Marketing

MARKETING

- Market vs Marketing– Market is an arrangement to provide an opportunity to exchange

goods.

– Marketing is sum total of all those activities that are related to flow of goods from production to consumption

WHAT IS MARKETING?

The Chartered Institute of Marketing:

“The management process responsible for identifying, anticipating and satisfying customer requirements profitably."

IMPORTANCE OF MARKETING

1. Marketing helps to achieve, maintain and raise the standards of living- Marketing is means through which production and

purchasing power are converted into consumption.- Better marketing Mass production- Mass production Low cost- Low cost More buying power Higher standard

of living


2. Marketing increases national income- More purchasing power increase in national

income

3. Helps maintain economic stability & development- By maintaining demand supply balance


4. Link between producer & consumer5. Removes imbalance of supply & demand by

transferring surpluses6. Helps create utilities of time, place &

possession

Marketing Concepts

- Starts with determination of consumer needs- Ends with satisfaction of these needs- Organizational activities revolve around customer- Products & Services are designed to serve customer

needs- Satisfied customer will only produce profits

Marketing Sales

Approachdetermine future needs and has a strategy in place to meet those needs for the long term relationship.

makes customer demand match the products the company currently offers.

Focusfulfill customer's wants and needs thru products and/or services the company can offer.

fulfill sales volume objectives

HorizonLonger term Short term

ScopeIdentifying customer needs (research), creating products to meet those needs, promotions to advertise said products.

Once a product has been created for a customer need, persuade the customer to purchase the product to fulfill her needs

Sales v/s Marketing

Clash is being cont…

Marketing SalesStrategypull pushConceptMarketing is a wider concept Sales is a narrower concept

PriorityMarketing shows how to reach to the Customers and build long lasting relationship

Selling is the ultimate result of marketing.

Identity

Marketing targets the construction of a brand identity so that it becomes easily associated with need fulfillment.

Sales is the strategy of meeting needs in an opportunistic, individual method, driven by human interaction. There's no premise of brand identity, longevity or continuity. It's simply the ability to meet a need at the right time.

Benefits of Marketing Concept

1. Long Term success

2. Faster penetration

3. Better Products

4. Boosts creativity

5. Integrated functions

6. Mostly in profits

7. Better growth of employees

8. Contributes to overall growth of the society

Responsibilities of Marketing Management

1. Market analysis

2. Set Goals

3. Forecast sales & profits

4. Strategies, policies & procedures

5. Evolve appropriate marketing mix

6. Organize marketing activities

7. Organize resources

8. Participation in product planning

9. Managing Supply chain

10. After Sales activities

THANK YOU

Prepared by

Nehal Mehta

Business

Marketing