Marketing refers to a social process by which individuals group obtain

what they need and want, through creating offerings and freely
exchanging products and services in value with others
All the products which are of some value to the other can be marketed

FEATURES OF MARKETING

Needs and wants

Creating a market offering

Customer value

Exchange mechanism

FUNCTIONS OF MARKETING

GATHERING AND ANALYSING MARKET

INFORMATION

MARKETING PLANNING

STANDARDISATION AND GRADING

PACKAGING AND KABELLING

BRANDING

PRICING OF PRODUCT

PROMOTION

STORAGE AND WAREHOUSINH

PHYSICAL DISTRIBUTION

Marketing management refers to planning, organising, directing and

controlling activities, which facilitate exchange of goods and services
between producers and consumers or users of products and services
It is both science and art

PROCESS OF MARKETING MANAGEMENT

SELECTION OF TARGET MARKET

CREATE DEMAND FOR THE PRODUCT

CREATE SUPERIOR VALUES

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Marketing mix refers to set of marketing tools that a firm uses to pursue
it marketing objectives in a target market

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 7 P’S
Marketing Mix

Physical
Price
Evidence
Product

Promotion

Processes
Place People

 Product
It means goods or services or anything of value, which if offered to
the market for sale

The concept of product not only relates to the physical product but
also benefits offered by the customer’s point of view. It also
includes the extended product or what is offered to the customers
by way of after sales services, handling complaints etc
The important product decisions include deciding about the
featured, quality, packaging etc

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  Price
It is the amount of money, which the customers have to pay to
obtain the product

It is a crucial element as customers are highly price sensitive and

the level of price affects the level of demand. Marketers have to
analyse the factors determining the price and fix a price for the
products of the firms.

Decisions have to be taken in respect of discounts to customers,

traders etc so that customers perceive the price to be in line with
the value of the product

 Place
Place or physical distribution includes activities that makes the
firm’s products available to the target consumers

It also includes the decisions regarding the selection of

intermediaries and providing support to them by the way of
discounts, promotional campaigns etc

The intermediaries in turn keeps the firm’s inventory of the

products, demonstrate them to the potential buyers, negotiate price
with the buyers, close sales and also service the products after the
sales

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  Promotion
It refers to all such activities that communicate the availability,
features, merits etc of the products to the target customers and
persuade them to buy it
Organisations undertake various promotional activities and spend
substantial money on the promotion of their goods through using
number of tools such as advertising, sales promotion etc

 PEOPLE
People are the basis who forms the company altogether. The
company relies on its people from the sales staff to the managing
director.

Having the right people for the company is a crucial element for its
functioning

 PROCESS
It refers to the flow of activities that the business will follow for its
delivery of service

So as to engage large customers and living upto the mark in terms

of their satisfaction, the process needs to be highly efficient

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  PHYSICAL EVIDENCE

It typically refers to what the customer sees as a whole which

allows the consumers in their decision making as to whether they
should purchase the product or not.

High quality physical evidence creates a positive impact on the

minds of the customers such as brochures etc

THE SUCCESS OF THE FIRM DEPENDS ON HOW WELL THESE

ELEMENTS ARE MIXED TOGETHER TO CRAETE SUPER VAKIR FIR
THE CUSTOMERS AND SIMULTANEOUSLY ACHIEVE THEIR SALES
AND PROFIT OBJECTIVES. THSE ELEMENTS MUST WORK
TOGETHER AND SUPPORT EACH OTHER TO CREATE THE DESIRED
MARKET POSITION

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