3E.004U

System Analysis

Marketing Management

- General Overview

You are what your deep, driving desire is
As your desire is, so is your will
As your will is, so is your deed

As your deed is, so is your destiny

- Brihadaranyaka Upanishad

By the end of this semester you will have a thorough understanding of what marketing is.

Introduction To Marketing
What according to you is marketing?
And why do you think it should be studied?
Let us understand the importance of study of marketing

3E.004U

System Analysis

Why do you think it is important for

you to study marketing in

MBA????????

In today’s competitive environment a lot of em- phasis is laid on the marketing, we find every organization carrying out a lot of marketing activities. Hence, it is important for you to understand what market is, what marketing is, and how is it different from selling. So in this lesson we shall discuss all the important concepts of marketing and lay down the foundation for explain- ing the marketing process. We will also discuss the development of marketing over a period of time.

SMILE – It is marketing

Do you agree with me ?

Today’s e- age, where individual’s have forgot- ten to smile and just think about their work even while dreaming!!!!. Smile is an essential ingre- dient for these stressed out customers, don’t you think there is a need to exploit this basic need?

Introduction –

Welcome to the wonderful world of marketing! Marketing is not a new word but evokes feelings of freshness each time it is used. For there is so much happening in this field that even the oldies have something new to learn every day. In your class itself, I am sure that there are quite a few students opting for marketing than any other dis-

cipline. Surely, there must be something in this word marketing, that everyone feels attracted to it. Let us move little deeper inside marketing.

Marketing is ancient art. The first marketing trans- action can be perhaps attributed to Adam and Eve. Its emergence as a management discipline is of relatively recent origin. And within this relatively short period, it has gained a great deal of importance. In fact today marketing is regarded as most important of all management functions of business.

All of us involved in marketing in one-way or the other. Can you describe how the marketing evolved since its inception ? It has taken a long time before marketing reached the stage what it is today!

Now, let us see some definitions of Marketing –

Much of marketing is concerned with the

problem of profitably disposing of what is pro-

duced.

Marketing is the economic process by which

goods and services are exchanged between the producer and the consumer and their val- ues determined in terms of money prices.

Marketing originates with the recognition of

a need on the part of a consumer and termi- nates with the satisfaction of that need by the delivery of a usable product at the right time, at the right place and at an acceptable price.

Unit 1
Examining Concepts of Marketing Management
Chapter 1 - Introduction to marketing

Lesson 1 - Introduction to Marketing, definitions of marketing

Learning Outcomes –

After reading this lesson you should -

Know the evolution & development of marketing science
Understand the core concepts of marketing
Be able to appreciate the definitions of marketing
Visualize the scope of marketing
Understand the different types of marketing orientations
Know the components of marketing concept

Be familiar with new developments in marketing

3E.004U

System Analysis

Marketing is so basic that it cannot be con-

sidered a separate function. It is really the whole business seen from the point of view of the final result, i.e., from the point of view of the customer.

Marketing is a viewpoint, which looks at the

entire business process as a highly integrated effort to discover, create, arouse and satisfy consumer needs.

Marketing is the delivery of a standard of

living to society.

American Marketing Association – “It is the

process of planning & executing the conception, pricing, promotion & distribution of ideas, goods & services to create exchange that satisfy individual & organisational goals”

Many people think that marketing and selling mean the same thing. Others think that marketing is the same as selling and advertising, still others have a notion that marketing has got something to do with making products available in the stores, arranging displays and maintaining inventories of products for future sales. Actually marketing in- cludes all these activities and many more.

Marketing is a key function of management. It brings success to business organisation. A business organisation performs two key functions producing goods and services and making them available to potential customers for use

An organisation business success largely depends on how efficiently the products and services are delivered to customers and how differently do the customers perceive the difference in delivery in comparison to the competitors. This is true of all firms – from large business enterprises to small firms, from multinationals operating in dif-

ferent countries to small firms operating in small markets, from giant enterprises like Sony, Lever, General Motors to the next-door kirana shop. Quality production and efficient marketing are the key success factors in building sustainable competitive edge for ever business corporation.

“Marketing is a societal process by which indi- viduals and groups obtain what they need and want through creating, offering and freely ex- changing products and services of value with others” - Philip Kotler

The Chartered Institute of Marketing de-

fines Marketing as - “Marketing is the man-

agement process for identifying, anticipating &

satisfying customer requirements profitably.”

Peter Drucker - There will always, one can as-

sume, be need for some selling. But the aim of marketing is to make selling superfluous. The aim is to know and understand the customers well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed then is to make the product or service available

Activity 1:

Knowledge of marketing makes you a more sophisticated customer. Discuss in the light of your experience.

Marketing In the New Economy -

What is new economy? Is it something different

from the old economy ?

With the emergence of marketing, we also wit- ness the emergence of new economy character- ized by the following:-

A substantial increase in purchasing power.

A greater variety of available goods and ser-

vices.

A great amount of information about every-

thing.

A great ease in interacting and placing or-