Marketing Management
First, understand what is marketing.
Creating a product which has a need in the market, fixing a price for the product
based on several factors (it could be demand, value, necessity etc.). Then make the
product available to customers through physical delivery (Logistics, supply chain)
nowadays digital products (does not require physical delivery) as well. Finally
make customers aware about your product or to make them to buy your product
(advertising)
From the above statement we can tell that, marketing has four major elements. In
these elements the entire marketing management relies. Let us see those elements
1. Development of products
2. Determination of price
3. Distribution channel to deliver the products at the customers place
4. Promotion
TARGET MARKET
Now understand what a target market is. For whom we are producing the product,
of course it is for a particular group of customers otherwise called Target Market.
A target market refers to a group of customers to whom a company wants to sell its
products and services.
Objectives of marketing
To identify the target market (group of customers)
To identify the needs and wants of the target market
To develop products to satisfy the needs and wants of target market
To determine the price of the product
To deliver or distribute the products to customers with the help of
distribution channels
To follow adequate promotional techniques
, To continuously take the efforts to satisfy the changing needs of the
customers
To undertake researches for modifying the existing products and
developing new products
MARKETING UTILITIES
Listed below are some marketing utilities for your understanding. Just read and get
know with the concept
Form Utility
It is the benefit marketing provides by transforming raw materials into finished
products. A product must be processed into a form that the customer wants or
needs. For example, wheat is processed into bread, trees are processed into lumber,
and potatoes are processed into French fries.
Place Utility
Place utility involves transporting products to the location where consumers can
buy them i.e. making it available where the demand is. Example: different products
are available in a supermarket
Time Utility
This could be described as being in the right place at the right time when a
customer is ready to purchase a product. Creating and keeping customers means
having products available for when they want them, and often this requires some
type of storage facility. Example: ATMs, storing of products in a shop
Possession Utility
Possession utility establishes legal ownership of a product. It ensures the
consumers own the product use it and enjoy the benefits of it. When you purchase
something you normally receive a receipt; this provides legal ownership and the
right to use the product
First, understand what is marketing.
Creating a product which has a need in the market, fixing a price for the product
based on several factors (it could be demand, value, necessity etc.). Then make the
product available to customers through physical delivery (Logistics, supply chain)
nowadays digital products (does not require physical delivery) as well. Finally
make customers aware about your product or to make them to buy your product
(advertising)
From the above statement we can tell that, marketing has four major elements. In
these elements the entire marketing management relies. Let us see those elements
1. Development of products
2. Determination of price
3. Distribution channel to deliver the products at the customers place
4. Promotion
TARGET MARKET
Now understand what a target market is. For whom we are producing the product,
of course it is for a particular group of customers otherwise called Target Market.
A target market refers to a group of customers to whom a company wants to sell its
products and services.
Objectives of marketing
To identify the target market (group of customers)
To identify the needs and wants of the target market
To develop products to satisfy the needs and wants of target market
To determine the price of the product
To deliver or distribute the products to customers with the help of
distribution channels
To follow adequate promotional techniques
, To continuously take the efforts to satisfy the changing needs of the
customers
To undertake researches for modifying the existing products and
developing new products
MARKETING UTILITIES
Listed below are some marketing utilities for your understanding. Just read and get
know with the concept
Form Utility
It is the benefit marketing provides by transforming raw materials into finished
products. A product must be processed into a form that the customer wants or
needs. For example, wheat is processed into bread, trees are processed into lumber,
and potatoes are processed into French fries.
Place Utility
Place utility involves transporting products to the location where consumers can
buy them i.e. making it available where the demand is. Example: different products
are available in a supermarket
Time Utility
This could be described as being in the right place at the right time when a
customer is ready to purchase a product. Creating and keeping customers means
having products available for when they want them, and often this requires some
type of storage facility. Example: ATMs, storing of products in a shop
Possession Utility
Possession utility establishes legal ownership of a product. It ensures the
consumers own the product use it and enjoy the benefits of it. When you purchase
something you normally receive a receipt; this provides legal ownership and the
right to use the product
