7 M’s

7 M’s

 1. Man: Men are the most important asset of the organization. Proper
recruitment and selection process helps us in selecting the best candidate.
Payment of compensation, performance appraisal, recognition and awards
helps us to retain the talent in the organization.
 2.Materials: Raw materials are the basic requirement for producing the
output of the organization. Success of the business depend on locating the
business in the area where raw materials are available.
(Cont.)

 3. Machine: Best quality machine will help in increasing productivity and

enhances efficiency at the same time saves times and increases revenue.
Maintenance will help in increasing the life span of the machine
 4. Money: For running the business everyday working capital (Money) is
required.
 5. Method: The right way is the art of doing things. Right method with
procedures and instructions is selected to perform the business successfully.
(Cont)

 6.Measurement: Measurement are quantified observations of some aspect or attributes of a

process, product or project.
 7. Marketing: Marketing of the product is important in spreading awareness among customers. A
marketing manager is someone who is responsible for directing expenditures of marketing funds.
Marketing

 Activities company undertakes to promote selling of a product or service.

 It is the total system of business activities designed to plan, price, promote and
distribute want satisfying products to target markets to achieve organizational
objectives.
 Definiation By Philip Kotler “Marketing is a social process by which individuals and
groups obtain what they need and want through creating and exchanging products
and value with others.
 Definition according to American Marketing Association “The process of planning
and executing the conception, pricing, promotion and distribution of ideas, goods
and services to create exchanges that statisfy individual and organizational
objectives”
 Definition according to Philip Kotler “ Satisfying needs and wants through an
exchange process.”
 Nature of marketing concept

 It is a central point of all business activities.

 It is long run success.
 It is customer oriented
 System concept
 Product planning
 Product Development
 Marketing research
Elements of Marketing

 Human Activity
 Creative activity
 Deals in product or service
 Market
 Exchange is the basis of marketing
 Socio economic activity
 Dynamic environment
Importance

 Marketing Promotes product awareness to the public.

 Marketing helps boost product sales.
 Marketing builds company Reputation
Types of Marketing

 Online
 Offline: (newspaper, Pamplet, banners, hoardings etc)
 Word of mouth ( friends, family, relatives, colleague etc)