- By Vidushi Sharma

Definition
“Marketing is an organizational function and a set
of processes for creating, communicating and
delivering value to customers and for managing
customer relationships in the way that benefit
organizations and its stakeholders.”
- By AMERICAN MARKETING
ASSOCIATION
‘Marketing is the management process that
identifies, anticipates and satisfies customer
requirements profitably’
-By The Chartered Institute of Marketing
According to Philip kotler:-
‘Marketing is a social and managerial process by
which individuals and groups obtain what they
want and need through creating, offering and
exchanging products of value with others’

Meeting customer’s needs profitably.

What is Marketed?
1. Goods
2. Services
3. Events
4. Experiences
5. Person
6. Place
7. Properties
8. Organizations
9. Information
10. Ideas
Market:- It is a geographical or virtual place where
buyers and sellers meet each other, goods and
services are offered for sale and transfer of title of
ownership happens.
According to economists:- “Market is the
collection of buyers and sellers who transact over
a product class or a particular product”
Some imp Markets are:-
Consumer Market
Business Market
Global Market
Non-profit & Governmental Markets
• NEED:-
 state of felt deprivation
 basic human requirement
• WANTS:-
 those needs which are directed to specific object that
will satisfy the needs are called wants
 Wants are shaped by society
• DEMANDS:-
 The wants for specific product backed by ability to
pay (affordability)
Management orientation:-
approaches/concept/philosophy
• It tells the perception of firm or business towards
marketplace
• Philosophies which guide marketing efforts of
firm.

1. PRODUCTION CONCEPT :-
• Main emphasis on production, dominate thinking
process
• “Consumers prefer the product that are widely
available and inexpensive”
• Oldest concept
Focus :- Achieving high production efficiency low
costs and mass distribution.
E.g. Followed in China – largest PC manufacturer
‘Legend’ & domestic appliance giant ‘Haier’
Implication : no customer loyalty as other factors
other than price are important considerations

2. PRODUCT CONCEPT:-
“Consumer will buy product that offers the most
quality, performance and innovative features”
Focus : Making superior products & improving
them over time. Also lot of spending on R&D.
Implications :-
 Fail to understand customers actual need and
wants.
A new & improved product works only if properly
priced, distributed, advertised and sold properly.

3.SELLING CONCEPT:-
“company has to aggressively promote & push its
product”
Heavy advertising, personal selling, large scale
sales promotion etc are used.
No customer loyalty
Practiced for unsought goods
Can lead to bad word of mouth.
Aim is to sell what they make rather than make
what the market want.

MARKETING MYOPIA :-
Term is given by ‘Theodre Levitt’
“ It is excessive preoccupation with the
production or product or selling and ignoring the
customers in process”
Short sightedness about business.
4. MARKETING CONCEPT :-
 “Business should start with the determination of
customer wants and end with the satisfaction of
those wants.”
Consumer at both beginning and end of business
cycle.
Anticipating, stimulating and meeting customer
requirements.
Business is seen from viewpoint of customers
THINK CUSTOMER AND ACT CUSTOMER
Reactive & Proactive market orientation
Selling Concept : Make & sell
Marketing : Sense & respond
5. HOLISTIC MARKETING CONCEPT :-
It include all the latest forces that have been
developed in last one or two decades

It include 4 conepts:

a)Relationship Marketing :-
b)Integrated Marketing
c)Internal Marketing
d)Social Responsibility Marketing
a) Relationship Marketing :-
 It is to develop deep and long lasting
relationship with all people that directly
indirectly affects firm’s success.
 Customers, Suppliers, distributors , employees,
Creditors etc.
b) Integrated Marketing :-
To device marketing programs that are well
integrated and each activity matches & fit
completely with other activity.
McCarthy has given 4P’s of marketing:
4P’s 4C’s
Product Customer’s solution
Price Customer cost
Place Convenience
Promotion Communication
c) Internal Marketing :-
It is the process of hiring, training & motivating
capable employees.
Internal Marketing takes place at 2 levels:
1st level: At various marketing functions – sales
force, advertising, product management, marketing
research etc
2nd level: at other departments

iv) Social Responsibility Marketing:

Realization of societal interest in firms marketing
decisions.
Kodak, Ashadaan – old age home by HUL, ITC e-
choupal.

Society (human welfare)

Customer SRM Company profit

Satisfaction
Thank You !!