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Marketing

Marketing

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Published by: sainath89 on Mar 24, 2010
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03/05/2011

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Marketing
Marketing is a economic process by which goods and services are exchanged betweenthe producers and consumers and their values is determined in terms of money prices.
Scope of marketing
It is seen as the task of creating ,promoting & delivering goods & services tocustomers & business. Marketers are skilled in stimulating demand for the company’s products tey are responsible for demand management .marketing managers seek toinfluence the level , timing & composition of demand to meet the organizationsobjectivesMarketing people are involved in marketing ten types of entities
Goods
Services
Experiences
Events
Persons
Places
Properties
Organizations
Information
IdeasA.
Goods:
Physical goods constitute the bulk of production and marketing efforts.B.
 Services:
A growing portion of business activities are focused on the production of services. The U.S. economy today consists of a 70-30 services to goods mix.C.
 Events:
Marketers promote time-based events such as trade shows, artistic performances, and the Olympics.D.
 Experiences:
By orchestrating several services and goods, a firm can create andmarket experiences such as Walt Disney World's Magic Kingdom.E.
 Persons:
Celebrity marketing is a major business.F.
 Places:
Cities, states, regions and whole nations compete actively to attract tourists,factories, and new residents.G.
 Properties:
Are intangible rights of ownership of either real property (real estate) or financial property (stocks and bonds).
 
Concepts of marketing 
Marketing thinking starts with the fact of human needs and wants. We all have someneeds residing in ourselves. These needs exist. Remember that needs can never becreated.
Needs:
 Needs are the basic human requirements. People need food, air, water, clothing & shelter tosurvive. People also have needs for recreation, education and entertainment.Eg: Hunger food.According to Abraham Maslow’s need hierarchy, all the human needs can be categorized asshown in the diagram
Wants
:The needs become wants they are directed to specific objects that might satisfy the needs.Eg: Mercedes
Demands:
Demands are wants for specific products that are bagged by an ability and willingness to buythem.
 
MARKET
A
market
is a common place or locality where things are brought and sold and where buyers and sellers usually meet to affect purchase and sale.The
Marketplace
is physical, as when one goes for shopping in a store.
Marketspace
is digital, as when one goes shopping on the internet.
Available Market
(who have interest, income and access to a particular offer)
Target Market or Served Market
(a co. can go for serving whole availablemarket or can concentrate on certain segments)
Penetrated Market
(set of buyers who are buying the co.’s product Elements of a modern marketing system :Generally markets are divided into 4 categories :1.consumer markets2.business markets3.globe markets4.non profit & govt markets.
Consumer markets
:companies selling mass consumer goods and services such as drinks, cosmetics , air travel and equipment spend a great deal of time trying to establish a
Industry(a collection of sellers)Market ( a collection of  buyers)
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