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UNIT 1
Definition MarketingMarketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customers relationships in ways that benefit the organisation and its stake holders. -American Marketing Association.
Marketing is a social process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others.
Concepts of Marketing 1. The exchange concept 2. The production concept 3. The product concept
Selling Preoccupied with the need of seller Emphasis on saleable surplus Convert product into cash
Marketing Focuses on the needs of the buyers Emphasis on market opportunity Converts needs into products
PRODUCT Product design, features, brand name, models, style, appearance Product Quality, warranty.
Service: Pre-sale and after sale service, service standards, service charges
PLACE
Channels of distribution: Channel design, types of intermediaries, location of outlets, commission paid to channel members, Companydealer relationship.
PRICE
Pricing policies, margins, payment terms, discounts, credit facility etc.
PROMOTION Sales Promotions Personal selling: selling process, expertise, kind & size of sales force, organizational structure, forecast, training and development, recruitment and selection etc. Advertising: Advertising objectives, message strategy & tactics, media strategy and tactics etc. Publicity and PR.
STRATEGIC PLANNING PROCESS 1. Clarifying the mission of the corporation. 2. Defining the business. 3. Surveying the environment. 4. Internal appraisal of the firm. 5. Setting the corporate objective.