books)Who Markets? Marketer: A Person or Companies that advertise or promote something for selling. Marketplace: is physical, such as store. Marketspace: is digital, shop on internet. Metamarket: cluster of complementary products and services spreatl across different industries. - For Example: Automobile metamarket: Automobile Manufacturers, Financing COmpanies, Insurance Companies, Spare Parts, Service, auto sites ete.