Introduction to Marketing Management

and

definitions of Marketing

BY

SMART LEARNING WAY

Flow of presentation Preface Introduction to Marketing Management Case studies or examples Definitions of Marketing Summary Review of the topic

PREFACE The term ‘market’ originates from the Latin

noun “Marcatus” which means “a place where business is conducted.” A layman has somewhat similar connotations of the word ‘market’ which brings to his mind the vista of place where the buyers and sellers personally interact and finalize.

The word of marketing refers to the processes involved in the distribution of exchange of goods and services. Marketing activities are those most directly concerned with the demand.

INTRODUCTIONWe already know a lot about marketing –it’s all around

us. We see the results of marketing in the abundance of products in our nearby shopping mall. We see marketing in the advertisements that fill our television screen, magazines, and mailbox. At home, at school, where we work, where we play-we are exposed to marketing in almost everything we do. Yet, there is much more to marketing than meets the consumer’s casual eye.

Marketing is recognized as a special management function just like organizing, staffing, financing, and producing. But the significance of marketing as a vital function has been understood not by many. In fact, the marketing function is closely related to the basic objective of business.

Marketing Management is a business discipline which is focused on the practical application of marketing techniques and the management of a firm's marketing resources and activities.

A business may have many objectives, including that of making profits. But on a deeper analysis it can be said that the most sensible objective of the business must be consumer satisfaction. It should be its main objective too. All other objectives are important bur only ancillary.

Marketing is as old civilization. Its started with the use of symbols and signs to transact and communicate with consumer.

Marketing is challenging and exciting. The solving of marketing problems requires insight, experience and analytical ability.

Marketing is very important for company and consumer. Company has selling the goods by market and customers have buying the goods by market. Market is coordinate between company (business) and consumer.

So we see the diagram between Company-Market-Consumer

Coca-cola is certainly no stranger to marketing. Long the world’s leading soft drink maker, the company now sells its brands in more than 200 countries. In fact, in recent years, as its domestic markets have lost their fizz, Coca-cola has revved up every aspect of its global marketing. The result; near world dominance of the soft drink market.

In food items we can also take example of healthy breakfast “KHAKHRA”

DEFINITIONS OF MARKETING

There are many definitions of marketing.

1. “Marketing is nothing but demand creation and customer satisfaction.”

In which,

Discover and translate consumer need and wants into product and service and further expand the demand.

2. Managerial definition: “ Marketing is the art of selling products.”

3. American Marketing Association defines:

“Marketing is the process of planning and executing the conception, pricing, promotion, and distribution and ideas, goods, services to create exchange that satisfy individual and organizational goals.”

4. Social (societal) definition:

“Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others.”

5. The American marketing Association defines:

“Marketing as the performance of business activities that direct the flow of goods and services from producer to consumer or user.”

or

6. “Marketing is the performance of business activity that direct the flow of goods and services from the producer to the consumer.”

7. “Marketing consist of all activities designed to generate and facilitate any exchange intended to satisfy human needs and wants.”

8. P.Kotler defines “Marketing as the set of human activities directed at facilitating and consummating exchange. The essence of marketing is exchange of products and the transactions to satisfy human needs and wants. All business activities facilitating the exchange are included in marketing.”

9. “Marketing is defined as an ongoing social process for the creation and delivery of standards and style of life.”

10. “Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and freely exchanging products and services of value with others.”

11. “Marketing is a system of integrated business activities designed to develop strategies and plans to the satisfaction of customer wants of selected market segments or targets.”

12. P. Drucker says that, “ Marketing is not merely a function of business entire but it is the business and it is synonyms with the whole business unit or a view of the entire business as the economic organ to provide goods and services .”

13. Leslie Rodger define: “Marketing is the primary management function which organizes and directs the aggregate of business activities involved in converting customer purchasing power into effective demand for a specific product or service and in moving the product or service to the final consumer or user so as to achieve the company-set or other objectives.”

14. Paul Mazur defines, “The delivery of a standard of living to society.”

15. Hansen defines that, “The process of discovering and translating consumer needs and wants into product and service specifications, creating demand for these products and services, and then in turn expanding this demand.”

16. “Marketing is the management task of strategically planning, directing and controlling the application of enterprise effort to profit-making programmes which will provide customer satisfactions-a task which involves the integration of all business activities into a unified system of action.”

17. “The analysis, planning, implementation, and control of programs designed to create, build, and maintain beneficial exchanges with target buyers for the purpose of achieving organizational objectives.”

18. Clark and Clark defined market as a, “A center about which or an area in which the forces leading to exchange or title to a particular product operate and towards which the actual goods tend to travel.”

19. Philip Kotler defined market as “The set of actual and potential buyers of a product.”

20. According to Chapman, “The term Market refers not to a place but a commodity or commodities and buyers and sellers who are in direct competition with one another.”

21. According to Converse, Hugey and Mitchell, “Marketing includes all activities involved in the creation of place, time and possession utilities. Place utility is created when goods and services are available at the places they are needed; time utility when they are needed; and possession utility when they are transferred to those who need them.”

22. Buskirk Richard defines that, “An integrated system of action that creates value in goods through the creation of form, place, time and ownership utilizes.”

23. Duddy and Reizan define marketing as, “It is the economic process by which goods and services are exchanged and their values determined in terms of money.”

24. Cundiff E.W. and Still R.S. have defined the term of marketing, “A marketing is the process by which products are matched with markets and through which products are matched with markets and through which transfer of ownership are effected.”

25. Peter F.Drucker:

“Marketing is not a function of business, but a view of the entire business seen as the economic organ to provide goods and services.”

26. American Heritage Dictionary's Definition of Marketing :

“The commercial functions involved in transferring goods from producer to consumer.”

27. Marketing Definition From MSN Encarta Dictionary:

“The business activity of presenting products or services to potential customers in such a way as to make them eager to buy. Marketing includes such matters as the pricing and packaging of the product and the creation of demand by advertising and sales campaigns.”

SUMMARYMarketing is a societal process by which

individuals and groups obtain what they (consumers) need and want through creating, offering and freely exchanging products and service of value to each other.

Today competitions are very high and consumer demand increase. Thus Marketing management is very important for take sure decisions for business and set objectives. Marketing is the main pillar to achieve business goals.

BIBLIOGRAPHY

1. Marketing management

S.A. SHEPLEKAR

- HIMALAYA PUBLISHING HOUSE

2. An Introduction to Marketing

D AMARCHAND

B VARADHARAJAN

3. Marketing Management – a Finance Emphasis

B.K. CHATTERJEE

-Jaico Publishing House

4. Principles Of Marketing PHILIP KOTLER GARY ARMSTRONG

5. Modern Marketing Management DR. RUSTOM S. DAVAR SOHRAB R. DAVAR NUSLI R. DAVAR

6. Introduction to Marketing N.G. KALE M. AHMED

- Vipul prakashan