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Published by MHasanku

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Published by: MHasanku on Apr 28, 2010
Copyright:Attribution Non-commercial


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The Institute of Marketing defines Marketing as
“The management process responsible for identifying anticipating and satisfyingconsumer requirements profitably”
According toAmerican Marketing Association
“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”
.Marketing can also be define as
Marketing is the process of providing goods and services to customers for earningprofit.Marketing embraces all those activities that starts with the production and ends upwith the consumption
Successful Marketing involves
Recognizing the goods and services that customer want at present and in thefuture
Ensuring that that these products are available to the customer in acceptablequantities and price
Selling at a profitMacro MarketingIt shows a broad marketing view and is defined as a social process which directs aneconomy’s flow of goods and services from producers to consumers in a way whicheffectively matches supply and demand and accomplishes the objectives of society.Micro Marketing
Micro marketing can be defined as the performance of activities which seeks toaccomplish an organizations objective by anticipating customer needs and directing aflow of need satisfying consumer needs and achieving marketer’s goal.OLD CONCEPT OF MARKETINGThe old concept of marketing was company centered according to which themanufacturer or seller produced the good of his own choice. He would decide on color,shape and functions of his own likes and preferences completely ignoring the desire of customers. Producers would not care what the customer wanted. It was the era of monopoly, and oligopoly.MODERN CONCEPT OF MARKETINGToday market is filled with good and services competition in price, quality, advertisingand services. Markets see new models innovations inventions every year. Products aremade after conducting deep market research and even after their production the studycontinues for improvement and further innovations. Through research the company findsitself capable to know what consumers and customers desire, how they react to varioustypes of products why they accept or reject any product why people switch over to other  products what their purchasing power is.
The marketing concept can be divided in to following classes1. The Production ConceptThis concept is based on the belief that the customer would go for those products whichare available at the right price. To meet this end companies should focus on controllingcost of production and distribution and increase the amount of production because thegreater the amount of production the lesser will be the cost.2. The Product ConceptThe concept takes in to account the fact that the customer wants that product which suitshis need. He value the product designing, performance, utility, innovation, packaging andfunctions. So the product should be made to customer’s entire satisfaction.3. The Selling ConceptIt is the guiding factor that that suggests the customer will buy those products which arewell advertised or of which he is well aware4. The Marketing ConceptAccording to this concept the company must recognize customers satisfaction criteria before accomplishing its goals
5. The Societal Marketing ConceptIt suggests that the provision of goals and services by the company should result not onlyin the welfare of individual customer but also the society as a whole. The companyshould assume social responsibility by observing law, meeting public expectations,anticipating new demands and leading.
Importance of Marketing
Importance of marketing has gone up extremely high due to technological development,increased consumer needs and better education. Inventions and innovations can not beencouraged and successful unless they are converted in to commercial production thatmust be marketed.Marketing is a very important aspect in business since it contributes greatly to the successof the organization. Production and distribution depend largely on marketing. It is the process of introducing and promoting the product or service into the market andencourages sales from the buying public..
Marketing is becoming more important asorganizations around the world strive to develop products and services that appeal to their customers and aim to differentiate their offering in the increasingly-crowded globalmarketplace.REFERENCES
Dave Hall, Rob Jones:
 Business Studies
, (Italy, Causeway Press Ltd, 2000)
M. Radhaswamy
: General Commerce Knowledge
, (New Delhi, S. Chand Press,1990)
Richard Young, Sue Grant
: Business Studies
(London, Macmillan Press, 1989)

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