(Distance Learning Program)
MARKETING Management (ADL-10)
ASSIGNMENT - A
Q1. Define Marketing, distinguish between Selling and marketing. What are the four components of Marketing Mix, briefly explain. ?
Ans1. WHAT IS MARKETING?
What docs the term marketing mean'? Marketing must be understood not in the old sense of making a sale - "selling" - but in the new sense of satisfying customer needs. We define marketing 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. To explain this definition, we examine the following important terms: needs. wants, and demands; products: value and satisfaction; exchange; transactions. and relationships; and markets. There are many definitions of marketing. The better definitions are focused upon customer orientation and satisfaction of customer needs. Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others- Kotler.
Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably – The Chartered Institute of Marketing (CIM).
MARKETING VS. SELLING
This general definition fails to provide any direction to someone hoping to market their products or services effectively. With that, a more modern explanation of what marketing is--and what makes it effective--is a definition coined by marketing researcher and author Brian Norris. Marketing is a four step process that begins with analyzing and defining a qualified universe of potential users or buyers. After this first phase in the marketing process, a true marketing effort succeeds in capturing the attention of the intended buyers within the targeted universe. Third, systematic effort must be put into getting the prospects to accept the concepts or propositions being offered via the marketing effort. Finally, with all three of the previous steps achieved, the marketer must convert the prospective buyer into an actual buyer by getting them to take the desired action (purchase, rent, call, download, subscribe, refer, sell, follow the law, become a member, etc.).
From a marketing point of view, selling is one of the methods of promotion used by marketers. Sales, or the activity of selling, forms an integral part of commercial activity. Mastering sales is considered by many as some sort of persuading "art". On the contrary, the methodological approach of selling, refers to it as a systematic process of repetitive and measurable milestones, by which a salesperson relate his offering enabling the buyer to visualize how to achieve his goal in an economic way. Selling is a practical implementation of marketing, it often forms a separate grouping in a corporate structure, employing separate specialist operatives known as salesmen (singular: salesman or that MIGHT make their life better, the role of the salesman is often linked with excessive behavior and overstatement of product characteristics. The primary function of selling is to generate and close leads, turning prospective customers into actual ones.
Four Components of Marketing Mix
1. Product. The Product area is concerned with developing the right "product" for the target market. This offering may involve a physical good, a service, or a blend of both. Keep in mind that Product is not limited to "physical goods." For example, the Product of H & R Block is a completed tax form. The product of a political party is the set of causes it will work to achieve. The important thing to remember is that your good and/or service should satisfy some customers' needs.
2. Place. Place is concerned with all the decisions involved in getting the "right" product to the target market's Place. A product isn't...