FEATURES OF MARKETING

2. MARKET
The word market is derived from the Latin
word “Marketus” which means merchandise
trade or place of business.
It is a location where buyers and sellers of
goods assemble to facilitate exchange.

3. MARKET
In modern marketing sense, the term market has
a broader meaning. It refers to a set of actual and
potential buyers of a product or service.

4. MARKETING DEFINITION
“Marketing is concerned with the people and
the activities involved in the flow of goods and
services from the producer to the consumer. “ –
American Marketing Association

5. MARKETING DEFINITION
“Marketing is a social process by which
individual groups obtain what they need and
want through creating offerings and freely
exchanging products and services of value with
others. “ –PHILIP KOTLER

6. FEATURES
1)NEEDS AND WANTS
•A need is a state of felt deprivation or feeling of
being deprived of something.
• Needs are basic to human beings and do not
pertain to a particular product
•Wants are culturally defined objects that are
potential satisfiers of needs. ( Ctd..)

7. Marketing integrates customer needs with
organizational objectives. A marketer’s job in the
organization is to identify needs of the target
customers and develop products and services that
satisfy such needs.

8. 2.Creating a market offering
Market offering refers to a complete offer of a
product or service. This means that offer should
include features like size, quality, taste etc. and
should state its price, availability etc. A good
market offer is one developed after carefully
analyzing the need and preferences of potential
buyers.

9. 3) CUSTOMER VALUE
Buyers take a buying decision based on their perceptions
about the value of a product or service in satisfying their
need and the cost element. The job of a marketer, is to
add to the value of the products so that the customer
prefers it in relation to the competing products and
decides to purchase it.

10. Conditions for exchange mechanism
a)Two parties must be present viz, buyer and seller
b). Each party should be capable of offering something of
value to the offer.
c. Each party is capable of communication and delivery.
d. Each party should have freedom to accept or reject
other party’s offer.
e. Each parties should be willing to enter into transaction
with each other’s

11. What can be marketed ?
Anything is of value to the other can be marketed. It can
be a product, service, a person, a place an idea, an event,
an organization experience or properties.
Eg. Physical products : DVD player, Motor cycle, iPods etc.
Services : Insurance, Health care, BPO, computer Education
Ideas : Polio vaccination, family Planning, donation of
blood.
Persons : For election of candidates for certain post.
Experience : Lunch with a celebrity
Place : Visit Kerala “ Gods own country”

12. Who is a marketer?
Marketer refers to any person who takes more
active part in the process of exchange. Marketer is the
manufacturer and/or seller of goods and services to the
customers after identifying their requirements.
Generally the seller is the marketer.eg. Tata, Hindustan
Unilever, KSRTC, KTDC, idea.
Buyer can also be A marketer.
For eg.in situations of rare supply , the buyer may be
taking extra efforts in persuading the
seller to sell the product to him. Thus anybody, who take
more active role in the exchange process can be regarded
as the marketer.

13. MARKETING MANGEMENT
Marketing Management is the management
of marketing functions in an organization. It is the
process of planning, organizing, directing and
controlling the marketing activities of an
organization to satisfy the customers’ need.

14. MARKETING MANGEMENT- DEFINITION
According to American Management Association
the term marketing Management has been defined
as ‘ the process of planning, and executing the
conception, pricing, promotion and distribution of ideas ,
goods and services to create exchanges that satisfy
individual and organizational goals’

15. MARKETING MANGEMENT- DEFINITION
“Marketing management is the art and science of
choosing target markets and getting keeping and growing
customers through creating, delivering and
communicating superior customer values of
management” Philip Kotler

16. Thank you