BASIC CONCEPTS IN MARKETING MANAGEMENT
Marketing is an ancient art and has, since the day of Adam and Eve, been practiced in one form or
the other. In the modern world, Marketing is everywhere; most of the task we do and most of the
things we handle are linked to marketing. Marketing is an activity. Marketing activities and strategies
result in making products available that satisfy customers while making profits for the companies
that offer those products. Your morning tea, your newspaper, your breakfast, the dress you put on
for the day, the vehicle you drive, the mobile in your pocket, the quick lunch you have at the fast
foodjoint, the PC at your desk, your internet connection, your e-mail ID almost everything that you
use and everything that is around you, has been touched by marketing. Marketing has its imprint on
them all depending on the product and the context/experience the imprint may be visible or subtle.
But it is very much there. Marketing permeates most of your daily activities. Marketing is an
omnipresent entity.
Meaning of Market and Marketing -
A market is any such person, group or organization which has existing or potential exchange
relationship. It starts with customers and ends with customers. Creation of superior customer
value and delivering high levels of customer satisfaction are at the heart of present day
marketing. Companies today, needs to understand customer needs, study completion, develop
and offer superior value at reasonable price, and make the product available to customer at
convenient place. Only then their products will be in demand and sell consistently.
Marketing deals with customers. It is delivery of customer satisfaction at a profit. The
twofold goal of marketing is to attract new customers by promising superior value and to keep
current customers by delivering satisfaction.
MARKET:-
The concept of market has undergone significant changes over the years, commensurate
with the changes in the structure and scope of markets.
“A set of all actual and potential buyers of a product.” This definition implies that wherever
there is a buyer of a product or service, there is a market. It succeeded in changing the view that
market is a place. Further this definition also indicates that market refers to the existence of
buyers of a product or service, that when these things get exchanged, the marketing process
commences.
This definition brings to light that the exchange takes place in a market for a consideration,
i.e., price. Apart from that, the exchange takes place with certain physical and institutional
structure, there by the role of various facilities required to facilitate transfer of ownership are
indicated.
MARKETING:-
Marketing refers to the various groups of activities that take place in a market. These activities
are either planned or spontaneous. For example, production, assembling, distribution and
storage could be planned, consumption is often spontaneous.
Marketing is an ancient art and has, since the day of Adam and Eve, been practiced in one form or
the other. In the modern world, Marketing is everywhere; most of the task we do and most of the
things we handle are linked to marketing. Marketing is an activity. Marketing activities and strategies
result in making products available that satisfy customers while making profits for the companies
that offer those products. Your morning tea, your newspaper, your breakfast, the dress you put on
for the day, the vehicle you drive, the mobile in your pocket, the quick lunch you have at the fast
foodjoint, the PC at your desk, your internet connection, your e-mail ID almost everything that you
use and everything that is around you, has been touched by marketing. Marketing has its imprint on
them all depending on the product and the context/experience the imprint may be visible or subtle.
But it is very much there. Marketing permeates most of your daily activities. Marketing is an
omnipresent entity.
Meaning of Market and Marketing -
A market is any such person, group or organization which has existing or potential exchange
relationship. It starts with customers and ends with customers. Creation of superior customer
value and delivering high levels of customer satisfaction are at the heart of present day
marketing. Companies today, needs to understand customer needs, study completion, develop
and offer superior value at reasonable price, and make the product available to customer at
convenient place. Only then their products will be in demand and sell consistently.
Marketing deals with customers. It is delivery of customer satisfaction at a profit. The
twofold goal of marketing is to attract new customers by promising superior value and to keep
current customers by delivering satisfaction.
MARKET:-
The concept of market has undergone significant changes over the years, commensurate
with the changes in the structure and scope of markets.
“A set of all actual and potential buyers of a product.” This definition implies that wherever
there is a buyer of a product or service, there is a market. It succeeded in changing the view that
market is a place. Further this definition also indicates that market refers to the existence of
buyers of a product or service, that when these things get exchanged, the marketing process
commences.
This definition brings to light that the exchange takes place in a market for a consideration,
i.e., price. Apart from that, the exchange takes place with certain physical and institutional
structure, there by the role of various facilities required to facilitate transfer of ownership are
indicated.
MARKETING:-
Marketing refers to the various groups of activities that take place in a market. These activities
are either planned or spontaneous. For example, production, assembling, distribution and
storage could be planned, consumption is often spontaneous.
