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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 CIM definition (in common with Barwell's definition of the marketing concept) looks not
only at identifying customer needs, but also satisfying them (short-term) and anticipating them in
the 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 the
changing 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 in
exchange and consumption.
Bartles.
Product:
The noun product is defined as a "thing produced by labor or effort"[1] or the "result of an
act or a process"[2], 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[3]. Since 1695, the
word has referred to "thing or things produced".
The economic or commercial meaning of product was first used by political economist
Adam Smith[4].
In marketing, a product is anything that can be offered to a market that might satisfy a
want or need[5].
In project management, products are the formal definition of the project deliverables that
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.
Promotion
• Above the line promotion: Promotion in the media (e.g. TV, radio, newspapers, Internet
and Mobile Phones) in which the advertiser pays an advertising agency to place the ad
• Below the line promotion: All other promotion. Much of this is intended to be subtle
enough for the consumer 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
Distribution
Marketing ethics
Marketing ethics is the area of applied ethics which deals with the moral
principles behind the operation and regulation of marketing. Some areas of
marketing ethics (ethics of advertising and promotion) overlap with media ethics.
Marketing effectiveness
Market research
Marketing research
Market segment
Positioning
Target Market
A target market is the market segment which a particular product is marketed to.
It is often defined by age, gender and/or socio-economic grouping.
Customer segments
• DINKY - Double income no kids yet => they can afford eg holidays and yachts
• SOHO - Small Office, Home Office
• VSB - Very Small Business
• SMB - Small Medium Business / SME - Small and medium enterprise
• VALS - Values Attitude and Life-Styles
• LOHAS - Lifestyles of Health and Sustainability
• LOVOS - Lifestyle of voluntary simplicity
• SAM - Segmented Addressable Market
• VLE - Very Large Enterprise
Market/product segments
Marketing strategy
Market
Goods
Goods are a physical product capable of being delivered to a purchaser and involves the transfer
of ownership from seller to customer.
Market dominance
Needs are the basic human requirements. People need food, air, water, clothing, and shelter to
survive. People also have strong needs for creation, education, and entertainment.
The above needs become wants when they are directed to specific objects that might satisfy the
need. An American needs food but may want a hamburger, French fries, and a soft drink. A
person in Mauritius needs food but may want a mango, rice, lentils, and beans. Wants are shaped
by one's society.
Demands are wants for specific products backed by an ability to pay. Many people want a
Mercedes; only a few are willing and able to buy one.
Product Line Pricing: Pricing different products within the same product range at
different price points. An example would be a video manufacturer offering different
video recorders with different features at different prices.
Product width : different category in which the company divide its product e.g.
HUL company has divided its product in 3 categories i.e.
1. Personal care............ponds, lux, sunsilk
2. House care..............surf excel, wheel, rin
3. Food and beverages.......kissan, annapurna atta
Product depth: under one product how many sub-products company provides or
how many varieties company have for that product
e.g. sun silk........1.dry 2. Normal 3.oily hair
under dry sun silk company provides in the range of 50, 100, 150 and also pink,
blue, black
Niche market is the subset of the market on which a specific product is focusing
on; Therefore the market niche defines the specific product features aimed at
satisfying specific market needs, as well as the price range, production quality and
the demographics that is intended to impact.