Marketing involves exploring customer needs to create and deliver value through products and services. It aims to generate revenue by identifying unmet needs, measuring market potential, and satisfying customer needs at a profit. Marketing research systematically collects and analyzes information to help organizations make better decisions regarding identifying problems and opportunities. There are various types of marketing research like surveys, interviews, focus groups, and observation.

1. Concept of marketing
Marketing is the process of exploring, creating, and delivering value to meet the
needs of a target market in terms of goods and services, potential including a selection
of a target audience. Marketing is one of the main primary components of business
management and commerce. In other words the action or business of promoting and
selling products or services, including market research and advertising. In, general
marketing refers to advertising, promoting something The purpose of marketing is to
generate revenue for a brand, company, or organization.
According to Dr. Philip Kotler’s
Defines marketing as “the science and art of exploring, creating, and delivering value
to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled
needs and desires. It defines, measures, and quantifies the size of the identified market
and the profit potential.

2. Concept of Marketing Research
Marketing research is the systematic and objective search for, and analysis of, information
relevant to the identification and solution of any problem in the field of marketing. The
systematic and objective identification, collection, analysis and dissemination of information
for the purpose of assisting management decision-making related to the identification and
solution of problems and opportunities in marketing.
Types of market research are listed below:-
1. Survey
Surveys are a form of qualitative research that asks respondents a short series of open- or
closed-ended questions, which can be delivered as an on-screen questionnaire or via email.
2. Interviews
Interviews are one-on-one conversations with members of your target market. Nothing beats
a face-to-face interview for diving deep, but if an in-person meeting isn’t possible, video
conferencing is a solid second choice.

3. 3. Focus Groups
Focus groups bring together a carefully selected group of people who fit a
company’s target market. A trained moderator leads a conversation surrounding the
product, user experience, and/or marketing message to gain deeper insights.
4. Observation
During a customer observation session, someone from the company takes notes
while they watch an ideal user engage with their product.

4. Key steps in marketing research
Step 1: Locating and Defining Issues or Problems
This step focuses on uncovering the nature and boundaries of a situation or question related to
marketing strategy or implementation. In defining the issues or problems, the researcher should
take into account the purpose of the study, the relevant background information, what information
is needed, and how it will be used in decision making.
Step 2: Designing the Market Research Project
This step is focused on creating a market research plan or overall approach on how you are going
to solve the issue or problem identified. A research plan or approach is a framework or blueprint
for conducting the marketing research project. It details the procedures necessary for obtaining the
required information, and its purpose is to design a study that will test the hypotheses of interest,
determine possible answers to the research questions, and provide the information needed for
decision making.

5. Step 3: Collecting Data
This step revolved around obtaining the information that you will need to solve the issue or
problem identified. Data collection involves a field force or staff that operates either in the field,
as in the case of personal interviewing (in-home, mall intercept, or computer-assisted personal
interviewing), from an office by telephone (telephone or computer-assisted telephone
interviewing), or through the mail (traditional mail and mail panel surveys with recruited
households).
Step 4: Interpreting Research Data
This step is focused on examining the data and coming up with a conclusion that solves the
problem.

6. Marketing Mix
Traditionally, marketing has been described in terms of the classic ‘4ps’
Of the marketing mix – product, price, place and promotion. However,
growth in the prevalence of service-based small businesses is increasingly
moving the focus to an extended marketing mix ( the 7ps ). They are physical, people,
process.
The 7ps are listed below:-
1. Product
• A product is any item or service you sell to serve a customer's need or want. A
product can be physical or virtual. Physical products include durable goods (such as
cars, furniture, and computers) and nondurable goods (such as food and beverages).
• Product have often identified with their brand name to differentiate from other products
in the market
• It most provides value to a customer but doesn’t have to be tangible at the same time

7. 2. Price
• Price is the amount a business charges its customers for its product or service.
Prices are set according to how much a customer is willing and able to pay.
Customers want value for money and this may mean a business needs to set low
prices to generate high levels of sales.
• Plan to raise the price after the brand is established or lower it to highlight the value
of an updated model.
• Price a product lower than competitors to break into a crowded market or attract
value-conscious consumers.
3. Place
This is the ‘place’ where customers make a purchase. This might be in a physical
store, through an app, or via a website. Some organizations have the physical space, or
online presence to take their product/service straight to the customer, whereas others
have to work with intermediaries or ‘middlemen’ with the locations, storage, and/or
sales expertise to help with this distribution.

8. 4. Promotion
Promotion is a type of communication between the buyer and the seller. The seller tries to
persuade the buyer to purchase their goods or services through promotions. It helps in
making the people aware of a product, service or a company. It also helps to improve the
public image of a company. This method of marketing may also create interest in the minds
of buyers and can also generate loyal customers
5. Physical
Physical evidence provides tangible cues of the quality of experience that a company is
offering. It can be particularly useful when a customer has not bought from the
organization before and needs some reassurance, or is expected to pay for a service before
it is delivered. For a restaurant, physical evidence could be in the form of the surroundings,
staff uniform, menus and online reviews to indicate the experience.
6. People
A company’s people are at the forefront when interacting with customers, taking and
processing their enquiries, orders and complaints in person, through online chat, on social
media, or via the call centre. They interact with customers throughout their journey and
become the ‘face’ of the organisation for the customer

9. 7. Process
All companies want to create a smooth, efficient, and customer-friendly journey – and this can’t
be achieved without the right processes behind the scenes to make that happen. Understanding
the steps of the customer journey from inquiring online to requesting information and making a
purchase helps us to consider what processes need to be in place to ensure the customer has a
positive experience.

10. Concept of Operation Management
The area of the management that is concerned with designing and controlling the
process of production and re-designing business operations in the production of
goods and services is termed as operation management.
The operation management works in all kinds of organizations. These can be:
⚫ Primary industries = Agriculture, mining and quarrying
⚫ Secondary industries = Manufacturing and construction
⚫ Tertiary industries = Where all the services are included.

11. Who carries out all these function?
Location Selection
• The location selection is the process that involves the
identification of a suitable region/country. The identification
of an area place within that region and finally comparing and
selecting a site from that area which is organization.
• Good location decision can significantly boost a company’s
long term performance. Poor one costs millions in lost talent,
productivity and capital.

12. Internal Layout
• The layout of an operation or procedure means how its changed
resources are located relative to each other .
• Due to the fact that if the layout shows incorrect, It can lead to over
long. It is a vital decision, client lines, long procedure times,
inflexible operations and high cost.
• Layout needs to Start with a complete appreciation of the objectives
that the layout ought to be attempting to accomplish.
• The goals of any layout will depend on the strategic goals of the
operation. However, there are some basic goals that concerns to all
the operation.

13. Production Process
• It is the process of changing raw material into a finished goods
by using different economic input and resources. It deals with
issue of workflow, inventory, supply management and operating
equipment. Here are some process issues integral to sound
operations management.
• The human process and workflow for creating the product or
service must be structured in a logical, replicable and consistent
manner.
• The supply of raw materials and distribution of finished products
need to be organized so that inputs and output can flow freely.
• The correct operating equipment must be selected to allow the
transformation process to proceed.

14. Service blueprint
Service blueprint visualize organizational process in order to optimize
how a business delivers a user experience.
• Key elements of service blueprint:
• Customer actions
• Front stage actions
• Back stage actions
Service blueprints are companions to customer journey maps. They
help organizations see the big picture of how a service is implemented
by the company and used by the customers. They pinpoint
dependencies between employee facing and customer facing processes
in the same visualization and are instrumental in identifying pain
points, optimizing complex interactions and ultimately saving money
for the organization and improving the experience for its customers.

15. Inventory Management
Inventory management is a systematic approach to sourcing, storing and selling
inventory both raw materials ( components) and finished goods (products).
Inventory management is the process of offering, handling and using a
company’s inventory.
In business terms, inventory management means the right stock at the right time
and at the right cost as well as price.
Importance of inventory management:
• Minimize storage cost
• Boost product availability
• Improve order accuracy
• Balance multiple sales
• Easy tracking of stocks
• Control stock balance