Two girls walk into their local Café Coffee Day outlet. One goes to the counter and purchases two cappuccino coffees and some other pastries. The other sits at the table and opens her Sony Vaio Laptop. Within few seconds, she connects to the internet using Airtel’s data card. Once on the net, the girl “Google’s” name of the band that played the soundtrack of the English movie she saw yesterday. The number of websites comes up with advertisements. One of the advertisements was for the soundtracks, cd and movie DVD. When she clicks through the advertisement, the search engine giant Google rings up some money. (Through its ad word program, it gets paid whenever someone clicks on the advertiser’s ad). Now her friend has returned with the coffees and pastries. Her friend is eager to show off her parent’s gift to her on her birthday-a ruby ring and A220 Samsung cell phone created by a team of young Korean designers after months of market research and focus groups. The phone resembles cosmetic compact and dispenses dieting tips as well as advice on how to dress for the weather. The two girls are oohing and aahing over the tiny display that doubles as a mirror when they see a reflection of a city bus sporting an advertisement for the newest comedy serial from one of the popular Hindi television channels.
“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,...
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