MARKETING

MEANING AND DEFINITION  OF MARKETING

According to  The Chartered Institute of Marketing :-  Marketing is “The management process responsible for identifying, anticipating and satisfying customer requirements profitably.” 

According to Wharton School, University of Pennsylvania:-    Marketing is the process of anticipating, managing, and satisfying the demand for products, services, and ideas.” 

According to Philip Kotler:-   Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.” 

According to American Marketing Association :-  Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”  

YOU CAN ALSO READ :- GREEN MARKETING 

Features of Marketing

- Both art or science

- Human Activity

- Goal oriented

- Dynamic Process 

-  Customer Oriented

- Creative

Objectives of Marketing

1. Product & Service Management - design and development of products/services that will satisfy customer needs.

2. Distribution - getting products/services to customers. Includes determining the best procedure to be used so prospective customers can locate a product.

3. Promotion - communicating information to customers to inform, persuade, or remind them about a company or its products.

4. Selling - direct, personal, and persuasive communication with customers.

.5. Financing - budgeting for the business and providing financial assistance to customers.

6. Risk Management - providing security for products, buildings, equipment, inventory, employees, and customers

You can also Read:-PRODUCT LIFE CYCLE 

Scope of Marketing:

1. Channels of Distribution: Decision regarding selection of most appropriate channel of distribution like wholesaling, distribution and retailing is taken by the marketing manager and sales manager.

2.     Finance: Marketing is also concerned about the finance, as for every marketing activity be it packaging, advertising, sales force budget is fixed and all the activities have to be completed with in the limit of that budget.

3.Branding: Branding of products is adopted by many reputed enterprises to make their products popular among their customer and for many other benefits. Marketing manager has to take decision regarding the branding policy, procedures and implementation programs.

4. Packaging: Packaging is to provide a container or wrapper to the product for safety, attraction and ease of use and transportation of the product.

5. Sales Management: Selling is a part of marketing. Marketing is concerned about all the selling activities like customer identification, finding customer needs, persuading customer to buy products, customer service, etc.

Marketing concepts

Production Concept: • Consumers favor products that are available and highly affordable Improve production and distribution. By reaching economies of scale the business will maximize profits by reducing costs

Product Concept: Consumers favor products that offer the most quality, performance, and innovative features

Selling Concept: Consumers will buy products only if the company promotes/ sells these product

Marketing Concept:  Focuses on needs/ wants of target markets & delivering satisfaction better than competitors

Societal Marketing Concept: Focuses on needs/ wants of target markets & delivering superior value Society's well-being