MARKETING Marketing is a process which satisfies the needs and wants if the consumers through the exchange process. Marketing gives lot of importance to the consumer needs, wants & preferences. It first finds out the consumers needs and wants, then satisfies their needs and wants. Marketing is consumer oriented. The main objective of the marketing is not profit maximization is not profit maximization. Its main obj is a balance between consumer satisfaction + social welfare+ profit. “marketing is a human activity directed at satisfying the needs and wants of the consumers through the exchange process.”. – philip kotler
FEATURES• Process• Continuous process• Consumer oriented• Precedes (is done b4) & follows(after) production• Importance to marketing mix• Co-ordinates with other functions• Achieves obj of organization• Target market• Deals with Goods, services & ideas• Importance to social welfare
CONCEPTS OF MAREKTING• Exchange concept• Production concept• Product concept• Sales / selling concept• Marketing or customer Oriented concept• Societal concept
SHORT NOTE : SELLING CONCEPT• According to selling concept, d customers ll not buy nethg by themselves. They must persuaded or induced or coaxed to buy d product. They must be attracted towards the product. If not d customer will not buy the product. So, d company must use aggressive & attractive advertising, publicity, personal selling & sales promotion tools such as discount offers, free gifts, etc to attract the customers towards the product• Selling concept is also called as sales concept. It is not interested in consumer satisfaction• It is also used by NPO such as schools, colleges, etc to get admission, to raise funds & to persuade d public to vote for particular candidate• Philosophy• History• When used• Techniques used• Assumptions• Risky
SHORT NOTE : SOCIETAL CONCEPT• It gives importance to consumer satisfaction + social welfare+ co. profit. It is social oriented.• It is broad, dynamic and socially significant & universally accepted• It is like marketing concept. It finds out & satisfies d needs, wants & interest of the target market. It also fights competition and make profits.• Societal concept gives importance to social responsibilities. It can make it product environmentally friendly• All d marketing policy and practices of the co. must either maintain or improve d well being of the customer & society. Is a new marketing philosophy• Concept improves d image of the co. among customer, shareholders, d financial community & d general public.
Role OF MARKETING MANAGER IN CHANGING MARKETING ENVIRONMENT• To develop marketing policies• To have knowledge of the marketing environment• To follow government rules and regulations• To use latest technology• To protect the environment• To give customer delight• To do customer relationship management (CRM)• To do event marketing• To manage 4 p’s effectively• To give proper after sale services