MARKETING NOTES

Defnition
The activities of a company associated with buying and
selling a product or service. It includes advertising,
selling and delivering products to people. People who
work in marketing departments of companies try to get
the attention of target audiences by using slogans,
packaging design, celebrity endorsements and general
media exposure. The four Ps of marketing are product,
place, price and promotion.
!arketing can be looked at as
an organi"ational function and a set of processes for
creating, delivering and communicating value to
customers, and customer relationship
management that also benefts the organi"ation.
!arketing is the science of choosing target
markets through market analysis and market
segmentation, as well as understanding consumer
behaviour and providing superior customer value. #rom
a societal point of view, marketing is the link between a
societys material re$uirements and its economic
patterns of response. !arketing satisfes these needs
and wants through exchange processes and building
long term relationships
Selling vs. Marketing
It is necessary to understand the di%erences between
marketing vs selling for a successful marketing
manager. &elling has a product focus and mostly
producer driven. It is the action part of marketing only
and has short ' term goal of achieving market share.
The emphasis is on price variation for closing the sale
where the ob(ective can be stated.
!arketing on the other hand has a wider approach of
which selling is only a part. The parts of marketing are)
*nderstanding the demand +place, type of product,
target customers, etc.,
Place of demand +-ountry, city, any geographic
area,
Production
Packing
Promotion
Pricing
Distribution
&elling
. truly marketing minded frm tries to create value
satisfying goods and services which the consumers will
want to buy. /hat is o%ers for sale is determined not by
the seller but by the buyers. The seller takes his cues
from the buyer and the product becomes the
conse$uence of the marketing e%ort, not vice versa.
&elling merely concerns itself with the tricks and
techni$ues of getting the customers to exchange their
cash for the company0s products, it does not bother
about the value satisfaction that the exchange is all
about
Marketing mix
The marketing mix is a business tool used
in marketing and by marketers. It is fundamentally the
basic concept of marketing, whether done for a small
business or a huge corporations.
The marketing mix is defned in four 1Ps0. These four
1Ps0 are)
PRODUCT: . product is seen as an item that
satisfes what a consumer demands. It is a tangible
good or an intangible service. Tangible products
are those that have an independent physical
existence. /hile include bank or insurance
services, tertiary sector services, etc. It is a
common understanding that what would you
market if you don0t have any product or service to
o%er.
PRICE: The amount a customer pays for the
product. The price is very important as it
determines the companys proft and hence,
survival. .d(usting the price has a profound impact
on the marketing strategy, and depending on
the price elasticity of the product, often it will
a%ect the demand and sales as well.
PLACE: 2efers to providing the product at a place
which is convenient for consumers to access.
3arious strategies such as intensive distribution,
selective distribution, exclusive distribution
and franchising can be used by the marketer to
complement the other aspects of the marketing
mix
PROMOTION: .ll of the methods of
communication that a marketer may use to provide
information to di%erent parties about the product.
Promotion comprises elements such as)
advertising, public relations, sales
organisation and sales promotion.
Marketing environment analsis