Simple definition of marketing

"The science and art of exploring, creating and delivering value to satisfy the needs of a target market at a profit."

                                                                                                                 DR. Philip Kotler




Marketing refers to the activities of business associated with buying and selling of products or services. The customer is the King of the market. Therefore seller must know the needs and wants of the consumer.

What is often marketed?

  • Physical Product
  • Services
  • Ideas
  • Experience
  • Person
  • Place
  • Properties
  • Events
  • Organization


Process of Marketing

  1. Choose a target market.
  2. Getting, keeping as well as growing the customer and also ensures that they keep their customers satisfied.
  3. Develop and communicate superior values to the customer.


Functions of Marketing


Gathering and analyzing market information :  

  • Systematic accumulation of facts and analyzing information.
  • Identify Swot analysis.

Market Planning

  • It should specify the action programs to achieve the goals of an organization.
  • To develop an appropriate market plan and strategy.

Standardization and Grading

  • Grading is the process of classification of products into different groups based on the quality and size of the product.
  • Standardization is the process of setting certain standards for a  product on the basis of its desired qualities.

Packaging and Labelling

  • Packaging refers to designing and developing a package of a product.
  • also protects from the risk of damage.

Branding

  • It helps in the differentiation of a product. The brand name must be unique and easy to remember.

Customer support services

  • It is very effective in increasing the sales of a product.
  • It aims at providing maximum satisfaction and builds brand loyalty.


4P's of Marketing

These are the four essential elements of the marketing mix.
a. Product
b. Price
c.Place/Physical distribution
d. Promotion

PRODUCT: Product is the bundle of utilities that are purchased to satisfy the needs. Product means goods or services 'anything of value' that is offered to the market for sale.
PRICE: Price is the amount of money that customers have to pay for the goods and services he has obtained.
PLACE: Making products available to the consumer at the time of sale.
PROMOTION: Informing the customers about the product and persuading them to buy the sample to the consumers in order to attract them.





Another Important Factor - Advertisement

Advertisement is one of the essential factors of marketing as it helps to promote your idea and encourage the consumer to buy the product by placing ads on media.


How marketing Works?


B2B Marketing: This is referred to as a business to business marketing. It includes the availability of products and services with other companies. Product sold by companies to other businesses is called industrial goods. B2B  services also involve tax consultancy, legal advice, and IT services.

B2C Marketing: This is referred to as business to consumer or direct marketing to consumers. It involves an individual person who purchases goods or services for his/her own consumption.

B2B + B2C Marketing: This involves the above-mentioned concepts. Most large organizations prefer this to realize the target on time and to avoid market risk. 




Post a Comment

0 Comments