“Marketing is a total system of business, an ongoing process of: 1. Discovering and translating consumer needs and desires into the products services (planning and producing the planned products). 2. Creating demand for this product and services through promotion and pricing. 3. Serving the consumer demand through planned and physical distribution with the help of marketing channels. 4. Expanding the market even in the place of keen competition.”
“Marketing is the process associated with promotion for sale goods or services. It is considered a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others. It is an integrated process through which companies create value for customers and build strong customer relationships in order to capture value from customers in return.” The modern marketer is called upon to set the marketing objectives, develop the marketing plan, organize the, marketing function, implement the marketing plan or programme (Marketing mix) and control the marketing programme to ensure the accomplishment of the set marketing objectives. The marketing programme covers producer planning or merchandising, price, promotion and distribution.
In short, modern marketing begins with the customer, not with production cost, sales, technological landmarks and it ends with the customer satisfaction and social well-being. Under the market- driven economy buyer or customer is the boss.
Marketing has been viewed as an ongoing or dynamic process involving a set of interacting activities dealing with a market offering by producers to consumers on the basis of reliable marketing anticipation.
Marketing is a matching process by which a process by which a producer provides a marketing mix that meets consumer demands of a target markets within the limits of society. The process is based on corporate goals and corporate capabilities. Marketing process brings together producers and consumers the two main participants in exchange. Each producer or seller has certain goals and capabilities in making and marketing his products. He uses marketing research as a tool to anticipate market demand. Then he provides a marketing mix in order to capitalize marketing opportunity. An exchange or a transaction takes when market offering is acceptable to the customer who is prepared to give something value I return against the product so bought.
Objectives of Marketing:
1. Increase in sales volume
2. Increase in net profit
3. Growth of the enterprise
The term marketing environment relates to all of the factors (whether internal, external, direct or indirect) that affects a firm's marketing decision-making or planning and is subject of the marketing research. A firm's marketing environment consists of two main areas, which are: a. Macro environment
On the macro environment a firm holds only little control. It consists of a variety of external factors that manifest on a large (or macro) scale. These are typically economic, social, political or technological phenomena. A common method of assessing a firm's macro-environment is via a PESTLE (Political, Economic, Social, Technological, Legal, and Ecological) analysis. Within a PESTLE analysis, a firm would analyze national political issues, culture and climate, key macroeconomic conditions, health and indicators (such as economic growth, inflation, unemployment, etc.), social trends/attitudes, and the nature of technology's impact on its society and the business processes within the society. b. Micro environment
A firm holds a greater amount (though not necessarily total) control of the micro environment. It comprises factors pertinent to the firm itself, or stakeholders closely connected with the firm or company. A firm's micro environment typically spans: * Customers/consumers
Please join StudyMode to read the full document