Marketing

Market refers to a set of actual and potential buyers of a product or service. Marketing is described as a process whereby people exchange goods and services for money or for something of value to them. Important features of marketing include need and want, creating a market offering, customer value, exchange mechanism, pervasive, etc. Product, person, ideas, services, experience, property, etc can be marketed. Marketer is any person who takes more active part in the process of exchange. Marketing management refers to planning, organising, directing and control of the activities which facilitate exchange of goods and services between producers and consumers or users of products and services. The marketing management philosophies guiding an organisation’s marketing efforts have evolved over a period of time. Various Marketing Management Philosophies are production concept, product concept, selling concept, marketing concept and societal marketing concept. Production concept proposes that potential exchange can be realised if the products are inexpensive and widely available. Product concept proposes that the way to realise business goal is by making high quality products. Selling concept proposes the need for aggressive selling and promotional efforts to convince and make a consumer buy a product. Marketing concept proposes that an organisation should focus on satisfaction of customer’s needs which would facilitate profit maximisation. Societal marketing proposes the functions of an organisation as identifying the needs and wants of the target market, effective delivery of customer satisfaction and taking care of the consumers and the society in the long run. Functions of marketing include gathering and analysing market information, marketing planning, product designing and development, standardisation and grading, customer support services, pricing of products, etc. Marketing is different from selling. While marketing focuses on achievement of maximum satisfaction of the customers’ need and wants, selling focuses on affecting transfer of title and possession of good from sellers to consumers or users.

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