Marketing Introduction, Features, Objectives, importance

1. MARKETING
Ms. ARATHI M
Assistant Professor
Department of Economics
Ethiraj College for Women

2. CONTENT
2
❏ Features of Marketing
❏ Objectives of Marketing
❏ Importance of Marketing
❏ Difference between selling and
marketing

3. FEATURES OF
MARKETING

4. 4

5. 5
1. Customer focus
The marketing function of a
business is customer-centred.
Marketing- Studies the
customer needs, and goods
are produced accordingly.
The existence of business
depends on human needs..
In a competitive market, the
goods that are best suited to
the customer are the ones that
are well-accepted.
Every activity of a business is
customer-oriented.

6. 2. Customer satisfaction
6
A customer expects some services or
benefits from the product for which
payment is made.
If this benefit is more than the amount paid
to purchase a product, then the customer is
satisfied.
In the long run, customer satisfaction helps
to retain market demand for the particular
product.
It helps achieve business objectives.
Customer satisfaction can be enhanced by
providing value-added services, which
includes providing additional facilities no
cost or less cost.

7. 3. Objective-oriented
7
Different objectives are fixed
at different levels in the
organisation, but the main
objective is to earn profit
along with the satisfaction of
human wants.
Marketing activities undertaken
by sellers make an attempt to find
out the weaknesses in the existing
system, and measures are taken
to improve the shortfalls so that
the objectives are achieved.
All marketing
activities are
objective-
oriented.

8. 4. Marketing is both art and science
8
A specific skill
that is required
in marketing of
any type of
business activity
is Art.
The concept of marketing
includes a bunch of social
sciences such as
economics, sociology,
psychology and law. It
indicates market
operations based on some
principles.
Science refers to
a systematic
body of
knowledge,
based on facts
and principles.
Marketing is an
art as well as a
science.

9. 5. Continuous and regular activity
9
Marketing is an activity
designed to plan, fix the
price, promote and
distribute the products
to the consumer or
users.
At the same time, it also
addresses both the
current and future
consumers.
Thus, it is a continuous
process.
A marketer has to
consistently monitor
environment.
This helps in coming up
with new products.

10. 6. Exchange process
10
Marketing involves
exchange of goods, services
and ideas with money as a
medium.
Exchange takes place
between buyers and sellers.
Most of marketing
activities are mainly
concerned with the
exchange of goods.
Exchange functions such as
distribution, after-sale
services and packaging
help in the exchange
process.
In the exchange process the channels of
distribution and physical distribution play an
important role by creating place utility.

11. 7. Marketing environment
11
Such as Economic policies, market
conditions, and environmental
factors, such as political,
technological, demographic and
international, influence marketing
activities.
A successful marketer needs to
adapt to these changing factors and
adjust the marketing strategies
which suit the new market
developments to earn profit.

12. 8. Marketing mix
12
A combination of four
inputs constitutes the
core of a company’s
marketing system
namely—
product, price, place,
and promotion.
Marketing mix is a flexible
combination of variables.
Marketing mix are influenced by
consumer behavior, trade factors,
competition and government
regulatory measures.

13. 9. Integrated approach
13
Organizational functions such
as production, finance,
operations, research,
purchasing, storekeeping,
customer services and public
relations (PR) are to be
integrated with marketing
activity.
The marketing
activities must be co-
ordinated with other
functional areas of an
organization.
With this integrated development
it will help the marketer in
achieving organizational
objectives. Otherwise, it will result
in organizational conflicts.

14. 10. Commercial and non-commercial
organizations
14
With the concept of societal marketing
which gains importance, and social
marketers are finding useful new ways
of applying marketing principles.
Commercial organizations are also
adopting cause-related marketing to
maintain a long-term relations with
consumers. Marketing is also applicable
in business organizations
such as educational
institutions, hospitals,
religious institutions and
charitable trusts etc.,.Thus, business and non-
business organizations both
are applying marketing
principles into their business.

15. 11. Precedes and follows production
15
Identifying
consumer needs
and wants [aim of
a marketing
manager]
Production
activities takes
place
Marketing
precedes
production
Marketing helps in the distribution of
the goods which follows production
Hence,
production
and marketing
activities are
closely related
to each other

16. OBJECTIVES OF
MARKETING

17. 17

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1. Creation of Demand
The marketing management’s first objective is to
create demand through various means namely
marketing. Marketer should have a perfect
knowledge in finding out the preferences and tastes
of the consumers. Goods and services are
produced to satisfy the customer needs. Demand is
also created by informing the customers the utility
of various goods and services through the way of
marketing.

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2. Customer Satisfaction
The marketing manager must analyse the
demands of customers before offering them any
goods or services. Selling the goods or services
is not that important as much as to satisfy the
customers’ needs. Modern marketing is
customer- oriented. It begins and ends with the
customer. Customer is the king.

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3. Market Share
Every business aims at increasing its market
share in the economy. Example: Pepsi and Coke
both compete with each other to increase their
market share by adopting innovative method like
advertising, packaging, sales promotion
activities, etc. to increase the total sales in the
economy at a global level.

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4. Generation of Profits
The marketing department is the only department in
the organization which generates revenue for the
business. Sufficient profits must be earned as a result
of sale of a product which satisfies the customer
wants. If the product does not satisfy the customer
needs the firm will not earn profit and it will not be
able to survive in the market. Mainly profits are also
needed for the growth and for the expansion of the
firm.

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5.Creation of Goodwill and Public
Image
The another main objective of marketing is to build up the
public image of a firm over a period of time. The marketing
department provides quality products to customers or
users at affordable prices and thus creates its impact on
the customers.
The marketing manager seek to raise the goodwill of the
business by initiating image such a sales promotion,
publicity and advertisement, high quality, affordable price,
convenient distribution outlets, customer service etc..

23. IMPORTANCE
OF MARKETING

24. IMPORTANCE OF MARKETING
24
1) Connecting the link between the consumer and
the producer. Marketing process brings new items
to retail shops, from where the consumers can buy.
2) It helps in Increasing the Living Standard of
People- because of mass production, costs of
production and marketing cost may decrease. This
facilitates in fixing less prices and create a boon to
the society. Thus reduction of prices will increase
the standard of living in the society.

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3) It helps to increase National Income- Efficient system
of marketing reduces the cost to the minimum; this is turn
lowers the prices and the consumers purchasing power
increases. This increases national income in a country.
4) Marketing process increases employment
opportunities. For continuous production, continuous
marketing is needed. Continuous marketing invites numerous
activities and job opportunities are provided to many people.
5) It creates modern cultivators- Thus the farmers get
continous demand and their livelihood is sustained.

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6) It removes the imbalances of supply by transferring the
surplus to deficit area, through better transport facilities.
7) It helps to maintain Economic Stability and Rapid
Development- If production is more than the demand, the
excess goods can be sold at acceptable prices, thus resulting a fall
in prices, and depression creeps in. Similarly, if production is
less than demand, prices shoot up, resulting in inflation.
In such situations, marketing maintain the economic stability by
balancing the two aspects-production and consumption.
8) Marketing includes all activities in the creation
utilities- Form, Place, Time, and Possession.

27. IMPORTANCE OF MARKETING
TO THE INDIVIDUAL FIRMS
27
1) Marketing department generates revenue to
the firm-A firm fulfills its aim only through
marketing. Development of Market is possible from
local to world market. When markets are widened,
sales increases, and thus profit increases.
2) Market section of the firm is the source of
information to the top management for taking
overall decisions in production. The information is
the basis on which decisions will be taken by the
management.

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3) Marketing and innovations are two basis
functions of all business. Change in business on the
basis of requirements of customers--new products, new
methods etc. is more important than running a business
more efficiently. In order to run a business successfully
one should adapt to changing preferences, changing style,
changing fashions etc.
The marketer informs the retailers, retailers inform
wholesalers, and they in turn inform manufacturers of the
product.
4) Marketing facilitates the development of business
and creates employment opportunities for people.

29. SELLING
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Selling is an action which coverts the product of the firm
into cash. Selling is the modern version of Exchange
under the barter system. Selling consists all those
personal and impersonal activities involved in finding,
securing and developing a demand for a given product or
service.
In the words of William J. Stanton Selling is
informing and persuading a market about a
product or service. It is a function of promotion.

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SELLING MARKETING
Emphasises on the product. Emphasises on customer’s
wants.
Sales are the primary motive. Satisfaction of the customer is
primary motive
First production, then selling
take place at a profit without
knowing customer’s needs.
First customer’s need is known
and then production takes place;
then the product is sold at profit.
Internal, company orientation. External, market orientation.
Company’s need is the motive. Buyer’s need is the motive.
Difference between selling and Marketing

31. THANKS! 31