MARKETINGBY NEENU PAUL

MEANING OF MARKETING

MEANING OF MARKETING

Market , a mean by which the exchange of goods and services takes place as a result of buyers and sellers being in contact with one another , either directly or through mediating agents.

In modern industrial system , the market is not a place; it has expanded to include the whole geographical area in which sellers compete with each other for customers.

TO THIS MARSHALL ADDED:-

The more nearly perfect a market is, the stronger is the tendency for the same price to be paid for the same thing at the same time in all parts of the market.

DEFNITION OF MARKETING

MARKETING DEFNITIONS

The management process through which goods and services moves from concept to the customer.

It consists in co-ordination of four elements called 4p’s.4P’S Called as marketing mix

1.Identification ,selection, development of a product.

2.Determination of it’s price.3.Selection of a distribution channels to

reach the customer’s place.4.Development and implementation of

promotional strategy. As a philosophy, marketing is

based on thinking about the business in terms of customer needs and their satisfaction

WHAT IS A PRODUCT????

A good, idea, methods, information , objects or services that is a end result of a process and serves as a need to satisfier.

LAW:- A commercially distributed goods that is

1. Tangible personal property2. Out put of production process3. The materials passes through a

distribution channel before being consumed or used

WHAT IS DISTRIBUTION CHANNEL???o A path through which goods and

services flow in one direction(from producer to customer).

o And the payment generated by them that flow in the opposite direction(from customer to the producer).

A distribution of channel

A distribution channel can be as short as being direct from the producer to the customer.

May include several interconnected intermediaries such as wholesalers, distributers , agents , retailers.

Each intermediary receives the item at one pricing point and moves it to the next higher pricing point until it reaches the final buyers

MARKETING SYSTEM

For the permanent exchange relationship to exist between producer and customer , some of the institutional structures must be created.

The marketing system in the case of fisherman ,supplying individual in the same village , are relatively simple.

SIMPLE MARKETING SYSTEMS

fisherman

customer

1. Identification of needs

2. Information on the price

3.Product flow

4. Payment flow in currency

Marketing system for a producer and consumer in same location

The industrial revolution resulted in many countries moving away from areas of food production into town cities .

As a result more complex marketing system is formed.

Marketing system for customer located some distance from producer

PRODUCER

INTERMEDIARY

CONSUMERProduct flow Product flow

Price /availability information Price/availability

information

Information flow Information flow

Transaction flow Transaction flow

FUNCTIONS OF MARKETING

Developing the products or services that customers want.

Pricing the products or services correctly

Making the productions or services readily available to the cost.

finally: promoting the products and provide competition in the market.

IMPORTANTS OF MARKETING

7 reasons why market is important.1. Marketing communication creates “

top of mind” awareness.2. Preferred brands command a

premium price – short and long-term.

3. Happy customers not only sent referrals , they create perceived value.

4. Planned marketing communications create a system that can be replicated.

5. Repeat revenue streams ensure a profit now and later.

6. Nothing lasts forever: marketing has to be a long – term investment.

7. Employees who are” brand ambassadors” sell your company to customers and potential buyers.

IMPORTANCE OF MARKETING IN TODAYIT PROMOTES AWARENESS AMONG THE PUBLIC .IT HELPS IN BOOSTING SALES.