Marketing

Prepared by-
Probhakar Dey
PGT Commerce
JNV Dibrugarh
Meaning:
• Traditionally marketing means anything that helps to movement of
goods and services from producer to ultimate customer.
• But in modern days, marketing includes all the activities which covers
pre production as well as post production activities.
• Now a days, marketing is described as a social process whereby
people exchange goods and services in return of some value.
• It includes identification of consumer needs, designing of product,
warehousing, transportation etc.
Features of marketing:
• Needs and wants: The process of marketing helps to identifying
needs and wants of an individual.
• Creating market offering: It helps to create a complete market
offering in respect of size, taste, quality etc of a product and
availability of product in the market with its desirable features.
• Customer value: A product will be purchased only the product is
giving greatest value in return of money.
• Exchange mechanism: The goods and services are exchanged in
return of some value as valuable by the people.
Marketing philosophies
• Production concept: The main focus of this concept is on production.
This concept advocates that profit could be maximised by producing
products at large scale and thereby reducing the average cost of
production.
• The product Concept: This concept emphasis on quality of products.
The main focus of this Concept is continuous improvement of
product, incorporating new features etc.
• The selling Concept: This Concept states that survival and growth of a
business depends upon the selling of large number of quality
products.
Cntd.
• The marketing concepts: This Concept focus on the satisfaction of
customer needs . It assumes that in the long run organisation can
achieve its objective by identifying the needs of of its present and
prospective buyer and satisfying them in effective way.
• The societal marketing Concept: The main aim of this organisation is
to identify the needs and wants of the customer in such a manner
that the long term well- being of the customer and society is ensured.
Marketing mix:
• Product: Product means goods and services or ‘anything of value’
which is offered to the market for sale.
• Price: Price is the amount of money that customers have to pay to
obtain the product.
• Place: All the activities which helps to make the goods available to the
target customers.
• Promotion: All the activities which are helpful to communicate about
availability, features and merit of the products.
Products
Consumer products: Consumer products which are helpful for satisfying their
personal needs and products are preferred to as consumers products. e.g, soaps,
textiles, fans etc.
Convenience products: Those consumer products which are purchased
frequently, immediately and with least time and efforts are referred to as
convenience products. e.g. Ice cream, medicine, newspaper etc.
Shopping products: In this type of products, consumers buy such type of
product after comparing similar types of products among various shops with
respect to their style, design, price etc. e.g jewellery.
Speciality products: Speciality products are those products which have some
special features because of which people make some special efforts to purchase
it. e.g a rare collection of art work.
Branding:
• When a product is distinguished from other products by its name,
sign and quality, it is called branding of product.
• The brand name should be short, easy to pronounce, spell, recognise
and remember.
• A brand name should be distinctive.
• It should be capable of being registered and protected legally.
• It should not be get out of date.
Packaging:
• Packaging is an act of designing and producing the container or
wrapper of a product.
• Levels of packaging:
• Primary package: In this package products are kept till the consumers
are ready to use the product.
• Secondary package: It is the additional layers of protection that are
kept till the product is ready for use.
• Transportation packaging: It is further packaging necessary for
storage, identification and transportation.
Labelling:
• Labelling means a tag attached to the product which indicating some
information about the quality of the product or price, its contents etc.
• Various functions of labelling:
• Describe the product and its contents.
• Identification of the product or brand.
• Grading of products.
• Helps in promotion of products.
• Providing information required by law.
Pricing:
• The value that consumers assume to exchange for the benefit of
having and using the product is referred to as price of the product.
• Factors affecting price determination:
• Product cost:
• The demand of the product.
• Competition in the market.
• Government and legal regulations.
• Pricing objectives.
• Marketing techniques used.
Physical distribution:
• Physical distribution refers to the movement of the goods and
services from manufacturers to consumers.
• Components of physical distribution:
• Order processing.
• Transportation
• Warehousing
• Inventory control.
Promotion:
• Promotion refers to all the activities necessary to communicating
customers about product and encourage them to purchase such
products.
• It covers all the tools necessary for informing about the product to the
potential customers and persuade them to buy the product.
Promotion mix:
• Advertising: It is paid form of impersonal mood of communication
about the features, availability and price of the products to the
potential customers.
• Personal selling: It is oral form of communication about the product
through conversation with one or more prospective customers.
• Sales promotion: It is a short term promotion which encourages a
customer to make immediately Purchase of a product.
• Publicity: It is just like advertising . It is a non personal and non paid
form of communication. It disseminate information from independent
source.