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Marketing Term

Marketing Term

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Published by Jagat Singh Dhami

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Published by: Jagat Singh Dhami on Dec 05, 2009
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Marketing
There are many definitions of marketing. The better definitions are focused upon customer orientation and satisfaction of customer needs.
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
 Kotler.
Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably -
The Chartered Institute of Marketing (CIM).The CIM definition (in common with Barwell's definition of the marketing concept) looks notonly at identifying customer needs, but also satisfying them (short-term) and anticipating them inthe future (long-term retention).
The right product, in the right place, at the right time, at the right price -
Adcock.This is a snappy and realistic definition that uses McCarthy's Four Ps.
Marketing is essentially about marshalling the resources of an organization so that they meet thechanging needs of the customer on whom the organization depends -
Palmer.This is a more recent and very realistic definition that looks at matching capabilities with needs.
Marketing is the process whereby society, to supply its consumption needs, evolves distributive systems composed of participants, who, interacting under constraints - technical (economic) and ethical (social) - create the transactions or flows which resolve market separations and result inexchange and consumption.
Bartles.
Product
:The noun
product
is defined as a "thing produced by labor or effort"
 or the "result of anact or a process"
,and stems from the verb
produce
, from the Latin
 prōdūce(re)
'(to) lead or 
 
 bring forth'. Since 1575, the word "product" has referred to anything produced. Since 1695, theword has referred to "thing or things produced".The economic or commercial meaning of product was first used by political economistAdam Smith.Inmarketing, a product is anything that can be offered to amarket that might satisfy a want or need.Inretailing, products are called merchandise.Inmanufacturing,products are purchased as raw materials and sold as finished goods.Commoditiesare usually raw materials such as metals and agricultural products, but a commodity can also be anything widely available in the openmarket.In project management, products are the formal definition of the  project deliverablesthat make up or contribute to delivering the objectives of the project.
Pricing:
Pricing is the process of determining what a company will receive in exchange for its products.Pricing factors are manufacturing cost, market place, competition, market condition, Quality of  product.The
effective price
is the price the company receives after accounting for discounts, promotions,and other incentives.
PromotionPromotion
involves disseminating information about aproduct,product line, brand, or company. It is one of the five key aspects of themarketing mix.
Promotion is generally sub-divided into two parts:
 
) in which theadvertiser   pays an advertising agencyto place thead
Below the line promotion: All other promotion. Much of this is intended to be subtleenough for theconsumer to be unaware that promotion is taking place. E.g. sponsorship,  product placement, endorsements,sales promotion, merchandising,direct mail, personal selling, public relations, trade shows
DistributionDistribution
(or
place
) is one of the four elements of marketing mix. Anorganization or set of organizations (go-betweens) involved in the process of making a product or service available for use or consumption by a consumer orbusiness user.
 
Service:
A
service
is the non-ownership equivalent of agoods. Service provision has beendefined as an economic activity that does not result inownershipand is claimed tobe a process that creates benefits by facilitating either a change incustomers, achange in their physicalpossessions, or a change in their intangibleassets.
Marketing ethics
 
Marketing ethics
is the area of applied ethicswhich deals with the moralprinciples behind the operation and regulation of marketing. Some areas of marketing ethics (ethics of advertisingandpromotion) overlap withmedia ethics.
Marketing effectiveness
 
Marketing effectiveness
is the quality of how marketersgo to marketwith thegoal of optimizing their spending to achieve good results for both the short-termand long-term. It is also related toMarketing ROIandReturn on Marketing Investment(ROMI).
Market research
 
Market research
is any organized effort to gather information aboutmarketsorcustomers. It is a very important component of business strategy.
The term iscommonly interchanged with
; however, expert practitionersmay wish to draw a distinction, in that
marketing
research is concerned specificallyabout marketing processes, while
market 
research is concerned specifically withmarkets.
Marketing researchMarketing research
is the systematic gathering, recording, and analysis of dataabout issues relating tomarketingproducts and services.
Market segment
 
Market segment
is a group of people or organizations sharing one or morecharacteristics that cause them to have similar product and/or service needs.
Positioning
Positioning involves ascertaining how a product is perceived in the minds of consumers.
Target Market
A
target market
is themarket segmentwhich a particular product ismarketedto. It is often defined by age, gender and/orsocio-economic grouping.

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