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1.CORE CONCEPTS OF MARKETING

The concepts are:- 1. Needs 2. Wants 3. Demand 4. Customer Value 5. Exchange 6.

Customer and Consumer 7. Customer Satisfaction 8. Customer Delight 9. Customer
Loyalty 10. Marketing V/s Market.

The core concept of marketing is a social and managerial process by which individuals
or firms obtain what they need or want through creating, offering, exchanging products of
value with each other.

1. Needs:

Needs are the basic requirements which human beings require for existence. These
mainly consist of air, water, food, clothing and shelter. Along with these needs, some
other needs which are required to be satisfied are education, medical care,
entertainment, and recreation. It is a difficult task for a marketer to identify the needs of
the customers since costumers may not be conscious of their needs, and even if they
are, then they might be unable to put forth their needs clearly.

The notion that marketer creates needs is wrong. The need actually pre-exists in the
market; the marketer just has to identify these needs, make the customers aware of
these needs, and make the customers believe that only their company can satisfy these
needs.

The needs can be further classified into 5 types as:

(i) Stated Needs:

These are the clearly defined needs of the customer; i.e. the customer clearly tells his
needs to the company. These are the parameters that the customer defines to the
marketer of the product. They are the easiest to deal with since through the stated needs
the marketer actually knows what the customer wants from them. For example, a
customer may ask for an inexpensive fridge.

(ii) Real Needs:

These are the actual needs of the customers which he may not be able to pinpoint to the
salesperson. In this case, salesperson has to ask questions to the customers to find out
the exact nature of the stated need by the customer. From the above example – if a
customer says that he wants an inexpensive fridge, he might be saying that he needs to
buy a fridge which consumes less electricity and thus save the electricity cost. In this
case the word “inexpensive” means that the initial cost might not be less but the
operating cost should be less; and for this the seller needs to ask specific questions to
understand the actual requirement of the customer.

(iii) Unstated Needs:

These are the benefits which are not asked by the consumers but they expect them
naturally with the products/services offered. E.g. Customer expects good service from
the showroom dealer from where he is going to purchase the fridge.

(iv) Delight Needs:

When a customer gets more than what he needs and if that makes him happy, then it is
called as delight needs. These needs help the marketer to cross the expectation level of
the customer. E.g. If the dealer provides the customer with free movable fridge trolley
and free fridge cover on purchase of fridge then the customer will be delighted.

(v) Secret Needs:

These are the needs which customer does not want to disclose but still gives indication
to have it from the seller. E.g. The customer wants his friends to see him as a savvy
customer and gain a social status for himself after buying the fridge.

2. Wants:

The wants are a step ahead of needs and are largely dependent on the human needs. A
need becomes a want when a need is directed to a specified object. Wants are designed
according to the taste and preferences of the society.

Needs already exists in the market; however, wants may be created by the marketers. It
can also be said that Need and Want are relative terms because a product may be
considered to be a need by someone but it may also be perceived as a want by others.
E.g. To have a food is a basic need of human beings but to have biscuits for food is a
want created by the marketers.

3. Demand:

A demand is generated when a customer is willing to buy a particular product and has an
ability to pay for it. A company should study not only how many people want their
product but also how many would actually afford to buy the product. E.g. Many people
would be desirous to buy Ferrari car; however, there is only a small segment which can
afford to buy it which reflects the demand for Ferrari car in the market.

Demand = Willingness to pay + Ability to pay

4. Customer Value:

Value reflects the sum of the perceived tangible and intangible benefits and costs to
customers. Here the costs include both economic and non-economic costs whereas
benefits include both tangible as well as intangible ones. A product or services is
successful when it delivers value and satisfaction to the buyers. Value is usually a
combination of quality, service, and price.

Value increases with quality and service and decreased with price. A value is a relative
term as perceived benefit for one person may not be a benefit for others. Value changes
based on time, place, and people in relation to changing environmental factors. It is a
creative energy exchange between people and organizations in our marketplace.

Companies try to figure out the list of add-on benefits that they can provide based on the
taste and preferences of the customers. A high value product not only helps the
company to generate new customers but also helps to retain the older ones. Eg. Online
parcel tracking facility provided by the courier companies without any additional cost can
be one of the best examples of customer value. The same goes for free delivery of
products purchased through online shopping portals.

5. Exchange:

It is act of obtaining an object which one needs from another by offering some other
thing in return. Marketing occurs when individuals decide to satisfy needs and wants
through exchange. Marketing helps to create a business environment where exchange
of value can take place.

For an exchange to happen:

(i) There should be at least two parties involved for any kind of exchange.

(ii) Each party must have something or other that interests the other party.

(iii) Each party must be willing to have an exchange with other party and must have a
desirable or atleast acceptable opinion about the other party.

(iv) Each party must be totally free from any obligation regarding accepting or denying
the offer.
(v) Each party must be able to communicate and deliver the product as per the
requirement of the other.

Eg. A man visiting a fast food chain might have enough money to buy a burger while the
fast food chain should have a burger. If the customer in the fast food chain shop cannot
make himself understood, or if he decides he does not want a burger, or if he does not
have quite enough money to buy the burger, then there will be no exchange. If all of the
needed conditions are met then there will be an exchange of money for burger.

6. Customer and Consumer:

Customers and consumers are used interchangeably to define the same individual but
there is a difference. The path of the product, after it is purchased, differentiates the
customer from a consumer.

If an individual purchases an item for his own use, then that individual is a consumer;
however, if the individual buys the product as a gift or purchases it for someone else for
any reason then the person purchasing that product is the customer and the person who
will use the product or benefit from its purchase is the actual consumer. The customer
can be a consumer but a consumer may or may not be a customer.

Eg. If a person buys a bike for himself then he is the customer as well as consumer of
that bike but if a father purchases a bike for his son then the father will be customer and
the son the consumer.

7. Customer Satisfaction:

Satisfaction reflects a person’s judgment of product’s perceived performance in

relationship to expectations. Customer satisfaction with a purchase depends on how well
the product’s performance lives up to the customer’s expectations.

(i) If the performance falls short of expectations, the customer is dissatisfied.

(ii) If it matches expectations, then the customer is satisfied.

(iii) If it exceeds the expectations, then the customer is delighted.

In short:

Performance < Expectation → Dissatisfied Customer

Performance = Expectations → Satisfied Customer

Performance > Expectations → Delighted Customer

Satisfied customers will buy the product repeatedly and recommend the same to others;
however, dissatisfied customers may switch to the competitors and discourage others to
buy the product. Marketers should be careful while setting the expectations. If they set
expectations too low, they may satisfy those who buy but fail to attract enough
customers. If they raise expectations too high, customer might be disappointed.

8. Customer Delight:

Customer delight can be defined as the effect of delivering a product or service that
surpasses customer expectations in a favorable experience.

Performance > Expectations → Delighted Customer

In most cases delighted customers tend to come back again because of the great
services they have received from the company. Customer Delight directly affects sales
and profitability of a company as it distinguishes the company and its products and
services from the competition.

Customer delight can be created by the product itself, by accompanied standard

services and/or by interaction with people at the front line. The customer’s interaction
with the staff is the greatest source of opportunities to create delight as it can be
personalized and tailored to the specific needs and wishes of the customer. During
contacts with touch points in the company, more than just customer service can be
delivered.

The person at the front line can surprise the customer by showing a sincere personal
interest in him, offer small attentions that might please the customer, or find a solution
specific to customer’s particular needs.

These front line employees are able to develop a relationship between the customer and
the brand. Eg. A restaurant presenting a free cake to the customer during a birthday
party bash thrown in that restaurant will keep the people delighted and astonished and
might make the consumer loyal to them.

9. Customer Loyalty:

Loyalty can be defined as a customer’s strong continuing belief that a particular

organization’s products/services offer remains their best option. Customers are said to
be loyal when they consistently purchase a certain product or brand over an extended
period of time.

Loyalty also means customers hanging in there, even when there may be a problem with
the company’s products or services, just because the organization was good to them in
the past and had addressed their issues whenever they arise. It means that customers
do not seek out competitors and, even when approached by competitors do not show
any interest in them.

It also means customer being willing to spend the time and effort to communicate with
the organization so as to build on past successes and overcome any weaknesses. The
loyalty can be measured by measuring the strength of the relationship between buyer
and seller or between the organization and its customer.

True loyalty requires both share-of-wallet and share-of-heart so that loyal customers
continue to buy even when situational factors may make a repeat purchase difficult, such
as stock outage, or alternative providers try to persuade customers to switch to them by
using promotional offers. Eg. A customer loyal to use a particular brand such as Nokia
mobiles will always go for repurchase of Nokia mobiles irrespective of many other
competitors offering the same features at relatively low price.

10. Marketing V/s Market:

Marketing is the process of trying to get group of people interested in buying company’s
products or services. It is an organizational function and a set of processes that work in
tandem to serve the market effectively, efficiently and profitably. It is a set of processes
for creating, communicating, and delivering value to customers and for managing
customer relationships in ways that benefit the organization and its stakeholders.

Marketing is all those activities that facilitate trade. These include activities that identify
consumers’ needs such as market research and those activities that satisfy consumers’
needs e.g., packaging and distribution. Marketing activities therefore support the
marketing of goods and services.

Market is a collection of buyers and sellers. A market, colloquially, is a group of people

who are willing to buy something. It is a public gathering held for buying and selling
merchandise. It is a place where goods are offered for sale. It is a set of individuals or
institutions that have similar needs and that can be met by a particular product.

Therefore, a market is the set of all actual and potential buyers of a market offer. A
market is any space within which trade takes place between buyers and sellers for a
well-defined product. This space can be a produce market, a shop, internationally
between countries, or over the internet. Eg. There is a “market” for detergent soap
Marketing Process: 5 Steps of Marketing Process

Marketing is how companies create value for customers and build strong customer
relationships to capture value from customers in return. 5 step process of the marketing
framework wherein value is created for customers and marketers capture value from
customers in return.

1. Understanding The Marketplace And Customer Needs And Wants.

2. Designing A Customer-Driven Marketing Strategy.
3. Constructing an integrated marketing plan that delivers superior value.
4. Build Profitable Relationships.
5. Capturing Value From Customers.

Step 1: Understanding The Marketplace And Customer Needs And Wants

It is important to understand customer needs, wants, and demands to build want-

satisfying market offerings and building value-laden customer relationships. This
increases long-term customer equity for the firm.
 5 stages of the Conflict process are; 1) potential opposition or incompatibility, 2)
Cognition and personalization, 3) intentions, 4) Behavior, and 5) Outcome. 00:01/05:59
Needs – States of felt deprivation

They include the physical need for necessities like food, clothing, shelter, warmth, safety,
and individual needs for knowledge and self-expression. The marketers cannot create
these needs as they are a basic part of human markup.

Wants – The forms of human needs take as shaped by culture and individual
personality.

Wants are shaped by one’s society and are described in terms of objects that will satisfy
needs.

For example, an American in Dhaka needs food but wants McDonald’s.

Demands – Human wants that are backed by buying power.

Given their wants and resources, people demand products with benefits that add to the
most value and satisfaction.

Step 2: Designing A Customer-Driven Marketing Strategy

Focus areas for designing a marketing strategy:

• Selecting customers to serve -defining the target market

• Deciding how to serve customers in the best way – choosing a value proposition
Selecting customers to serve:

The company first decides who it will serve and divides the market into segments of the
customer. Then it goes after specific sections of the market or its target market.

They target customers based on their level, timing, and nature of demand.

Choosing a value proposition

They decide how it will serve their customer. That is how it will differentiate and position
itself in the market. A brand’s value proposition is the set of values and benefits that it
promises to deliver its customers.

Companies need to design strong value propositions to give them the greatest
advantage in their target markets.

5 alternative concepts for designing a customer-driven marketing strategy are;

1. Production concept: Consumers will favor products that are available and highly
affordable. Management should focus on improving production and distribution
efficiency.
2. Product concept: Consumers will favor products that offer the most quality,
performance, and innovative features. Focus on making continuous product
improvements.
3. Selling concept: Consumers will not buy enough of the firm’s products unless it
undertakes a large-scale selling and promotion effort. It is typically practiced with
unsought goods that the company needs to sell and generally results in
aggressive selling practices. The company sells what it makes rather than what
the market wants.
4. Marketing concept: Organizational goals are achieved by knowing the target
markets’ needs and wants and delivering the desired satisfactions better than
competitors do.
5. Societal concept: Marketing strategy should deliver value to customers in such
a way that improves both customers as wells as society’s well being and long-run
interests.

Step 3: Constructing an integrated marketing plan that delivers superior value

The company’s marketing strategy outlines which customers the company will serve and
how it will create value. Then the marketer develops integrated marketing plans that will
the intended value to target customers.
It consists of the firm’s marketing mix (4Ps), the set of marketing tools the firm uses to
implement its marketing strategy.

The marketing program builds customer relationships by transforming the marketing

strategy into action.

For this, it needs to blend all of these marketing tools into a comprehensive, integrated
marketing program that communicates and delivers the customers’ expected value.

Step 4: Build Profitable Relationships

Customer relationship management is the overall process of building and maintaining

profitable customer relationships by delivering superior customer value and satisfaction.

Customer relationship management aims to produce high customer equity, the total
combined customer lifetime values of all of its customers.

The key to building lasting relationships is the creation of superior customer value and
satisfaction.

Companies today want to acquire profitable relationships and build relationships that will
increase their share of the customer portion of the customers purchasing that a company
gets in its product categories.

Step 5: Capturing Value From Customers

Customer relationship management’s ultimate aim is to produce high Customer equity –

total combined lifetime values of all of the company’s current and potential customers.

The more loyal to the company’s profitable customers, the higher are the customer
equity. Customer equity may even be a better way to measure its performance than
market share or current sales.

Marketers cannot create customer value and build customer relationships by

themselves. They need to work closely with other company departments and with
partners outside the firm.

In addition to being good at customer relationship management, they also need to be

good at partner relationship management.

Final Words Managing Marketing Process

The last step of the marketing process is arranging resources necessary to carry out the
marketing plan, putting the plan in action, and exerting control.
For the implementation of the marketing plan, the firm needs to build a marketing
organization.

This type of organization consists of many specialists responsible for carrying out
marketing research, advertising, product development, customer service, etc.

Such an organization calls for setting up a department called the marketing department
headed up by a Vice-President/Director/GM. He usually performs three types of tasks.

First, he coordinates activities performed by different personnel in the marketing

department.

Second, he must closely work with other key personnel charged with other
responsibilities, such as personnel, finance, etc.

Third, he must perform several operative and technical functions as selecting, training,
directing, motivating, and evaluating his department’s personnel for better performance
by each of them.

When the plan is implemented, management must make sure that everything is going
fine. He can ensure this by receiving feedback and taking corrective action if necessary,
i.e., controlling.

3.Importance of marketing
1. Marketing generates revenue for business.

2. Marketing considerations are the most critical factors in business planning and
decision making.

3. Efficient marketing is a pre-requisite for the successful operation of a business

enterprise.

4. Marketing generates employment.

5. Marketing makes available new variety of useful and quality goods to consumers.

Functions of marketing
Marketing is a very broad term and cannot be explained in a few words. Marketing is an
essential business function that helps in making the customers aware of the products or
services that are offered by a business.
The definition of marketing as defined by the American Marketing Association is as
follows.
“Marketing is the process of planning and executing conception, pricing, promotion, and
distribution of ideas, goods, and services to create exchanges that satisfy individual and
organizational objectives.”
Functions of marketing are those aspects that define the practice of marketing and are
being discussed in detail in this article.
The following are the functions of marketing:
1. Identify needs of the consumer: The first steps in marketing function is to identify
the needs and wants of the consumer that are present in the market. Companies or
businesses must therefore gather information on the customer and perform analysis on
the collected information.
By doing this they can present the product or service that matches closely with the
customer needs and wants.
2. Planning: The next step in marketing function is planning. It is considered very
important for a business to have a plan. The management should be very clear about the
company objectives and what it wishes to achieve from the created plan.
The company should then chalk out a timeline that is essential for achieving the
objectives.
3. Product Development: After the details are received from the consumer research,
the product is developed for use by the consumers. There are many factors that are
essential for a product to be accepted by the customer, a few factors among the many
are product design, durability and cost.
4. Standardisation and Grading: Standardisation refers to the process of ensuring
uniformity in the product which means that a product developed by a business shall be
standard for every consumer with the same quality and design and this is one of the key
aspects that needs to be maintained by the business.
Grading is referred to as the process of classifying products that are similar in quality
and characteristics. Grading helps in making the customer know about the quality of the
product offered. It helps in making customers understand that the products conform to
highest quality standards.
5. Packing and Labelling: The first impressions of a product are its packaging and the
label attached to it. Therefore, packaging and labelling should be looked after very well.
It is a well known fact that a great packaging and labelling goes a long way in ensuring
product success.
6. Branding: Branding is referred to as the process of identifying the name of the
producer with the product. Certain brands are there in the market which have a lot of
goodwill and any product coming from the same brand will be accepted more warmly by
the consumers. Although, having a separate identity for the product can be helpful.
7. Customer Service: A company has to set-up various kinds of customer service
based on their product. It can be pre-sales, technical support, customer support,
maintenance services, etc.
8. Pricing: It can be regarded as one of the most important parts of marketing function.
It is the price of a product that determines whether it will be successful or a failure. Some
other factors are market demand, competition, price of competitors.
The company or business should understand clearly that bringing about frequent
changes in the price of a product can lead to confusion in the minds of consumers.
9. Promotion: Promotion is the process of making the customers aware of the product
by presenting it to customers across various channels of promotion and entice them to
buy the product.
The major channels of promotion are: advertising, media, personal selling and promotion
(publicity). An ideal promotion mix will be a combination of all or some methods.
10. Distribution: Distribution refers to the movement of consumer goods to the point of
consumption. A company must ensure that the correct channel of distribution is selected
for the product.
The mode of distribution is dependent on the factors such as shelf life, market
concentration and capital requirements. Proper management of inventory is also
essential.
11. Transportation: Transportation is defined as the physical movement of goods from
one place to another. In other words, it is the movement of goods from the place of
production to the place of consumption.
Also, the correct mode of transportation can be selected based on the geographical
boundaries of the market.
12. Warehousing: Warehousing of products creates time utility. It is often seen that
there is a gap between the time a product is produced and the time when it is consumed.
Companies like to maintain the smooth flow of goods even when the products are of
seasonal nature. Warehousing and storing provides the opportunity to provide goods
during off season also.
4.What Is a Marketing Environment?

A marketing environment encompasses all the internal and external factors that drive
and influence an organization's marketing activities.

Marketing managers must stay aware of the marketing environment to maintain success
and tackle any threats or opportunities that may affect their work.

A marketing environment is vast and diverse, consisting of controllable and

uncontrollable factors. A good grasp of your marketing environment helps to:

• Identify opportunities: Understanding your marketing environment helps

you notice and take advantage of market opportunities before losing your
edge. For example, say your marketing team sees an uptick in digital buying
over in-shop sales. You may decide to allocate more resources to your
online marketing funnel to drive more sales.
• Identify threats: Studying your marketing environment alerts you to
potential threats which may affect your marketing activities. For example, a
market leader could diversify their product portfolio to compete with your
organization. Foreknowledge of this can help you restrategize your
marketing efforts to maintain and grow your market share.
 • Manage changes: Paying attention to the marketing environment also helps
manage changes and maintain growth in a dynamic economy. Marketing
managers can forecast and determine timely marketing campaign
strategies by monitoring their marketing environment.
Features of a marketing environment

The features of a marketing environment are typically:

• Dynamic: The factors that affect marketing environments constantly change

over time. These could be technological advancements, industry regulations,
or even customer tastes.
• Relative: Marketing environments are relative and unique to each
organization. A specific product from your company may sell quicker in the
U.S. than in Europe because of distinctions in the marketing environment.
• Uncertain: Market forces are unpredictable. Even with constant study, you
may face unexpected threats or opportunities in your marketing operations.
Adept marketers must be able to learn, pivot, and strategize quickly to
achieve their goals.
• Complex: The many internal and external forces in a marketing environment
make it complex, with various essential moving parts. For example, you must
coordinate your team’s ability and resources with stakeholder expectations,
customer satisfaction, and other ethical and environmental concerns.
Types of marketing environments you should know

There are two significant types of marketing environments:

• Internal marketing environments

• External marketing environments

You can break down the external marketing environment further into:
•
Micromarketing environment
• Macro marketing environment
What is an internal marketing environment?

An internal marketing environment consists of factors that fall within your control and
impact your marketing operations, including your organization's strengths, weaknesses,
uniqueness, and competencies.

Think of essential marketing elements such as your people and teams, the quality of
your product or service, capital assets and budgets, and company policy. Internal
marketing environment factors are controllable.

What is an external marketing environment?

The external marketing environment includes all factors that do not fall within your
organization's control, including technological advancements, regulatory changes, social,
economic, and competitive forces.

These factors may be controllable or uncontrollable, but defining and studying their
changes and trends gives your business and marketing team some power to stay the
course. The external marketing environment can be broadly categorized into micro and
macro marketing environments.

What is a microenvironment in marketing?

The microenvironment in marketing is closely linked to your business and directly affects
marketing operations. It includes factors like customers, suppliers, business partners,
vendors, and even competitors. Microenvironment factors are controllable to some
extent.

What is a macro marketing environment?

Your macro marketing environment is made up of all the factors beyond the control of
your organization. An easy way to remember these factors is by using the PESTLE
acronym, which stands for:

• P: Political factors
 • E: Economic factors
• S: Social and demographic factors
• T: Technological advancement factors
• L: Legal and regulatory factors
• E: Environmental factors

These factors are uncontrollable and can impact your business and marketing
operations to a significant extent. Political changes, for example, may have a massive
effect on how you can market and conduct your business in certain regions.

Your macro marketing environment is continually changing. It’s vital to keep a close
watch to identify potential threats or opportunities to your business. For instance, an
unpredictable environmental change, like the COVID-19 pandemic in 2020, can
significantly change the way we work, market, and do business globally.

While it's true that the macro marketing environment can overwhelm a business and
cause it to fail, it can also lead to growth. A curious perspective and healthy company
culture that empowers employees and teams to share ideas, collaborate, and take
creative risks will position your business for success.
Examples of a marketing environment

To help you understand the effects of different marketing environments, let's look at
some examples.

• Internal marketing environment: Your internal company culture has an

impact on how your employees behave, which in turn affects your marketing
operations. An organization that emphasizes teamwork and collaboration, for
example, will have more engaged employees. This, in turn, will help the
organization perform better than competitors who do not share these values.
• Micro marketing environment: Say your business relies on a network of
suppliers, distributors, and retailers to get your products to the customer. It's
wise to build good relationships with these vendors, as any changes can
influence your marketing strategy.
 • Macro marketing environment: The shockwaves from the COVID-19
pandemic are still hitting marketers — first, social distancing and remote
work changed how we market goods and services. Now, inflation and the
rising cost of living loom large over the macro marketing environment.

5. Factors Influencing Marketing Concept for a new business:

There are good many factors that influence the marketing concept. Any firm operating
under the marketing concept receives signals from the market place. That is, detailed
information regarding the consumer needs, wants, desires and the desire backing or
supporting parameters.

These factors are:

1. Growth of Population:
It goes without saying that an increase in population leads to increase in demand for
goods and services. Market we mean people their diverse needs desires and wants.

2. Changing concept of family:

Over the years, the concept of joint family has lost its importance though it has many
plus points.

In place of joint families, we come across the nucleus families which are divided which
are a product of Western World. This is based on astute individual freedom, supported
by education, occupational mobility, migration and self- relevance. More families mean
more goods and services needed.

3. More Disposable Income:

The young generation has the advantage of increased and new job opportunities caused
by changing values of culture, life-style and quality of life. That is, their income avenues
are increasing, leading to enhanced purchasing power. Increased purchasing power
backs up needs and desires and finally buying action.
4. More Discretionary Income:
The people are left with more surplus even after meeting their needs that enables to
cross the barrier of hand to mouth fashion of living. This discretionary income is now
meant for not necessities but comforts and luxuries. In fact, all are not lucky enough to
have such surplus. However, it affects the very cycle of thinking and course of action.

5. Technological Advancement:
ADVERTISEMENTS:

The process of science and technology is never ending. One invention or discovery
leads to another.

The technological advancement is so fast that people are greatly and deeply influenced
by the wave of planned obsolescence. They shorten the life of products though they can
last longer. Thus, in earlier generations, the watch lasted for 20 years, 30 years and
even 50 years.

People used to take pride in its longer life. Now a wrist watch, if it comes to repairs, they
exchange or dispose off as a scrap and go for new.

6. Mass-Communication Media:
The people learn about the arrival of new products and services because of the
onslaught of mass- communication media print audio visuals that hasten the speed of
change and exchange. Modern ad world has revolutionized the marketing process.

7. Credit Facilities:
Credit is the greatest weapon that makes the people to go in for those products which
they cannot easily afford. Now credit cards, zero per cent interest schemes have further
made the people to meet their pressing needs. A person speaks of car which he used to
dream. Dreams are a reality caused by modern credit and the plastic money.