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INTRODUCTION TO MARKETING
CONCEPT
Unit Structure
1.0 Objectives
1.1 Introduction to Marketing Concepts
1.2 The Traditional Concept of Marketing.
1.3 The Modern Concept of Marketing
1.4 Objectives of Marketing
1.5 Evolution Of Marketing
1.6 Importance of Marketing
1.7 Functions of Marketing
1.8 Summary
1.9 Test Your Knowledge
1.10 Questions
1.11 References

1.0 OBJECTIVES
 To understand basis terminology in marketing.
 To understand traditional and modern concept of marketing.
 To understand objectives of marketing.
 To understand evolution of marketing.
 To understand importance of marketing.
 To understand the functions of Marketing

1.1 INTRODUCTION TO MARKETING CONCEPTS

Meaning of Market:
A market is a place which allows the purchaser and the seller to invent and
gather information and lets them carry out exchange of various products
and services. In other words the Meaning of Market refers to a place
where the trading of goods takes place. The place can be a market place or
a street market.

Definition of Marketing:
According to Philip Kotler – ―The science and art of exploring, creating
and delivering value to satisfy the needs of a target market at a profit.
Marketing identifies unfulfilled needs and desires. It defines measures and
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Marketing Management quantifies the size of the identified market and the profit potential. It
pinpoints which segments the company is capable of serving best and it
designs and promotes the appropriate products and services.‖
According to American Marketing Association – ―Marketing is the
activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large.‖

Selling:
Selling is a transaction where a good or service is being exchanged for
money. It also refers to the process of persuading a person or organization
to buy something.

Product:
Product as something that is created through a process and provides
benefits to market.
A product is tangible (visible). It has physical existence. By acquiring a
product a person may acquire an asset, e.g., a television, refrigerator, table,
chair etc. A product may be capable of being reused for a certain time.
Examples are soap, toothbrush, etc.

Service:
A service is the action of doing something for someone or something. It is
largely intangible. A service tends to be an experience that is consumed at
that point where it is purchased, and cannot be owned since it is quickly
perishable. Example — Transport, medical, legal, etc.
Philip Kotler defines marketing management as
―Marketing Management is the analysis, planning, implementation and
control of programmes designed to bring about the desired exchanges with
target audiences for the purpose of personal and mutual gain. It relies
heavily on adoption and coordination of the product, price, promotion and
place for achieving response‖:

1.2 THE TRADITIONAL CONCEPT OF MARKETING.

1. Exchange Concept: Under this exchange concept, products are
exchanged between buyer and seller.
2. Production Orientation Concept: In nearly 1930 the producer feel
that if a company produced a good quality product & the price of the
product is reasonably cheap or affordable, the product would sell in
the market with less effort.
3. Product Concept: Under this concept, idea is that consumer will
prefer only those products which are high or good in quality,
performance and are innovative. Here manufacturer focused on
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 manufacturing superior product and improving the quality of the Introduction to Marketing
products. Concept

4. Sales Orientation Concept: After 1930 people are diverted from

agriculture to industry, due to this mass production is possible. This
resulted in an increase in production. Supply of product in the market
increases comparatively the demand of products in the market is less
& the market turned into a buyer’s market. Every producer focused on
how to increase sales and how their product will compete with
competitor’s product.

1.3 THE MODERN CONCEPT OF MARKETING.

1. Consumer Orientation Concept:
This concept came into existence around the 1950’s when manufacturer
realized that it would not be possible to sell everything which is
manufactured. Then manufacturer have to think about requirement of the
consumers and it is understood with the help of the research which is
important function of marketing. This concept is based on the following
assumptions.
a. The firm should produce only those products which are desired or
demanded by customer.
b. Manufacturer should think about long term profit rather than quick
sales.

2. Socially-oriented Marketing Concept:

The concept of Social Marketing was accepted by all manufacturers in
1960’s & 70’s by all over the world. This concept mainly focused on
customer’s satisfaction & social welfare. In this regard, the manufacturer
focused on fulfilling requirement of consumers along with social benefits
of it. For example manufacturer of automobile must manufacture not only
a good vehicle but one which releases least pollution.

1.4 OBJECTIVE OF MARKETING

The objectives of Marketing have following objectives viz. Consumer
Objective and Company Objective:

1. Consumer Objective:
a. To understand the needs of present customers & potential customers.
b. To make available right products, at right time, at right place, at right
quantity to satisfy wants of the consumers.
c. To create satisfied customers.

2. Company Objectives:
a. To carry out right kind of research to find out consumer needs. 3
Marketing Management b. To manufacture goods which really needed by customer.
c. To make available right kind of goods in right time, at right place, in
required quantities & at the right price.
d. To create satisfied customers to make them permanent customer of
the company.

1.5 EVOLUTION OF MARKETING:

1. The Exchange Concept:
When a product is sold or service is offered for a certain value, exchange
takes place. Exchange can be in the form of barter or for money. This
concept revolves around the exchange process only. It is a narrow concept
of marketing. The motive is profit maximization only. The sellers do not
consider the requirements of the consumers. They believe that as long as
there are commodities in the market, the consumer will buy them. This is a
traditional concept. It is in practice only in certain third world countries.

2. The Production Concept:

The production concept revolves around the production process. It is
based on the concept that buyers will buy the product if it is available at a
cheaper price. This concept works on the idea that if the production is
efficiently increased then per unit cost of production will reduce. The
motive is profit maximization only. This concept is applicable only in a
sellers’ market as it ignores quality of product, consumer needs, customer
relations, market research, competition etc. It can be applicable for
products whose features are not an important deciding factor for purchase.

3. The Product Concept:

The product concept was more advanced as compared to the initial
concepts of marketing. This concept is product centric. The idea is to
improve the product quality to increase the demand. Although the quality
is improved, it does not consider the requirements of the consumers. The
motive is profit maximization.

4. The Selling Concept:

The selling concept initiated the focus on the selling aspect of marketing.
Under this concept, more aggressive promotional techniques were used by
sellers. This would be helpful in pushing the product in the market and
attract consumers. Publicity, sales promotion and other selling techniques
were used. However this concept revolves around the seller and not the
consumer. The motive here is profit maximization only.

5. The Marketing Concept:

In this concept, the attention finally shifted to consumers. This concept is
revolved around consumer. The purpose is to identify needs and wants of
consumers and satisfying them as efficiently as possible. The organization
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understood the importance of customer loyalty in order to survive in the Introduction to Marketing
market for a long term. Although profit maximization is a motive, other Concept
aspects are also taken into consideration. These include customer
satisfaction, market research, consumer relationship, target market etc.
According to this concept, consumer welfare and satisfaction is the key to
success.

6. The Societal Concept:

This concept was developed when the organizations realized the
importance of social welfare. Along with profit motive and consumer
welfare it is equally important to consider the aspect of societal welfare.
This concept encouraged the use of eco-friendly methods of production.
Also, it gave birth to various research and development projects in order to
make goods which are environment-friendly along with being consumer
friendly.

7. The Relationship Marketing Concept:

A healthy and long lasting relationship with all the stakeholders is the
main idea of this relationship marketing concept. These stakeholders are
employees, dealers, suppliers, distributors, financers, shareholders, society
and also consumers. The stakeholders of an organization are the main
strength of the organization. Without support of the stakeholders, the
organization will collapse. For the success and prosperity of an
organization it is necessary to build strong relations with all the
stakeholders.

8. The Holistic Concept:

The Holistic Concept is a wider concept of marketing. Holistic means all
encompassing. It comprises of four main factors:

1. Integrated Marketing:
Integrated marketing means inter-linked marketing. Marketing function is
inter-linked with other functions which are performed in an organization
like planning, staffing, financing, production etc. For example, in order to
launch a new product in the market, it is necessary to conduct market
research, identify understand the consumer’s requirement and the
competitors. Depending on the results of the research, product with certain
requirement, quantity of products to be produced needs to be decided. This
will affect function of production department. In order to produce
particular quantity, raw material will have to be purchased. This will result
in additional cash outflow and hence will affect function of finance
department. Similarly manpower is required to produce product, this result
in staffing of manpower so will affect function of HR department.

2. Relationship Marketing:
Stakeholders include consumers, employees, dealers, suppliers,
distributors, financers, shareholders, etc. They are the essence of an
organization. Without support of the stakeholders, the organization will 5
Marketing Management collapse. For the success and prosperity of an organization it is necessary
to build strong relations with all the stakeholders. E.g. If the consumers
are unhappy, they may not purchased product. If the employees are
unhappy, they may not be able to work with same efficiency and
productivity. If the financers are not satisfied, they will not invest.

3. Internal Marketing:
Employees are the most important pillars of any organization. If the
employees are satisfied, they will give excellent results. It is important to
have a well-trained and self-motivated workforce to increase Optimum
utilization of human resource is possible only if the employees understand
the objectives of their organization

4. Performance Marketing:
Performance Marketing focuses on improving the performance of an
organization. Performance of an organization can be achieved by reducing
costs, increasing sales, improving brand loyalty, quality of product,
enhancing customer satisfaction etc.

1.6 IMPORTANCE OF MARKETING

Marketing is important for not only firm but also society. There are some
benefits of marketing for firm and society as follows.

Benefits to Firm:
1. It helps in earning & increasing profit: Main aim of every firm is to
earn profit. Marketing helps the firm to increase in profit through
advertising & sales promotional activities & reducing cost through
conducting market research.
2. Marketing helps in Planning & decision making: Every business
organization has to take important decisions like what to produce,
how to produce, where to produce, when to produce & how these
goods & services are made available to the customers. To get answer
to all these questions planning and decision are need to be taken by
marketing department. So Marketing helps in planning & decision
making.
3. Marketing provides goods to ultimate consumer: The marketing
process bridges the gap between producer & consumer. It is the duty
of marketing people to deliver the product from manufacturer to the
final consumers through various channels of distribution such as
direct channel or indirect channel of distribution.
4. Marketing is a source of new ideas: Marketing gives the detail idea
of current business environment i.e. demands of customers, tastes &
preferences of customers, prices of competitions through market
research. An organization also get source of information from their
dealers, suppliers etc.
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Benefits to Society: Introduction to Marketing
Concept
1. Marketing improves the Standard of living of the society: The
main objective of the marketing is to satisfy human wants. Marketing
creates demand & increases demand for new products & services,
which ultimately improves the standard of living of the people.
2. It provides employment: In India large number of population is
engaged in marketing activities directly or indirectly. Large numbers
of peoples are engaged in Market research, wholesale trade, retail
trade, transportation (distribution), warehousing, advertisement,
Publicity & promotion etc. Thus marketing provides employment
opportunities to society.
3. It stabilizes the economic conditions: When supply exceeds demand
and demand exceeds supply means more production with less demand
& less production with more demand both situations are harmful to
society. A efficient marketing makes balance in between demand and
supply (production), through creating demand & by distributing goods
to consumer, thus it solves the problem of imbalance economic
conditions.
4. Marketing increases National Income: Marketing creates demand for
new & existing products. If demand of goods increase production also
increases. If production goods & services increase the National
Income of a country also increases.

1.7 FUNCTIONS OF MARKETING

The marketing process performs certain activities as the goods or services
move from manufacturer to consumer. Every firm does not perform all
these activities or jobs. However, any company that wants to operate its
marketing system successfully must carry them out. The following
marketing tasks have been recognized for a long time.

1. Buying and Assembling:

Buying is first step in the process of marketing. It involves what to buy,
what quality, how much, from whom, when and at, what price. People in
business buy to increase sales or to decrease costs. Purchasing agents are
much influenced by quality, service and price. The products that the
retailers buy for resale are determined by the need and preferences of their
customers. After buying all the materials purchased it should be collected
at a central place, it is called assembling. Assembling is required for all
kinds of products whether they are agriculture product, consumer product
of Industrial product.

2. Selling:
It is concerned with the persuasion of potential buyers to actually
complete the purchase of an product or service. Selling is important part in

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Marketing Management final aim of earning profit. Selling is enhanced by means of personal
selling, advertising, publicity and sales promotion.

3. Transportation:
Transport is the physical means, whereby goods are moved from the place
of production to the place of consumption. It creates place utility.
Transportation is essential from the procurement of raw materials & for
the delivery of finished products to the customers’ places. Marketing relies
mainly on road transport, rail transport, waterways, pipelines and air
transport etc. The type of transportation is chosen on several
considerations such as suitability, speed and cost.

4. Storage:
It involves the holding of goods in proper condition after they are
produced until they are needed & demanded by consumers in case of
finished products or by the production department in case of raw materials
and stores. Storing protects the goods from deterioration and helps in
carrying over surplus for future consumption or use in production. Goods
may be stored in various warehouses situated at different places. Storing
assumes greater importance when production is seasonal or consumption
may be seasonal. Retail firms are called ―stores‖. Stores create time utility.

5. Branding, Packaging and Labeling:

“A brand is a name, symbol, term, design of any combination of these
which is used for popularizing the product & to identify the product of
particular seller “Packaging is the group of activities which involves,
designing or producing the container or wrapper for a product.‖ “Labeling
is affixing a small slip on the product, which gives information regarding
Name & address of the manufacturer, contents, price, batch number,
manufacturing and expiry date etc.‖ For E.g. Kinderjoy has established
itself as a brand for children. It’s packaging and labeling is attractive for
kids especially because of the unique egg shaped package and the free toys
inside.

6. Risk Taking:
Risk means lose due to some unforeseen circumstances in future. Risk-
bearing in marketing refers to the financial risk inherent in the ownership
of goods held for an anticipated demand, including the possible losses due
to a fall in price and the losses from spoilage, depreciation, obsolescence,
fire and floods or any other loss that may occur with the passage of time.
From production of goods to its selling stage, many risks are involved due
to changes in market conditions, natural causes and human factors.
Changes in fashions or interventions also cause risks. Legislative measures
of the government may also cause risks.

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7. Advertising: Introduction to Marketing
Concept
American Marketing Association has defined, ―Advertising is any form of
non-personal presentation and promotion of ideas, goods and services by
an identified sponsor.‖
1. Any form: The advertising is any form of communication. It may be
a symbol, sign or message in newspaper, magazines, on television,
radio advertisement, outdoor, advertising or direct mail; or new media
such as websites and text messages.
2. Paid Form: It means advertising is a paid transaction.
3. Non-Personal Presentation: Advertising is not a personal selling &
person to person presentation but it is a non personal presentation i.e.
advertising is addressed to a mass audience.
4. Identified Sponsor: Sponsor is agency through which advertising is
made.
Examples: Print ads, radio, television, billboard, brochures and catalogs,
signs, in-store displays, posters, motion pictures, Web pages, banner ads,
etc.
For eg. Fevikwik launched its advertisement with a tag-line of ―Todo
nahin, jodo‖ during world cup match. The advertisement presented a
humorous way of presenting the message of human bonding.

8. Market Research:
According to American Marketing Association, ―Marketing Research is
the function that links the consumer, customer and public to the marketer
through information-information used to identify and define marketing
opportunities and problems, generate, refine and evaluate marketing
actions; monitor marketing performance; and improve understanding of
marketing as a process.‖ Market research is the collection and analysis of
information about consumers, competitors and the effectiveness of
marketing programs. In other words, market research allows businesses to
make decisions that make them more responsive to customers' needs and
increase profits. While market research is crucial for business start up, it's
also essential for established businesses. It's accurate information about
customers and competitors that allows the development of a successful
marketing plan.

9. Marketing Management:
Marketing management is ―the art and science of choosing target markets
and building profitable relationships with them.‖ Creating, delivering and
communicating superior customer value is key. Marketing management is
the conscious effort to achieve desired exchange outcomes with target
markets. The marketer’s basic skill lies in influencing the level, timing,
and composition of demand for a product, service, organization, place,
person, idea, or some form of information. Marketing Management is
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Marketing Management defined as the analysis, planning, implementation, and control of programs
designed to create, build, and maintain beneficial exchanges with target
buyers for the purpose of achieving organizational objectives.

1.8 SUMMARY
Success of a business largely depends on the success of marketing because
marketing is a field in business that makes the whole organization ready to
serve the customers. There are various definitions to marketing. We can
generalize the definition, through the definition of the famous marketing
author, Phillip Kotler who defines marketing as the science and art of
exploring, creating and delivering value to satisfy the needs of a target
market at a profit.
It is a process of identifying consumer needs, developing products and
services to satisfy consumer needs, making these products and services
available to the consumer through an efficient distribution network and
promoting these products and services to obtain greater competitive
advantage in the market place. According to American Marketing
Association- ―Marketing is the activity, set of institutions, and processes
for creating, communicating, delivering, and exchanging offerings that
have value for customers, clients, partners, and society at large.‖
The exchange, production, product and sales concept are traditional
concepts of marketing. The consumer and socially oriented concept are
modern concept of marketing. They are production concept, product
concept, selling concept, marketing concept and societal concept.

1.9 TEST YOUR KNOWLEDGE

1. Marketing is defined by the American Marketing Association as the
activity, set of institutions, and processes for ______, ________,
________, and __________ offerings that have value for customers,
clients, partners, and society at large.
(a) Making, Arranging, Maintaining and Selling
(b) Creating, Communicating, Delivering, and Exchanging
(c) Creating, Advertising, Selling, and Transferring
(d) Performing, Displaying, Offering, and Exchanging
2. Aggressive selling is a characteristic of which of the following
concept of marketing?
(a) Production concept
(b) Marketing concept
(c) Selling concept
(d) Product concept
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3. Adding new features to a product is advocated by which of the Introduction to Marketing
approaches? Concept

(a) Product Approach

(b) Production Approach
(c) Marketing Approach
(d) Selling Approach
4. A place where goods are bought and sold against the price
consideration between the buyers and the sellers is called ______
(a) Exchange
(b) Market
(c) E-commerce
(d) Transaction
5. Which of the following is a name, term, sign, symbol, design, or a
combination of these, that identifies that maker or seller of a product
or service?
(a) Label
(b) Co-brand
(c) Brand
(d) Product

1.9 QUESTIONS
Q.1 What is Marketing? Explain traditional and modern concept of
Marketing.
Q.2 Explain Evolution of Marketing.
Q.3 Explain the importance of Marketing.
Q.4 Explain the functions of Marketing.
Q.5 What are objectives and benefits of marketing.

1.10 REFERENCES
 Kotler, P., Keller, K. L., Ang, S. H., Tan, C. T., & Leong, S. M.
(2018). Marketing management: an Asian perspective. Harlow:
Pearson.

 Saxena, R. (2005). Marketing management. Tata McGraw-Hill

Education.
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Marketing Management  Karunakaran, K. (2008). Marketing management. Himalaya
Publishing House.

 Kotler, Philip, ―Marketing Management - Analysis, Planning,

Implementation, and Control‖, PHI, New Delhi.

 Namakumari S, and Ramaswamy, V.S., ―Marketing Management‖,

MacMillan Publishers, New Delhi.

 Skinner, J., S. Steven, ―Marketing‖, Houghton Miami Company,

Boston.

 Dawn Iacobucci, ―Marketing Management‖, Cengage Learning.

*****

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 2
UNDERSTANDING THE BASICS
Unit Structure
2.0 Objectives
2.1 Introduction
2.2 Core Marketing Concepts
2.3 Company orientation towards the marketplace
2.4 Summary
2.5 Questions
2.6 References

2.0 OBJECTIVES
1. To understand the core marketing concepts
2. To understand the company orientation towards the marketplace

2.1 INTRODUCTION
In the business world „marketing‟ is all pervasive. It involves marketing of
products and services. The study of marketing is remarkably interesting in
the perception that everybody of us have performed marketing activities in
one form or other. The main objective of marketing is to satisfy the
customer. It is essential for the entrepreneurs to identify the customers,
establish a rapport with them, identify their needs and deliver the goods
and services that would meet their requirements. Customers are ready to
pay to an organization in return for the delivery of goods and services.
Customers can named in many terms, such as subscriber, students, client,
patient etc The terminology can imply something about the relationship
between a firm and its customers, so the term „patient‟ implies a caring
relationship „passenger‟ implies an ongoing responsibility for the safety of
the customer, and „client‟ implies that the relationship is governed by a
code of ethics (formal or informal).

2.2 CORE MARKETING CONCEPTS

1) Concept of Need, Want and Demand:
Marketing process deals with understanding consumer „needs and wants‟.
The customer is understood to be the person who makes the decision to
purchase a product, and/or who pays for it. In fact, products are often
bought by one person(customer), consumed by another(consumer),
therefore the customer and consumer need not be the same person. For
example, Educational Institute must market themselves not only to
prospective students, but also to their parents, careers counsellors, local
employers, and government funding agencies. In these circumstances it
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Marketing Management can be difficult to identify on whom an organizations marketing effort
should be focused.

Needs:
Human needs are vital to their survival. According to Need Hierarchy
Theory of Maslow (1943). Needs can be categorized as:
a) Psychological and Security Need: It includes food, water, shelter,
cloth and security, protection
b) Social and Esteemed Need: Sense of belonging to a society and
affection (includes need for education, entertainment, health care,
insurance, banking etc.
Esteemed Need includes self-esteem, status, recognition.
c) Self-Actualization: Self-development and realization
Consumers are influenced by their desire to satisfy their complex needs,
and these should be the pinpoint for all marketing activity. We no longer
live in a society in which the main motivation of individuals to satisfy the
above consumer needs. The needs specified above are critical to the
human life and as such must be satisfied. It can be said that whatever is
needed by humans do not need aggressive advertising because consumer
will always buy it.
Human beings will try to satisfy their most important needs first. When a
person succeeds in satisfying an important need, he or she will then try to
satisfy the next -most-important need. „Need‟ refers to something that is
deep-rooted in an individual‟s personality. How individuals go about
satisfying that need will be conditioned by the cultural values of the
society to which they belong. In some cultures the need for self-fulfilment
may be satisfied by a religious penance, while other societies may seek it
through a development of their creative talents.

Wants:
Wants is human desire which can either be fulfilled (if consumer can
afford it) or not ( if the consumer cannot afford it). These desires are likely
to change as our desires are known to change with time, when we get to a
new place or society, or as we grow up over the years. Also, the culture we
belong to and our individual personalities also mold our desires. Wants are
not critical but they complement needs. ( Kotler & Armstrong, 2012)

Demand:
I have a desire and I can afford to pay the price tag attached to it, then I
have created a demand for that want. Demand occurs when one is able to
financially afford a product as this automatically opens up a market where
we can avail ourselves of goods and or services that can satisfy our wants
(Kotler & Armstrong, 2012)

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 Understanding the Basics

Source: Walter, 2016

For Ex:- Mobile
Mobile before the generation it is treated as luxury. But as a technological
advancement, now has become an product that is crucial for survival in
this information age.
Need: Mobile if for communication such as dialing/ receiving calls,
sending/receiving messages
Wants: Use of smartphone is desire as I would like to do such as dialing/
receiving calls, sending/receiving messages additionally we wants more
features such as Larger/Notch Display, memory, HD Camera, touch screen
etc
Once customers can afford to pay for an Apple, Samsung, MI, One Plus
etc then firms create a demand for that mobile which firm has to meet.

2) Target Markets, Positioning, and Segmentation:

Marketers therefore identify distinct segments of buyers by identifying
demographic, psychographic, and behavioral differences between them.
They then decide which segment(s) present the greatest opportunities. For
each of these target markets, the firm develops a market offering that it
positions in target buyers‟ minds as delivering some key benefit(s).
(Kotler and Keller , 2016)

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Marketing Management Examples:

 Volvo develops its cars for the buyer to whom safety is a major
concern, positioning them as the safest a customer can buy.

3) Offerings and Brands:

Companies address customer needs by putting forth a value proposition, a
set of benefits that satisfy those needs. The intangible value proposition is
made physical by an offering, which can be a combination of products,
services, information, and experiences.
A brand is an offering from a known source. A brand name such as Apple
carries many different kinds of associations in people‟s minds that make
up its image: creative, innovative, easy-to-use, fun, cool, iPod, iPhone, and
iPad to name just a few. All companies strive to build a brand image with
as many strong, favorable, and unique brand associations as possible.
(Kotler and Keller , 2016)

4) Marketing Channel:
The marketer uses three kinds of marketing channels for reach to a target
market, such as:

 Communication channels: It involves to deliver and receive

messages from target buyers. Communication channel includes
newspapers, magazines, radio, television, mail, telephone, smart
phone, billboards, posters, fliers, CDs, audiotapes, and the Internet.
Beyond these, firms communicate through the look of their retail
stores and Web sites and other media, adding dialogue channels such
as e-mail, blogs, text messages, and URLs to familiar monologue
channels such as ads.

 Distribution channels: It helps to display, sell, or deliver the physical

product or service(s) to the buyer or user. These channels may be
direct via the Internet, mail, or mobile phone or telephone or indirect
with distributors, wholesalers, retailers, and agents as intermediaries.

 Service channels: It includes warehouses, transportation companies,

banks, and insurance companies. Marketers clearly face a design
challenge in choosing the best mix of communication, distribution,
and service channels for their offerings. (Kotler and Keller , 2016)

5) Value and Satisfaction:

The buyer chooses the offerings he or she perceives to deliver the most
value, the sum of the tangible and intangible benefits and costs. Value, a
central marketing concept, is primarily a combination of quality, service,
and price), called the customer value triad. Value perceptions increase
with quality and service but decrease with price. We can think of
marketing as the identification, creation, communication, delivery, and
monitoring of customer value. Satisfaction reflects a person‟s judgment of
a product‟s perceived performance in relationship to expectations. If
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performance falls short of expectations, the customer is disappointed. If it Understanding the Basics
matches expectations, the customer is satisfied. If it exceeds them, the
customer is delighted. (Kotler and Keller, 2016)

6) Marketing Environment:
The marketing environment consists of the Internal environment and the
External environment. The Internal environment includes Human
Resources & Internal Relationship, Company Image, Management
Structure, Physical Assets, Financial Resources, Marketing Resources etc
The External environment consists Micro and Macro Environment. Micro
Environment consist of Consumers, suppliers, Competitors, Middlemen,
Public
Macro Environment consist of components: demographic environment,
economic environment, social-cultural environment, natural environment,
technological environment, and political-legal environment.

2.3 COMPANY ORIENTATION TOWARDS THE

MARKETPLACE
The marketing concept and philosophy is one of the simplest ideas in
marketing, and at the same time, it is also one of the most important
marketing philosophies. At its very core are the customer and his or her
satisfaction. The marketing concept and philosophy states that the
organization should strive to satisfy its customers' wants and needs while
meeting the organization's goals. In simple terms, "the customer is king".
Given these new marketing realities, following are the marketing
philosophy that guides a company‟s marketing efforts

Marketing Philosophies 17
Marketing Management 1) Production Concept:
The production concept is one of the oldest concepts in business. It holds
that consumers prefer products that are widely available and inexpensive.
Managers of production-oriented businesses concentrate on achieving high
production efficiency, low costs, and mass distribution. This orientation
has made sense in developing countries such as China, where the largest
PC manufacturer, Legend (principal owner of Lenovo Group), and
domestic appliances giant Haier have taken advantage of the country‟s
huge and inexpensive labour pool to dominate the market. Marketers also
use the production concept when they want to expand the market.

For example:

 Coke is widely available throughout the world

 A company manufactures sugar because it knows that in the end

consumers will surely buy sugar.

2) Product Concept:
The product concept assumes that consumers will buy the product that
offers them the highest quality, the best performance, and the most
features. A product orientation leads a company to try constantly to
improve the quality of its product. Organizations that are devoted to the
product concept of marketing, believe that consumers would automatically
favour for products of high quality. The managers of these organizations
spend considerable time money and energy on R & D to introduce quality
and variations in products.
Two companies which stand apart from the crowd when we talk about the
product concept are Apple and Google. Both of these companies have
strived hard on their products and deliver us feature rich, innovative and
diverse application products and people just love these brands.
The marketers can add any kind of attribute to their products but if the
consumers are not aware of regarding the availability, how can they go for
purchasing that particular product. This phenomenon gave birth to another
concept i.e. selling concept.

3) Selling Concept:
The Selling Concept intends that customers, individuals or organizations
will not buy enough of the organization„s products unless they are
persuaded to do so through selling effort. Organizations should undertake
selling and promotion of their products for marketing success. The
consumers typically are inert and they need to be forced for buying by
converting their inert need in to a buying motive through persuasion and
selling action. The main aim is to sell what they make rather than make
what the markets wants. Such marketing carries high risks. It focuses on
creating sales transactions rather than on building long term, profitable
relationships with customers. This approach is applicable in the cases of
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unsought goods like life insurance, vacuum cleaner, firefighting Understanding the Basics
equipment‟s including fire extinguishers.

4) Marketing Concept:
The marketing concept is a customer-centered, sense and respond
philosophy. The job is to find not the right customers for your products,
but the right products for your customers. Dell doesn‟t prepare a PC or
laptop for its target market. Rather, it provides product platforms on which
each person customizes the features he or she desires in the machine. The
marketing concept holds that the key to achieving organizational goals is
being more effective than competitors in creating, delivering, and
communicating superior customer value to your target markets.

For example:
Pepsi and Coke – Both of these companies have similar products. Both the
companies have different value proposition. These companies thrive on
the marketing concept. Where Pepsi focuses on youngsters, Coke delivers
on a holistic approach. Also the value proposition by Coke has been better
over ages as compared to Pepsi which shows that coke especially thrives
on the marketing concept, i.e. it delivers a better value proposition as
compared to its competitor.

5) Societal Marketing Concept:

This concept says that firm is to determine the needs, wants, and interests
of target markets and to deliver the desired satisfactions more effectively
and efficiently than competitors (this is the original Marketing Concept).
Additionally, it focuses on enhancing and preserving the consumer‟s and
society‟s wellbeing. The organization believes in giving back to the
society by producing better products targeted towards society welfare. It is
an opportunity for organisation to enhance their image, reputation, raise
brand awareness, increase customer loyalty, build sales, and increase press
coverage. According to Societal Marketing Concept, products should be
Less Toxic, More Durability with Reusable or Recyclable Material

2.4 SUMMARY
In this unit you have learnt about the various market orientations, core
concepts and market philosophies. You have seen that in the changing
market environment with changing customer behaviour and seeking
business opportunities, companies face marketing challenges on a daily
basis. The core concepts talk about the customers wherein the marketers
need to differentiate between the needs, want and demands of a customer.
Once this is identified it becomes easier to target the market. It is essential
for the organizations to realize the importance of marketing philosophies
and which philosophy would suit their business needs. Without studying
the environment in which you operate you cannot follow any marketing
philosophy.

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Marketing Management
2.5 QUESTIONS
1. What are the various core concepts of marketing?
2. Describe in detail the various philosophies of marketing.
3. Define marketing management? Also discuss the various levels of
demand and the task of a marketing manager thereto.
4. Do all companies need to practice the marketing concept? Could you
cite companies that do not need this orientation?
5. Give an example of a good, service, and idea that you have recently
purchased.

2.6 REFERENCE
1. Stanton, Etzel and Walker- Fundamentals of marketing (TMH)
2. Philip Kotler- Marketing Management (PHI)
3. Philip Kotler and Armstrong- Principles of marketing (PHI)
4. Ramaswamy and Namakumari- Marketing management (Macmillan)
5. Namakumari S, and Ramaswamy, V.S., “Marketing Management”,
MacMillan Publishers, New Delhi.
6. Skinner, J., S. Steven, “Marketing”, Houghton Miami Company,
Boston.
7. Dawn Iacobucci, “Marketing Management”, Cengage Learning
8. Kotler and Keller , 2016- Marketing Management, Pearson
Publication

*****

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 3
MARKETING ENVIRONMENT
Unit Structure
3.0 Objectives
3.1 Introduction
3.2 Definition and Meaning of Marketing Environment
3.3 Constituents of Marketing Environment
3.4 Environmental Scanning Techniques in Marketing Management
3.4 Opportunities in Rural
3.5 Summary
3.6 Questions
3.7 References

3.0 OBJECTIVES
1) To Understand of the Marketing environment
2) To know the factors of Marketing Environment
3) To acquaint knowledge about the Environmental Scanning
Techniques in Marketing Management
4) To compare various opportunities available in various sectors.

3.1 INTRODUCTION
Managers are facing difficulty and exciting challenges today due to a
dynamic environment. The challenges for today‟s and tomorrow‟s
managers is to be aware of specific changes in business environment,
along with the factors affecting such changes and their likely impact on
the businesses. Coverage of product and service quality has been
significantly increased. Diversity among consumers has also increased
rapidly where managers are challenged to manage this diversity by
keeping themselves abreast of the latest happenings. Managers who know
more than just management are required today. Those who can value
people, communicate well, solve problems, see the big picture and work
hard are the precious human resource that is the requirement by the
organisations. A manager, who can visualize these changes and
understand the dynamic character of marketing environment can survive
in the market.

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Marketing Management 3.2 DEFINITION AND MEANING OF MARKETING
ENVIRONMENT
1) “A company‟s marketing environment consists of the internal factors
& external forces, which affect the company‟s ability to develop &
maintain successful transactions & relationships with the company‟s
target customers.”- According to Philip Kotler

2) “Environment consists of factors that are largely if not totally,

external and beyond the control of individual industrial enterprise and
their managements. These are essentially the „givers‟ within which
firms and their management must operate in a specific country and
they vary, often greatly, from country to country”. - According to
Barry M. Richman and Melvgn Copen

3) “as the process by which strategists monitor the economic,

governmental, market, supplier, technological, geographic, and social
settings to determine opportunities and threats to their firms”.
According to William F. Glucck

4) “Marketing environment consists of all the forces outside an

organization that directly or indirectly influence its marketing
activities, includes competition, regulation, politics, society, economic
conditions, and technology”. - According to Skinner

From the above definitions we can extract that marketing environment

consists of factors that are internal and external environment which may
create threats to a business organization, or it provides opportunity for
exploitation. In business all operations are conducted to satisfy the needs
of the consumers. It poses a huge challenge for today and especially
tomorrow‟s businessmen/ businesswomen and managers to be aware of
specific changes to keep themselves abreast of the latest happenings in the
field of business to ensure their survival and sustainability in the market.
Therefore, the study of marketing environment is of utmost importance for
the managers and practitioners.

3.3 CONSTITUENTS OF MARKETING ENVIRONMENT

Every business firm consists of a set of internal factors, and it also
confronts with a set of external factors. An assortment of environmental
forces affects a company‟s marketing arrangement. A few of them are
manageable while others are unmanageable. It is the task of the marketing
manager to modify the firm‟s policies together with the changing
environment. Micro and macro environment consist of the structure of the
marketing environment. The following figure gives a clearer and more
comprehensive picture about the different factors.

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 Marketing Environment

3.3.1 Internal Environment:

There are number of factors which influence various strategies and
decisions within the firm‟s boundary. These factors are known as internal
factors and are given below:

(a) Human Resources:

The expression „human resource‟ refers to People. It is most critical
resource in an organisation. It is the process of employing people, training
them, compensating them, developing policies relating to them, and
developing strategies to retain them that is necessary for organisational
success. It focuses that people are valuable resources requiring careful
attention and nurturing. The organisation‟s strengths and weaknesses are
also determined by the skill, quality, morale, commitment, and attitudes of
the employees.

(b) Company/ Corporate Image:

A corporate image of a company can be defined as an image
that people hold in their mind about the company, its products, and its
services. The corporate image of a company is referred to as the reputation
of the company in the market place or how others view it outside the
company. The opinion of your customers about your company is highly
influenced by the corporate image of your company in the market. The
image of the company also matters in certain other decisions as well like
forming joint ventures, entering contracts with the other company or
launching new products etc. Therefore, building company image should
also be a major consideration for the managers.

(c) Management Structure:

A management structure describes how a company organizes its
management hierarchy. In almost all organizations, a hierarchy exists.
This hierarchy determines the lines of authority, communications, rights,
and duties of that organization. It also determines how the roles, power
and responsibilities are assigned, controlled, and coordinated, and how
information flows between the various levels of management. Within an
organization, the structure differs, depending on Board, Middle and Lower 23
Marketing Management management. Therefore, the composition of board of directors and
nominees of different financial institutions could be very decisive in
several critical decisions. The extent of professionalisation is also a crucial
factor while taking business decisions.

(d) Physical Assets:

Enjoy economies of scale, smooth supply of produced materials, and
efficient production capacity are some of the key factors of business which
in turn depends upon the physical assets of an organisation. These factors
should always be kept in mind by the managers because these play a vital
role in determining the competitive status of a firm or an organisation.

(e) R & D and Technological Capabilities:

The organisations which are using appropriate technologies enjoy a
competitive advantage over their competitors. The organisations which do
not possess strong Research and Development departments always lag in
innovations which are a prerequisite for success in today‟s business.
Therefore, R & D, and technological capabilities of an organisation
determine a firm‟s ability to innovate and compete.

(f) Marketing Resources:

The organisations which possess a strong base of marketing resources like
talented marketing men/women, strong brand image, smart salespersons,
identifiable products & service, wider and smooth distribution network
and high quality of product support and marketing support services make
effortless inroads in the target market. The companies which are strong on
above-mentioned counts can also enjoy the benefits of brand extension,
form extension and new product introduction etc. in the market.

(g) Financial Factors:

The performance of the organisation is mainly depending on certain
financial factors like capital structure, financial position etc. Organisation
develops strategies and takes major decision based on the financial factor.
The survival of the organisation (private or public sector) mainly based on
the financial position of the organisation.

3.3.2 External Environment:

Organisation operates in the external environment as well that forces and
shape opportunities as well as threats. These forces represent
“uncontrollable” in nature which the organisation must monitor and
respond to. SWOT (Strengths, weaknesses, opportunities and threats)
analysis is very much essential for the business policy formulation which
one could do only after examination of external environment. The external
business environment consists of macro environment and micro
environment.

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(A) Micro Environment: Marketing Environment

It is the organisation‟s immediate environment where routine activities are

affected by the certain factors. Consumers, Suppliers, Competitors and the
Public consist in Micro environment. It is not necessary that the micro
factors affect all the firms. Some of the factors may affect a particular firm
and do not disturb the other ones. So, it depends on what type of industry a
firm belongs to. Now let‟s discuss in brief some of the micro
environmental factors.

(a) Suppliers:
Suppliers are another important component of the micro environment.
Organizations depend on many suppliers for equipment, raw material, etc.
to maintain their production. Suppliers can influence the cost structure of
the industry and are hence a major force. The relationship between
suppliers and the firm characterizes a power equation between them. This
equation is based on the industry conditions and the extent to which each
of them is dependent on the other. For the smooth functioning of business,
reliable source of supply is a prerequisite.

(b) Customers:
According to Peter F. Drucker “the motive of the business is to create
customers” because a business survives only due to its customers.
Successful companies recognise and respond to the unmet needs of the
consumers profitably and in continuous manner. Because unmet needs
always exist, companies could make a fortune if they meet those needs. A
firm should also target the different segments based on their tastes and
preferences because depending upon a single customer is often risky. So,
monitoring the customer sensitivity is a pre-condition for the success of
business.

(c) Competitors:
Every business has competition. Competitors are other organizations that
compete with each other for both resources and markets. Hence, it is
important that an organization is aware of its competitors and in a position
to analyse threats from its competition. A business must be aware of its
competitors, their strengths and weaknesses, and the most aggressive and
powerful competitors always. Further, an organization can have direct or
indirect competitors. When organizations are involved in the same
business activity, they compete for both resources and markets. This is
Direct Competition.
For ex., Pantene and Sunsilk shampoo companies are direct competitors.
On the other hand, a five-star holiday resort and a luxury car company are
Indirect competitors since they offer different products but vie for the
same market.

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Marketing Management (d) Marketing Intermediaries:
Marketing intermediaries provide a vital link between the organisation and
the consumers. These people include middlemen such as agents, brokers,
marketing agents, wholesalers and resellers, distributors, retailers, who
help the firm to reach out to its customers. Physical distribution entities
such as stockists or warehouse providers or transporters ensure the smooth
supply of the goods from their manufacturer to the consumer.

(e) Publics:
According to Cherrunilam “A public is any group that has an actual or
potential interest in or impact on an organisation‟s ability to achieve its
interests”. The public includes local publics, media and action groups etc.
The organisations are affected by certain acts of these publics depending
upon the circumstances.
For example if a business unit is establishment in a particular locality then
it has to provide employment to the localites at least to the unskilled
labour otherwise local group may harm that very business or they may
interrupt the functioning of the business.

(B) Macro Environment:

With the rapidly changing scenario, the firm must monitor the major
forces like demographic, economic, technological, political/legal and
social/cultural forces. The business must pay attention to their casual
interactions since these factors set the stage for certain opportunities as
well as threats. These macro factors are, generally, more uncontrollable
than the micro factors. A brief discussion on the important macro
environmental factors is given below:

(a) Demographic Environment:

The demographic factors like gender or ethnicity of the market are useful
to segment the target population for impactful marketing. The focus lies
mostly on the people who are most likely to buy the product. This ensures
that the company does not waste money in people who have no interest in
buying the product. Demographic approach provides very specific
information about different populations. Based on the data, the company
can develop well defined strategies helpful to reach more population.
Other easily identified demographic qualities of customers include their
age, household, composition

(b) Economic Environment:

Every day, marketing managers face a barrage of economic news. They
must digest it, assess its impact, and alter marketing plans accordingly.
Markets require purchasing power and that depends upon current income,
savings, prices, debt and credit facilities etc. The economic environment
affects the demand structure of any industry or product. The following

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factors should always be kept in mind by the business people to determine Marketing Environment
the success of the business.
(i) Per capita income
(ii) Gross Domestic Product
(iii) Fiscal and monitory policies
(iv) Credit Policy
(v) Industry life cycle and current phase
(vi) Trends of inflation, deflation or stagflation etc.
Each of the above factors can pose an opportunity as well as threat to a
firm. For example, in an under-developed economy, the low demand for
the product is due to the low-income level of the people. In such a
situation a firm or company cannot generate the purchasing power of the
people so as to generate the demand of the products. But it can develop a
low-priced product to suit the low income market otherwise it will be
slipped out from the market. ( Ex. Srilanka Economic Crisis)

(c) Technological Environment:

Technological factors refer to the creation of new technologies and how
they shape products, product development, and access to new market
opportunities. A perfect example of a strong technological force today is
wireless communication. Mobile technology is also shaping the
development of new technological devices and replacing ones that have
become outdated. A company needs to continually use the most up-to-date
technology in order to operate at its highest capacity and be aware of how
technological applications can better serve customers. For Ex- In Covid 19
Pandemic, major business uses payment technologies such as Phone pay,
Google pay.

(d) Political/Legal Environment:

This environment consists of laws, regulations and policies that influence
and limit various organisations. Sometimes these laws create opportunities
for the business but these may also pose certain threats. Business
legislations ensure specific purposes to protect business itself as well as
the society from unfair competitions; to protect consumers from unfair
business practices and to protect the interest of the society from unbridled
business behaviour. In India business is regulated through certain laws like
Companies Act,2013, Partnership Act 1932, Consumer Protection Act,
1986 (CPA), Factories Act,1948, Income Tax, Goods and Service Tax.

(e) Social-cultural Environment:

Socio-cultural factors relate to demographics in a sense but are more
related to populations and how they behave based on preference and
values. Different societies and cultural groups are characterized by unique
needs, which are often based on different core values and preferences. 27
Marketing Management Cultures often develop a group mentality, which passes along core values
and general beliefs. It shapes how the individuals in such cultures shop
and what they choose to spend their money on. A business needs to pay
attention to socio-cultural variances, especially when moving into new
markets.
Within a society such as India, there are the different tastes and
preferences of the different strata. Like a Punjabi has altogether different
preferences then that of a South Indian in the name of certain products like
food and clothing, and the shrewd marketers have always capitalised on
this kind of opportunities. Hence, a thorough understanding of social-
cultural environment is imperative in order to be successful.

3.4 ENVIRONMENTAL SCANNING TECHNIQUES IN

MARKETING MANAGEMENT
The marketing environment is dynamic- it is always changing.
Environmental scanning is the process of collecting information through
observation, review of business, trade, government publications and
marketing research efforts. Then such collected information is reconciled
and assessed to interpret the findings. By evaluating available information,
a marketing manager should be able to determine threats and opportunities
associated with environmental fluctuations. Following are few techniques
which are mainly used in marketing environmental scanning such as -

1) SWOT:
A SWOT analysis is a common method of environmental scanning.
SWOT stands for strengths, weaknesses, opportunities, and threats. When
performing a SWOT analysis, the marketing department of an
organization must look internally at the company's strengths and
opportunities and externally at its weaknesses and threats.

2) PEST Analysis:
It provides insights into external macro-environmental factors, making it a
useful technique for environmental scanning. The acronym stands for
political, economic, social and technological. When performing a PEST
analysis, marketing professionals will look for potential government shifts
and other political factors as well as economic shifts that may impact the
business. Social factors include how people are discussing the product and
industry, while technological factors include any upcoming or shifting
technology that could play a role in shaping the company's future.

 PEST: Political, Economic, Social and Technological

 PESTLE: Political, Economic, Social, Technological, Legal and

Environmental

 STEEPLE: Social, Technological, Economic, Environmental,

Political, Legal and Ethical
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3) Research: Marketing Environment

It is one of the most used techniques in environmental scanning. Many

organizations across various industries rely on their own research to learn
more about the political climate, legislative shifts, technological
advancements, and other potential changes that can impact the industry in
which they operate. Research has become such a vital tool in the
marketing and development processes that organizations often have their
own research and development teams or departments that conduct internal
research.
By these marketing efforts, marketing strategies could be developed for
the coming time.

3.5 OPPORTUNITIES IN RURAL MARKET

Physical Distribution and transportation:
Regarding the problems of physical distribution, the marketers may have
stockiest/ clearing-cum-forwarding (C&F) agents at strategic location
for facilitate the physical distribution for its products in the rural market.
The important advantage of this scheme is that the costs of physical
distribution can be shared between the companies and stockiest.
The different modes of transportation based on availability of tracks
should also be beneficial to the companies. Even to this day, bullock-cart
plays a very vital role in physical distribution where the roads are not
available. Some of the leading MNCs use delivery vans in rural areas.
These delivery vans take the products to the retail shops in every corner of
the rural market and enable the companies to establish direct sales contact
with majority of the rural consumers. This in turn helps in sales
promotion.

Rural Market and Retail Sales Outlets:

The rural market consists of a number of retail sales outlets along with low
price shops under the public distribution system. The government should
take initiatives to encourage private shopkeepers and cooperative stores to
come forward and establish their business in rural areas.
Fertilizer companies should open their outlets for proper distribution of
fertilizer to the farmers. In addition, the companies dealing in consumer
goods can also apply this model and appoint a number of retailers in rural
market and attach them to the stockiest who distributes the goods to the
retailers as per the potential demand of the market. This approach will
help the companies penetrate into the interior areas of the rural markets.

Sales Force Management:

To solve the problems of sales force management, the company takes due
care in the recruitment and selection of sales people because the traits they
require are different from that of the urban sales persons. These sales
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Marketing Management people must be fluent in the local/regional language and also have
patience to deal with rural consumers.
Controlling and operating of such a large and scattered sales force,
supervising them in sales calls, guiding and attending to their official and
personal problems, and motivating them for getting better results should
be an exciting and challenging task for the sales manager. Thus, the people
operating in rural areas should have an inherent zeal to serve the rural
peoples and to connect with them.

Marketing Communication:
For marketing communication in rural areas, the companies should use
organized forms of media like TV, Radio, cinema and POP (point of
purchase) advertising. In recent times, television is gaining popularity in
rural areas but due to lack of supply of electricity, radio is performing
quite better.
The rural people need demonstration, short-feature films and direct
advertisement films that combine knowledge and perform as better rural
marketing communication. The companies now also use audio visual
publicity vans that sell the products with promotion campaign directly.
Companies can also organize village fairs, drama shows, and group
meetings to convince the rural consumers about the products and services.
For the rural markets, those sales people are preferred for selection who
are willing to work in rural areas like Sarpanch, Pradhan‟s and other
elderly persons. Marketers can also approach them to propagate their
messages, because these persons could be effective communicators within
the rural peoples.

Demand Base and Size:

Indian rural market has a vast demand base and size. Rural marketing
involves the process of developing, promoting, distributing rural area
specific products and service exchange between rural and urban market
which satisfies customer demand and also achieves organizational goals.
As a part of development program economic development is concern,
government is making continuous efforts towards rural development.

3.6 SUMMARY
Marketing environment refers to all factors that have a direct or indirect
bearing on the functioning of the business. Every business firm encounters
a set of internal and external factors. The internal environment consists of
the factors which influence the various strategies and decisions which
happen within an organisation‟s boundaries. These factors include human
resources, company image, management structure, physical assets,
technological capabilities, marketing resources, and financial factors. The
external environment comprises of micro and macro environmental
factors. Micro environment is immediate environment of the firm which
include suppliers, consumers, competitors, intermediaries and publics.
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These factors are generally regarded as controllable factors because the Marketing Environment
marketing department commands a fair amount of control over these
factors and can modify or alter as per the requirements of the organisation.
The businessmen must scan the marketing environment techniques which
include demographic, economic, political/legal, technological and
social/cultural factors (PESTEL/STEEPEL/PEST/ SWOT).

3.7 QUESTIONS
1. What is marketing environment? Write down its main ingredients.
2. Define marketing environment? Discuss in brief the factors that
constitute marketing environment.
3. “Firms which systematically analyse and diagnose the environment
are more effective than those which don‟t”. Elucidate.
4. Discuss the demographic and technological trends that can affect the
future of the business.
5. Explain the Marketing Opportunities in Rural Market

3.8 REFERENCES
1. K. Ashwathappa, Business Environment for Strategic Management,
Himalaya Publishing House, Mumbai.
2. Francis Cherrunilam, Business Environment, Himalaya Publishing
House, New Delhi.
3. S.K. Misra and V.K. Puri, Indian Economy, Himalaya Publishing
House, New Delhi.
4. B.B. Tandon and K.K. Tandon, Indian Economy, Tata McGraw Hill,
New Delhi.
5. Kotler, Philip, “Marketing Management - Analysis, Planning,
Implementation, and Control”, PHI, New Delhi.
6. Namakumari S, and Ramaswamy, V.S., “Marketing Management”,
MacMillan Publishers, New Delhi.
7. Skinner, J., S. Steven, “Marketing”, Houghton Miami Company,
Boston.
8. Dawn Iacobucci, “Marketing Management”, Cengage Learning.

*****

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