MARKETING MANAGEMENT
Q. What is Understanding Marketing and Consumers ?
Marketing refers to activities a company undertakes to promote the buying or selling of a
product or service. Marketing includes advertising, selling, and delivering products to consumers
or other businesses. Some marketing is done by affiliates on behalf of a company.
Understanding Marketing
Marketing as a discipline involves all the actions a company undertakes to draw in customers and
maintain relationships with them. Networking with potential or past clients is part of the work too,
and may include writing thank you emails, playing golf with prospective clients, returning calls
and emails quickly, and meeting with clients for coffee or a meal.
Consumer Market Definition
A consumer market is the system that allows people to purchase products, goods, and services.
Understand the definition of a consumer market, learn about the largest market in the world, and
see an illustrative example of how a consumer market works.
Importance
Understanding consumer behavior, and turning that data into actionable insights, helps you
create a relationship of understanding and trust with your consumers, which can ultimately result
in an increase in brand loyalty. It shows the consumer that you’ve done your homework, that you
understand their wants and needs, and that you have the solutions they’re looking for.
Marketing and Consumer scope
1. Goods:
Physical goods constitute the major part of a country’s production and marketing effort.
Companies market billions of food products, and millions of cars, refrigerators, television and
machines.
2. Services:
As economies advance, a large proportion of their activities is focused on the production of
services. Services include the work of airlines, hotels, car rental firms, beauticians, software
programmers, management consultants, and so on. Many market offerings consist of a mix of
goods and services. For example, a restaurant offers both goods and services.
3. Events:
Marketers promote events. Events can be trade shows, company anniversaries, entertainment
award shows, local festivals, health camps, and so on. For example, global sporting events such
as the Olympics or Common Wealth Games are promoted aggressively to both companies and
fans.
,4. Experiences:
Marketers create experiences by offering a mix of both goods and services. A product is
promoted not only by communicating features but also by giving unique and interesting
experiences to customers.
5. Persons:
Due to a rise in testimonial advertising, celebrity marketing has become a business. All popular
personalities such as film stars, TV artists, and sportspersons have agents and personal
managers. They also tie up with PR agencies for better marketing of oneself
Marketing Concepts
Marketing concepts or marketing management philosophies refer to the philosophies utilized by
the businesses to direct their marketing efforts. Mainly, marketing concepts denote the
philosophies a business uses to define and accomplish the needs of its customers, serving both
the consumer and the company. The same philosophy cannot be helpful for all types of
businesses.
1. Holistic Marketing Concept
The holistic marketing concept is newly added to the existing marketing management concepts.
According to this concept, a business and its different parts are one single entity and have a
common goal, aligned and integrated activities to achieve that goal. This concept focuses on
meeting customer needs in a better and consistent way as well as performing the social
responsibilities.
2. Production Concept:
This concept is based on an idea that inexpensive and widely available products generate more
sales because customers prefer those. This is quite similar to the Say’s Law which states ‘Supply
creates its own demand’. So, companies produce the product on a large scale and make sure that
it is easily available everywhere to the customer.
3. Marketing Concept:
A company following selling concept cannot have long-term existence in the market because it
cannot fulfill customers’ needs. Companies have to make products fulfilling their customers’
needs to be successful in today’s era. So, the marketing concept came into existence. This
concept is based on an idea that customers buy the products accomplishing their needs.
4. Product Concept:
This concept is based on an idea that customers prefer quality products whatever may be their
price and availability. According to this concept, companies concentrate on developing a better
quality product which is usually expensive.
5. Selling Concept:
Selling Concept is only concerned with selling the product whatever may be the quality of the
product and need of the customer. The chief motive is making money, not developing a
, relationship with the customers. So, there is less possibility of repeated sales. Companies
applying this philosophy can even deceive the customers to sell their products.
. Societal Marketing Concept:
The societal marketing concept is based on the marketing concept just adding the philosophy of
social welfare with it. Companies concentrate on fulfilling their customers’ needs as well as
contributing to social welfare without polluting or affecting the environment and natural
resources.
Marketing Mix
A marketing mix includes multiple areas of focus as part of a comprehensive marketing plan. The
term often refers to a common classification that began as the four Ps: product, price,
placement, and promotion.
Effective marketing touches on a broad range of areas as opposed to fixating on one message.
Doing so helps reach a wider audience, and by keeping the four Ps in mind, marketing
professionals are better able to maintain focus on the things that really matter.
Product
This represents an item or service designed to satisfy customer needs and wants. To effectively
market a product or service, it's important to identify what differentiates it from competing
products or services. It's also important to determine if other products or services can be
marketed in conjunction with it.
Price
The sale price of the product reflects what consumers are willing to pay for it. Marketing
professionals need to consider costs related to research and development, manufacturing,
marketing, and distribution—otherwise known as cost-based pricing. Pricing based primarily on
consumers' perceived quality or value is known as value-based pricing.
Placement
The type of product sold is important to consider when determining areas of distribution. Basic
consumer products, such as paper goods, often are readily available in many stores. Premium
consumer products, however, typically are available only in select stores. Another consideration
is whether to place a product in a physical store, online, or both.
Promotion
Joint marketing campaigns also are called a promotional mix. Activities might include advertising,
sales promotion, personal selling, and public relations. A key consideration should be for the
budget assigned to the marketing mix. Marketing professionals carefully construct a message
that often incorporates details from the other three Ps when trying to reach their target
audience. Determination of the best mediums to communicate the message and decisions about
the frequency of the communication also are important.
Q. What is Understanding Marketing and Consumers ?
Marketing refers to activities a company undertakes to promote the buying or selling of a
product or service. Marketing includes advertising, selling, and delivering products to consumers
or other businesses. Some marketing is done by affiliates on behalf of a company.
Understanding Marketing
Marketing as a discipline involves all the actions a company undertakes to draw in customers and
maintain relationships with them. Networking with potential or past clients is part of the work too,
and may include writing thank you emails, playing golf with prospective clients, returning calls
and emails quickly, and meeting with clients for coffee or a meal.
Consumer Market Definition
A consumer market is the system that allows people to purchase products, goods, and services.
Understand the definition of a consumer market, learn about the largest market in the world, and
see an illustrative example of how a consumer market works.
Importance
Understanding consumer behavior, and turning that data into actionable insights, helps you
create a relationship of understanding and trust with your consumers, which can ultimately result
in an increase in brand loyalty. It shows the consumer that you’ve done your homework, that you
understand their wants and needs, and that you have the solutions they’re looking for.
Marketing and Consumer scope
1. Goods:
Physical goods constitute the major part of a country’s production and marketing effort.
Companies market billions of food products, and millions of cars, refrigerators, television and
machines.
2. Services:
As economies advance, a large proportion of their activities is focused on the production of
services. Services include the work of airlines, hotels, car rental firms, beauticians, software
programmers, management consultants, and so on. Many market offerings consist of a mix of
goods and services. For example, a restaurant offers both goods and services.
3. Events:
Marketers promote events. Events can be trade shows, company anniversaries, entertainment
award shows, local festivals, health camps, and so on. For example, global sporting events such
as the Olympics or Common Wealth Games are promoted aggressively to both companies and
fans.
,4. Experiences:
Marketers create experiences by offering a mix of both goods and services. A product is
promoted not only by communicating features but also by giving unique and interesting
experiences to customers.
5. Persons:
Due to a rise in testimonial advertising, celebrity marketing has become a business. All popular
personalities such as film stars, TV artists, and sportspersons have agents and personal
managers. They also tie up with PR agencies for better marketing of oneself
Marketing Concepts
Marketing concepts or marketing management philosophies refer to the philosophies utilized by
the businesses to direct their marketing efforts. Mainly, marketing concepts denote the
philosophies a business uses to define and accomplish the needs of its customers, serving both
the consumer and the company. The same philosophy cannot be helpful for all types of
businesses.
1. Holistic Marketing Concept
The holistic marketing concept is newly added to the existing marketing management concepts.
According to this concept, a business and its different parts are one single entity and have a
common goal, aligned and integrated activities to achieve that goal. This concept focuses on
meeting customer needs in a better and consistent way as well as performing the social
responsibilities.
2. Production Concept:
This concept is based on an idea that inexpensive and widely available products generate more
sales because customers prefer those. This is quite similar to the Say’s Law which states ‘Supply
creates its own demand’. So, companies produce the product on a large scale and make sure that
it is easily available everywhere to the customer.
3. Marketing Concept:
A company following selling concept cannot have long-term existence in the market because it
cannot fulfill customers’ needs. Companies have to make products fulfilling their customers’
needs to be successful in today’s era. So, the marketing concept came into existence. This
concept is based on an idea that customers buy the products accomplishing their needs.
4. Product Concept:
This concept is based on an idea that customers prefer quality products whatever may be their
price and availability. According to this concept, companies concentrate on developing a better
quality product which is usually expensive.
5. Selling Concept:
Selling Concept is only concerned with selling the product whatever may be the quality of the
product and need of the customer. The chief motive is making money, not developing a
, relationship with the customers. So, there is less possibility of repeated sales. Companies
applying this philosophy can even deceive the customers to sell their products.
. Societal Marketing Concept:
The societal marketing concept is based on the marketing concept just adding the philosophy of
social welfare with it. Companies concentrate on fulfilling their customers’ needs as well as
contributing to social welfare without polluting or affecting the environment and natural
resources.
Marketing Mix
A marketing mix includes multiple areas of focus as part of a comprehensive marketing plan. The
term often refers to a common classification that began as the four Ps: product, price,
placement, and promotion.
Effective marketing touches on a broad range of areas as opposed to fixating on one message.
Doing so helps reach a wider audience, and by keeping the four Ps in mind, marketing
professionals are better able to maintain focus on the things that really matter.
Product
This represents an item or service designed to satisfy customer needs and wants. To effectively
market a product or service, it's important to identify what differentiates it from competing
products or services. It's also important to determine if other products or services can be
marketed in conjunction with it.
Price
The sale price of the product reflects what consumers are willing to pay for it. Marketing
professionals need to consider costs related to research and development, manufacturing,
marketing, and distribution—otherwise known as cost-based pricing. Pricing based primarily on
consumers' perceived quality or value is known as value-based pricing.
Placement
The type of product sold is important to consider when determining areas of distribution. Basic
consumer products, such as paper goods, often are readily available in many stores. Premium
consumer products, however, typically are available only in select stores. Another consideration
is whether to place a product in a physical store, online, or both.
Promotion
Joint marketing campaigns also are called a promotional mix. Activities might include advertising,
sales promotion, personal selling, and public relations. A key consideration should be for the
budget assigned to the marketing mix. Marketing professionals carefully construct a message
that often incorporates details from the other three Ps when trying to reach their target
audience. Determination of the best mediums to communicate the message and decisions about
the frequency of the communication also are important.
