WHAT IS A MARKET :
In the traditional sense , the term market refers to the place where buyers and sellers gather to enter into transactions involving the exchange of goods and services .
Product market -Cotton market, Gold market etc .
Geographic market- International and national market .
In modern sense, the term market has a broader meaning- refers to the set or group of actual and potential consumers of product or service .
MARKETING :
DEFINITIONS :
1. 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.
---American Marketing Association (AMA)
2. “Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.”
— Philip Kotler
3. Marketing is “The management process responsible for identifying, anticipating and satisfying customer requirements profitably.”
— The Chartered Institute of Marketing
WHAT CAN BE MARKETED :
WHO IS A MARKETER :
A marketer is any person whose duties include the identification of the goods and services desired by a set of consumers, as well as the marketing of those goods and services on behalf of a company.
Marketer is someone whose job involves encouraging people to buy a particular company's products, by deciding the price, type of customer, and advertising policy .
ROLE OF MARKETING
The key objective of an organization’s marketing efforts is to develop satisfying relationships with customers that benefit both the customer and the organization. These efforts lead marketing to serve an important role within most organizations and within society.
1. ROLE IN THE FIRM :
- Understanding the economic and competitive features of a sector .
- Identifying target markets .
- Identifying segments within a target market .
- Identifying most appropriate strategies .
- Commissioning, understanding and acting upon market research .
- Understanding competitors and their strategies and likely responses .
- Developing new products .
- Auditing customers’ brand experience .
- Establishing environmental scanning for opportunities and threats .
- Understanding an organisation’s strengths and weaknesses .
- Creating a sustainable competitive advantage for the company .
- Understanding where a brand needs to be in the future .
- Creating and delivering marketing plans to get to the top .
- Establishing management information systems to identify progress .
ROLE IN ECONOMY / SOCIETY :
- Developing products that satisfy needs, including products that enhance society’s quality of life .
- Creating a competitive environment that helps lower product prices .
- Developing product distribution systems that offer access to products to a large number of customers and many geographic regions .
- Building demand for products that require organizations to expand their labor force .
- Offering techniques that have the ability to convey messages that change societal behavior in a positive way (e.g., anti-smoking advertising) .
IMPORTANCE OF MARKETING
1. INCREASES SALES :
Marketing’s main purpose in most businesses is to generate more sales. Marketer need to advertise and promote to help people know about your products.
If no one knows about the company's products, no one will buy them. That’s the reason business owners invest in marketing.
Marketing strategies are used to create product awareness.
If a company wants to increase the sales percentage and increase production, the marketing department must be able to deliver effective marketing strategies.
2. BUILDS AND MAINTAIN REPUTATION :
The success of any business is dependent on its reputation. In order to have good reputation marketing plays an important role by building a brand’s name in the market.
Marketing educates people on the latest market trends, helps boost sales and profit, and develops company reputation.
3.KEEPS IN THE COMPETITION :
By marketing the company is able to compete with other competitors .
Without competition, big and recognized companies would continue to sell while small or new companies would stand little chance of ever becoming successful.
Marketing let all your customers know that your company is reliable and trustworthy through a strong marketing message.
4. CREATES REFERRALS :
Company can develop a market leader position through word of mouth by using marketing strategies.
Companies make good profits by using existing customers to obtain referrals.
Every small business owner’s goal is to profit and expand, and without marketing, this is not going to happen.
defines marketing as “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 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.” - See more at: http://heidicohen.com/marketing-definition/#sthash.FSEhCshS.dpuf
defines marketing as “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 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.” - See more at: http://heidicohen.com/marketing-definition/#sthash.FSEhCshS.dpuf
- See more at: http://heidicohen.com/marketing-definition/#sthash.FSEhCshS.dpuf
- See more at: http://heidicohen.com/marketing-definition/#sthash.FSEhCshS.dpuf
- See more at: http://heidicohen.com/marketing-definition/#sthash.FSEhCshS.dpuf
- See more at: http://heidicohen.com/marketing-definition/#sthash.FSEhCshS.dpuf
