“MARKETING” is everywhere formally or informally, people and organizations engage in a vast number of activities that could be called marketing. Good marketing has become an increasing vital ingredient for business success. Marketing profoundly affects our day to day lives. It is embedded in everything we do. From the clothes we wear to the websites we click on, to the ads we see.
“Marketing is the process of discovering and translating consumer needs and wants into products and services specifications, creating demand for these products and services and then in turn expanding this demand.” -Hansen “Marketing is the business process by which products are matched with market and through which transfers of ownership are affected.” -Caniff “Marketing includes those business activities which are involved in the flow of goods and services from production to consumption.” -Converse
In a general sense, MARKETING means identifying the particular wants and needs of a target market of customers, and then going around satisfying those valuable customers more than the competitors. This involves doing market research on customers, analyzing their needs and then making strategic decisions about product design and pricing.
IMPORTANCE OF MARKETING:
“DOING BUSINESS DIFFERENTLY, SMARTLY AND FASTER”
It helps in the realization of the objectives for which the organization has been set up. In fact, effective marketing is essential for the survival and growth of the organization. It helps the community to satisfy their economic and social needs and thus raise their standard of living. It ensures better deal and services for the consumers. It helps the organization to fulfill its social responsibilities. It helps in producing those products that are needed by the consumers and community at large. It activates the production-consumption chain. Thus, it helps in an efficient and productive utilization of resources, human and materials,...