Basic marketing
, Unit -I
Marketing: Definition of Market and Marketing- Importance- Objectives Functions Marketing and
Selling Modern Marketing Concepts - Mass Marketing: Meaning and Importance Niche
Marketing: Meaning - Merits and Demerits - Customer Relationship Marketing: Meaning - Objectives
and type
MARKET MEANING
The word is derived from the Latin word Mercatus which means
merchandise,
Market is a place where goods and services are exchanged. Markets consist of buyers and sellers with
facilities to communicate each other for transactions of goods and services.
MARKET - DEFINITION
is a place or area of potential - Phillip Kotler
MARKETING MEANING
Marketing is the economic process by which goods and services are exchanged between
the producers and the consumers and their value determined in terms of money price.
MARKETING - DEFINITIONS
that part of economics which deals with the creation of time, place and
- American Marketing Association
- ----------------------------------------- Place Utility : It is created by making goods and
services available to the consumer at the place where such goods are needed (i.e.
through transportation)
- ----------------------------------------- Time Utility: It is created by making the goods
available at the time when they are needed ( i.e through warehousing)
- ----------------------------------------- Possession Untility: It is created by transferring
the goods to those who need them (i.e ownership)
is meeting the needs and wants of a -- Andrew Cohen
ting is total system of interacting business activities designed to plan, price, promote and
distribute want satisfying products and services to present and potential -
William J Stanton
MARKETING - FEATURES
1. Customer focus:
The marketing function of a business is customer-centred. It makes an attempt to study the
customer needs, and goods are produced accordingly. The business existence depends on human
needs. In a competitive market, the goods that are best suited to the customer are the ones that are
,well-accepted. Hence, every activity of a business is customer-oriented.
2. Customer satisfaction:
A customer expects some services or benefits from the product for which payment is made. If this
benefit is more than the amount paid, then the customer is satisfied. In the long run, customer
satisfaction helps to retain market demand. It helps achieve organizational objectives. Customer
satisfaction can be enhanced by providing value-added services, which includes providing
additional facilities at little or no extra cost.
, 3. Objective-oriented:
All marketing activities are objective-oriented. Different objectives are fixed at different levels, but
the main objective is to earn profit from business along with the satisfaction of human wants.
Marketing activities undertaken by sellers make an attempt to find out the weaknesses in the
existing system, and measures are taken to improve the shortfalls so that the objectives are
achieved.
4. Marketing is both art and science:
Art refers to a specific skill that is required in marketing activities of any type of business. Science
refers to a systematic body of knowledge, based on facts and principles. The concept of marketing
includes a bunch of social sciences such as economics, sociology, psychology and law. It indicates
market operations based on some principles. Hence, marketing is an art as well as a science.
5. Continuous and regular activity:
Marketing is an activity designed to plan, price, promote and distribute products. At the same time,
it also addresses both the current and future consumers. Thus, it is a continuous process. A
marketer has to consistently monitor environment. This helps in coming up with new products.
6. Exchange process:
Marketing involves exchange of goods, services and ideas with the medium of money. Exchange
takes place between sellers and buyers. Most of marketing activities are concerned with the
exchange of goods. Functions such as distribution, after-sale services and packaging help in the
exchange process. Channels of distribution and physical distribution play an important role in the
exchange process by creating place utility.
7. Marketing environment:
Economic policies, market conditions, and environmental factors, such as political, technological,
demographic and international, influence marketing activities. Marketing activities are inseparable
from such environmental factors. A successful marketer needs to adapt to these changing factors
and adjust marketing strategies to suit new market developments.
8. Marketing mix:
product,
price, place, and promotion. Marketing mix is a flexible combination of variables. They are
influenced by consumer behaviour, trade factors, competition and government regulatory
measures.
9. Integrated approach:
The marketing activities must be co-ordinated with other functional areas of an organization.
Functions such as production, finance, research, purchasing, storekeeping and public relations (PR)
are to be integrated with marketing. This will help in achieving organizational objectives.
Otherwise, it will result in organizational conflicts.
10. Commercial and non-commercial organizations:
With the societal marketing concept gaining importance, social marketers are finding useful new
ways of applying marketing principles. Commercial organizations are also adopting cause- related
marketing to strike long-term relations with consumers. Business organizations such as educational
, Unit -I
Marketing: Definition of Market and Marketing- Importance- Objectives Functions Marketing and
Selling Modern Marketing Concepts - Mass Marketing: Meaning and Importance Niche
Marketing: Meaning - Merits and Demerits - Customer Relationship Marketing: Meaning - Objectives
and type
MARKET MEANING
The word is derived from the Latin word Mercatus which means
merchandise,
Market is a place where goods and services are exchanged. Markets consist of buyers and sellers with
facilities to communicate each other for transactions of goods and services.
MARKET - DEFINITION
is a place or area of potential - Phillip Kotler
MARKETING MEANING
Marketing is the economic process by which goods and services are exchanged between
the producers and the consumers and their value determined in terms of money price.
MARKETING - DEFINITIONS
that part of economics which deals with the creation of time, place and
- American Marketing Association
- ----------------------------------------- Place Utility : It is created by making goods and
services available to the consumer at the place where such goods are needed (i.e.
through transportation)
- ----------------------------------------- Time Utility: It is created by making the goods
available at the time when they are needed ( i.e through warehousing)
- ----------------------------------------- Possession Untility: It is created by transferring
the goods to those who need them (i.e ownership)
is meeting the needs and wants of a -- Andrew Cohen
ting is total system of interacting business activities designed to plan, price, promote and
distribute want satisfying products and services to present and potential -
William J Stanton
MARKETING - FEATURES
1. Customer focus:
The marketing function of a business is customer-centred. It makes an attempt to study the
customer needs, and goods are produced accordingly. The business existence depends on human
needs. In a competitive market, the goods that are best suited to the customer are the ones that are
,well-accepted. Hence, every activity of a business is customer-oriented.
2. Customer satisfaction:
A customer expects some services or benefits from the product for which payment is made. If this
benefit is more than the amount paid, then the customer is satisfied. In the long run, customer
satisfaction helps to retain market demand. It helps achieve organizational objectives. Customer
satisfaction can be enhanced by providing value-added services, which includes providing
additional facilities at little or no extra cost.
, 3. Objective-oriented:
All marketing activities are objective-oriented. Different objectives are fixed at different levels, but
the main objective is to earn profit from business along with the satisfaction of human wants.
Marketing activities undertaken by sellers make an attempt to find out the weaknesses in the
existing system, and measures are taken to improve the shortfalls so that the objectives are
achieved.
4. Marketing is both art and science:
Art refers to a specific skill that is required in marketing activities of any type of business. Science
refers to a systematic body of knowledge, based on facts and principles. The concept of marketing
includes a bunch of social sciences such as economics, sociology, psychology and law. It indicates
market operations based on some principles. Hence, marketing is an art as well as a science.
5. Continuous and regular activity:
Marketing is an activity designed to plan, price, promote and distribute products. At the same time,
it also addresses both the current and future consumers. Thus, it is a continuous process. A
marketer has to consistently monitor environment. This helps in coming up with new products.
6. Exchange process:
Marketing involves exchange of goods, services and ideas with the medium of money. Exchange
takes place between sellers and buyers. Most of marketing activities are concerned with the
exchange of goods. Functions such as distribution, after-sale services and packaging help in the
exchange process. Channels of distribution and physical distribution play an important role in the
exchange process by creating place utility.
7. Marketing environment:
Economic policies, market conditions, and environmental factors, such as political, technological,
demographic and international, influence marketing activities. Marketing activities are inseparable
from such environmental factors. A successful marketer needs to adapt to these changing factors
and adjust marketing strategies to suit new market developments.
8. Marketing mix:
product,
price, place, and promotion. Marketing mix is a flexible combination of variables. They are
influenced by consumer behaviour, trade factors, competition and government regulatory
measures.
9. Integrated approach:
The marketing activities must be co-ordinated with other functional areas of an organization.
Functions such as production, finance, research, purchasing, storekeeping and public relations (PR)
are to be integrated with marketing. This will help in achieving organizational objectives.
Otherwise, it will result in organizational conflicts.
10. Commercial and non-commercial organizations:
With the societal marketing concept gaining importance, social marketers are finding useful new
ways of applying marketing principles. Commercial organizations are also adopting cause- related
marketing to strike long-term relations with consumers. Business organizations such as educational
