This chapter seeks to discuss the concepts of marketing with details thereof and need for the present study.
Introduction to Marketing:
Never, a producer directly approaches to the doorsteps of consumer for his products, goods and services. Mean while never a consumer directly knocks the doors of the producer for his needs, wants and desires. In this crucial juncture the Marketing Department plays a dominant role to create and develop an exchange relationship between the producer and the consumer.
Marketing, more than any other business function, deals with customers. Creating customer value and satisfaction are the heart of marketing thinking and practice. Sound marketing is critical to the success of any organization – large or small, for – profit or non – profit, domestic or global.
Concept of Market:
The word Market was derived from the Latin word “Marcatues”, means “the place of exchange”.
“Any person or group with an individual or organization has an existing or potential exchange relationship can be considered as a Market”.
“Market is a total activity, which includes all the transactions such as buying and selling of goods, products and services”.
Concept of Marketing:
“Marketing is a total system of business activities that designed to plan, price, promote and distribute the products to present and potential consumers to achieve organizational goals through satisfying the needs or wants”.
“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”.
The above definition for marketing is also called as Core Concept of Marketing. It can be viewed from the following representation –
Needs:-The most basic concept underlying marketing is human needs.
“Needs are states of felt deprivation”.
Wants:-“The form taken by human needs as they are shaped by culture and personality”.
Product:-“A product is anything that can be offered to a market to satisfy a need or want”.
Customer value:-“The difference between the value of the customer gains the cost of obtaining the form possessing and using a product and product”.
Customer satisfaction:-“The extent to which a product’s perceived performance matches a buyer’s expectations.
Concept of Marketing Management:
“The analysis, planning, implementation and control of programs designed to create and maintain beneficial exchanges with target buyers for the purpose of achieving organizational objectives.
“The performance of the managerial functions of planning execution, co-ordination and control with respect to the marketing functions (such as marketing research, product planning and development, pricing, advertising, selling and distribution) with a view to satisfy the needs and wants of the society”.
Importance of Marketing:
Marketing plays a vital role in a country’s economic development, particularly when the country becomes highly industrialized. It plays a dual role in helping the producer to increase the sales volume on the one side and satisfying the consumers by providing their needs on the other side. These activities are not static: but in changing nature. That is why, marketing is said to be the heart of many operations and responsible for the corporate existence.
Marketing helps us
• Maintenance of Economic Stability.
• Maintain and raise standard of living of the people.
• Increase in the National Income
• Essential for full or near full employment.
Product is the starting point of all marketing activities.
The sum of the physical and psychological satisfactions, “the buyer receives when he makes a purchase”
“A product is a bundle of utilities consisting of various product features accompanying services”....