PRINCIPLES OF MARKETING
Marketing is part of all of our lives and touches us in some way every day. To be successful each company that deals with customers on a daily basis must not only be customer driven, but customer obsessed. The best way to achieve this objective is to develop a sound marketing function within the organization.
Marketing is defined as a social and managerial process by which, individuals and groups obtain what they need and want through creating and exchanging products and value with others. Marketing is a key factor to business success. The marketing function not only deals with the production and distribution of products and services, but it also is concerned with the ethical and social responsibility functions found in the domestic and global environment.
The Knowledge Exchange Business Encyclopedia defines marketing as “planning and executing the strategy involved in moving a good or service from producer to consumer.”
Marketing is the process of creating consumer value in the form of goods, services, or ideas that can improve the consumer’s life. Marketing is the organizational function charged with defining customer targets and the best way to satisfy needs and wants competitively and profitably.
Marketing can also be defined as process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.”
Marketing system has following basic activities:
1) Sellers must search for buyers, identify their needs, design good products and services, set prices for them, promote them, and store and deliver them.
2) A modern marketing system includes all of the elements necessary to bring buyers and sellers together. This might include such activities as product development, research, communication, distribution, pricing, and service.
3) Each of the major actors in a marketing system adds value for the next level of the system. There is often critical interdependency among network members.
Product:
What are you selling? (It might be a product or a service.)
Price:
What is your pricing strategy?
Place or distribution:
How are you distributing your product to get it into the Customersmarketplace?
Promotion:
How are you telling consumers in your target group about your product?
Positioning:
What place do you want your product to hold in the consumer’s mind?
Personal relationships:
How are you building relationships with your target consumers?
People:
Public who can have impact on organization or can be affected by organization.
Profits:
The basic objective of organization that to have something valuable in return of product or service mostly it is in form of money.
Marketing mainly emphasizes on creating and maintaining relationships and applies for both non-profit organizations and profit-oriented businesses. Major activities that are performed in marketing process include: Personal selling Advertising, Making products available in stores and Maintaining inventories. Any thing like goods, services, experiences, events, persons, places, organizations, information and ideas can be marketed to the customers in return of something of value.
Organizations (producer/ seller) can create the customers by Identifying customer needs, designing goods and services that meet those needs than communicating information about those goods and services to prospective buyers Making the goods or services available at times and places that meet customers’ needs Pricing goods and services to reflect costs, competition, and customers’ ability to buy and finally providing for the necessary service and follow-up to ensure customer satisfaction after the purchase.
According to Peter F. Drucker If we want to know what a business is, we have to start with its purpose. And its purpose must lie outside the business itself. In fact, it must lie in society since a business enterprise is an organ of society.
There is one valid definition of business purpose: to create a customer.
SWOT stands for: Strength, Weakness, Opportunity and Threat
Marketing is defined as a social and managerial process by which, individuals and groups obtain what they need and want through creating and exchanging products and value with others. Marketing is a key factor to business success. The marketing function not only deals with the production and distribution of products and services, but it also is concerned with the ethical and social responsibility functions found in the domestic and global environment.
The Knowledge Exchange Business Encyclopedia defines marketing as “planning and executing the strategy involved in moving a good or service from producer to consumer.”
Marketing is the process of creating consumer value in the form of goods, services, or ideas that can improve the consumer’s life. Marketing is the organizational function charged with defining customer targets and the best way to satisfy needs and wants competitively and profitably.
Marketing can also be defined as process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.”
Marketing system has following basic activities:
1) Sellers must search for buyers, identify their needs, design good products and services, set prices for them, promote them, and store and deliver them.
2) A modern marketing system includes all of the elements necessary to bring buyers and sellers together. This might include such activities as product development, research, communication, distribution, pricing, and service.
3) Each of the major actors in a marketing system adds value for the next level of the system. There is often critical interdependency among network members.
Product:
What are you selling? (It might be a product or a service.)
Price:
What is your pricing strategy?
Place or distribution:
How are you distributing your product to get it into the Customersmarketplace?
Promotion:
How are you telling consumers in your target group about your product?
Positioning:
What place do you want your product to hold in the consumer’s mind?
Personal relationships:
How are you building relationships with your target consumers?
People:
Public who can have impact on organization or can be affected by organization.
Profits:
The basic objective of organization that to have something valuable in return of product or service mostly it is in form of money.
Marketing mainly emphasizes on creating and maintaining relationships and applies for both non-profit organizations and profit-oriented businesses. Major activities that are performed in marketing process include: Personal selling Advertising, Making products available in stores and Maintaining inventories. Any thing like goods, services, experiences, events, persons, places, organizations, information and ideas can be marketed to the customers in return of something of value.
Organizations (producer/ seller) can create the customers by Identifying customer needs, designing goods and services that meet those needs than communicating information about those goods and services to prospective buyers Making the goods or services available at times and places that meet customers’ needs Pricing goods and services to reflect costs, competition, and customers’ ability to buy and finally providing for the necessary service and follow-up to ensure customer satisfaction after the purchase.
According to Peter F. Drucker If we want to know what a business is, we have to start with its purpose. And its purpose must lie outside the business itself. In fact, it must lie in society since a business enterprise is an organ of society.
There is one valid definition of business purpose: to create a customer.
SWOT stands for: Strength, Weakness, Opportunity and Threat
Labels: advertisements or brochures, arranging for clients to appear on TV talk shows, instance, survival of the fittest
posted by Dr.Rana at
9:58 AM
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