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1 Introduction

This document provides an introduction and overview of marketing. It defines marketing as creating, communicating, and delivering value to customers according to the American Marketing Association. Marketing management is described as choosing target markets and growing customer relationships to benefit the organization. A market consists of potential customers who may engage in exchange to satisfy wants or needs. Marketing is consumer-oriented and focuses on delivering superior customer value compared to competitors. The document outlines the scope and functions of marketing including exchange, physical supply, buying/assembling, selling/dividing, storage, financing, and risk-taking. It contrasts production, product, selling, marketing, and societal orientations and concepts and how companies approach the marketplace. The key difference between marketing and selling is outlined

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34 views

1 Introduction

This document provides an introduction and overview of marketing. It defines marketing as creating, communicating, and delivering value to customers according to the American Marketing Association. Marketing management is described as choosing target markets and growing customer relationships to benefit the organization. A market consists of potential customers who may engage in exchange to satisfy wants or needs. Marketing is consumer-oriented and focuses on delivering superior customer value compared to competitors. The document outlines the scope and functions of marketing including exchange, physical supply, buying/assembling, selling/dividing, storage, financing, and risk-taking. It contrasts production, product, selling, marketing, and societal orientations and concepts and how companies approach the marketplace. The key difference between marketing and selling is outlined

Uploaded by

Wali Haider
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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MARKETING-

INTRODUCTION
By
Dr . Nitika Sharma
Assistant Professor,
School of Commerce, Finance and Accountancy
Marketing – Definition
• Accordingto American Marketing Association, “ Marketing is an
organizational function and a set of process for creating,
communicating & delivering the value to customer and for managing
customer relationships in a way that benefits the organization & its
stakeholders.”
What is Marketing Management
• Marketing management is the art and science of choosing target
markets and getting, keeping, and growing customers through
creating, delivering, and communicating superior customer value.
Market
•A market consist of all the potential customers sharing a particular
need or want who might be willing and able to engage in exchange to
satisfy that need or want.

• Consumer markets
• Business markets
• Global markets
• Nonprofit/Government markets
Nature of Marketing
• Marketing is Consumer-Oriented
• Marketing starts and ends with consumer
• Modern marketing precedes and succeeds production.
• Modern marketing is the guiding element of business
• Marketing is an art as well as a science
• Marketing is a system
• Exchange process is the essence of marketing
• Marketing is goal oriented
• Marketing is a process
Scope ( Functions) of
Marketing
Functions of Facilitating
Function of Functions
Exchange Physical Supply

Buying &
Transportation Financing
Assembling

Selling & Storage or


Risk- taking
Diving Warehousing

Grading

Market
Information
Company Orientations/ Concepts
• Production
• Product
• Selling
• Marketing
• Societal
Company Orientations Towards
the Marketplace
Consumers prefer products that are
Production Concept widely available and inexpensive

Consumers favor products that


Product Concept offer the most quality, performance,
or innovative features

Consumers will buy products only if


Selling Concept the company aggressively
promotes/sells these products

Focuses on needs/ wants of target


Marketing Concept markets & delivering value
better than competitors
Concept Focus Means Ends

Achieve profits or
Quality product, reasonable objectives by products
1. Product Products
price, little marketing effort generating consumer
demand

Achieve profits or
Aggressive advertising and
2. Selling Products objectives by generating
selling efforts
sales volume

Achieve profits or
3. Marketing Customer needs Integrated marketing objectives through
customer satisfaction

Constant search for better Satisfy organizational goals


Customer satisfaction and
4. Societal-Marketing products in terms of appeal and responsibilities for
long run public welfare
and benefit society
Marketing vs Selling
Selling Marketing
1 Emphasis is on the product 1 Emphasis on consumer needs wants
2 Company Manufactures the product first 2 Company first determines customers needs and wants and then decides out
3 Management is sales volume oriented how to deliver a product to satisfy these wants
4 Planning is short-run-oriented in terms of 3 Management is profit oriented
today’s products and markets 4 Planning is long-run-oriented in today’s products and terms of new
5 Stresses needs of seller products, tomorrow’s markets and future growth
6 Views business as a good producing process 5 Stresses needs and wants of buyers
7 Emphasis on staying with existing technology 6 Views business as consumer producing process satisfying process
and reducing costs 7 Emphasis on innovation on every existing technology and reducing every
8 Different departments work as in a highly sphere, on providing better costs value to the customer by adopting a
separate water tight compartments superior technology
9 Cost determines Price 8 All departments of the business integrated manner, the sole purpose being
10 Selling views customer as a last link in generation of consumer satisfaction
business 9. Consumer determine price, price determines cost
10. Marketing views the customer last link in business as the very purpose of
the business
Marketing Mix
•Marketing Mix may
be defined as the set
of controllable
marketing
variables/activities
that the firm blends
to produce the
response it wants in
the target markets.
Thank You

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