Introduction to marketing:
Every economic system has its own marketing system, in this competitive era and technological development requires a particular marketing system. In this word market there is a set up rules and regulations for exchanging goods and services. Marketing is an economic process by means of which goods and services are exchanged and their values determined in terms of money prices. It is that phase of business activity through which human wants are satisfied by exchange of goods and services.
Meaning and definition of Marketing:
Marketing means the process of distribution of goods and services. It is the economic process by means of which goods and services are exchanged and their values are determined in terms of money prices. It is that base of business activity through which human wants are satisfied by exchanged of goods and services.
According to Clark and Clark “Marketing consist of all those efforts which affects transferring the ownership of goods and services and which provide for their physical distribution.
Marketing mix is a term generally used to denote a particular combination of marketing variable which are controllable by an enterprise and which are used to appeal to a particular market segment. Marketing mix is a blend of four variables namely, product, price, promotion and physical distribution, popularly known as 4ps.
According to prof. Jerome M.C. Carthy Marketing mix is “the pack of four sets of variables namely – price variable, product variable, and promotion variable and place variable”. So marketing mix is a combination of 4 ps i.e. product, price, promotion and physical distribution.
The term product is derived from Latin word “producer” which means to ‘lead forward’.
Product is a bundle of utilities consisting of various product features and accompanying services. According to Philip Kotler” a product is anything that can be offered to a market for attention, acquisition, use or consumption that might satiety a want or needs. It includes physical objects, services, places, organization and ideas”.
Essential features of product:
1. Product has the characteristics of tangibility.
2. Product may be intangible in the form of a service.
3. Product may have associated attributes to facilitate its identification and acceptance by buyers. 4. Product should have an exchange value.
5. Product should have the ability to deliver satisfaction of the consumers for whom these are intended. 6. Product should have the attribute of satisfying a business need.
Dimensions of product concept:
1. Managerial Dimension:
It covers the core specification or physical attributes related services, brand, package, product life cycle & product planning & development. As basis to planning product is second only to market & marketing research. Product planning and development can assure normal rate of return on investment and continuous growth of the enterprise.
2. Consumer dimension:
to the consumer a product is actually a group of symbols or meaning. People buy things not only for what they can do, but also for what they mean. A product conveys a message indicating a bundle of expectations to a buyer. A relevant product is one that is perceived by the consumer as per intention of a market. Once a product id brought by a consumer & his evaluation past – purpose experience is favorable marketers van have repeat orders, consumer accepts products as bundles of satisfaction rather than as physical things.
3. Social dimensions:
to the society salutary products & desirable products are always welcome as they fulfill the expectations of social welfare & social industries. Desirable products offer both benefits. Immediate satisfaction & long run consumer...