Wednesday, April 12, 2017

Introduction to Marketing

Marketing is about identifying and meeting human and social needs.It is the process of communicating the value of a product or service to customer, for selling that product or service. Marketing is a social process by which individuals and groups obtain what they need and want through creating offering and freely exchanging products and services of value with others.

Nature of Marketing
Marketing is a
  • human activity 
  • social-economic activity
  • consumer- oriented process
  • core of marketing is product or service
  • based on exchange
  • both art and science
  • universal activity
Characteristics of Marketing
  • socially pervasive process
  • organisation wide function
  • it is both science and art
  • voluntary exchange of value
  • achievement of organisation objectives and customer needs
  • selection of target markets
  • beneficial to all stakeholders
Scope of Marketing
  1. All decision related to product like size, colour, design, packaging etc. are taken with active participation of marketing department of the company
  2. All the decisions related to the consumers are taken after having studied the consumer's responses with respect to different products,different price and brands
  3. All promotional decisions like choosing type of marketing media are also being taken under marketing activity
  4. An effective after sales services is formulated by the marketing manager in order to satisfy the consumer
Objectives of Marketing
  • Provide satisfaction to customers
  • Increase the demand 
  • Provide better quality product to the customers
  • Create goodwill for the organisation
  • Generate profitable Sales volume

Difference between Marketing and Selling

Marketing includes selling and other activities like various promotional measures i.e. marketing research after sales service etc.
Selling is continued to persuasion of consumers to buy firm’s goods and services

It starts with research on consumer needs wants preferences likes dislikes etc. and  continues even after the sales have actually taken place
Selling starts the production process is over and ends with the money to seller by the buyer
Focus is on earning profit through maximization of customer satisfaction
Focus is on earning profits through maximization of sales
Customer satisfaction is the central point around which all marketing activities revolve
All activities revolve around the product that has been produced
It Is an integrated approach to achieve long term goals like creating , maintaining, and retaining the customers
Fragments approach to achieve short term gain
Stress on the needs of the buyerz
Stress on the needs of the seller
In marketing consumer is the king
In selling product is the king

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