Sonia Sardana (MBA, PGDFM, UGC-NET, Ph.


In early days: Market is a place where buyer & seller meet. But with the passage of time & introduction of new techniques, there is facility to buy goods through use of internet. So, there is no place where buyer & seller meets but also transaction takes place. So, today-Market is group or set of consumers who have interest or who is going to buy/exchange the product. Market refers to the group of consumers or organization that in interested in the product, has the resources to purchase the product and is permitted by law and other regulations to acquire the product.

Total Populatio n

Sonia Sardana (MBA, PGDFM, UGC-NET, Ph.D(P))

• • Marketing is the efforts of doing buying and selling activities. Marketing deals with identifying and meeting human and social needs. (MEETING NEEDS PROFITABLY)

Social Definition: Marketing is societal process by which individuals & group obtain what they need and want through creating, offering and freely exchanging products & services of value with others. Managerial Definition: Marketing is the art of selling products. Other Definitions: The term Mkting is very comprehensive one: • • Marketing starts well before production commences & ends only after rendering after sales services. Marketing is the process of planning & executing the conception, pricing, promotion & distribution of ideas, goods & services to create, exchange that satisfy individuals & organizational goals.


Sonia Sardana (MBA, PGDFM, UGC-NET, Ph.D(P))

1. IDENTIFICATION OF CONSUMER’S NEEDS: The first and most important step in the process of marketing is the identification of consumer’s needs. This step provide answer to the questions such as: Product: What they want to purchase? Quantity: How much they want to purchase? Quality: What quality they want to purchase? Price: At What price they want to purchase? What will be the value of satisfaction?

All the answers of these questions help the existing firm to make changes in the product & to launch new product. For Eg. ...............................................

2. ENVIRONMENTAL SCANNING: Environmental Scanning refers to the depth analysis of the environment. In this, main emphasis is made on studying the strength & weakness of competitor’s product & the step take in future. • • Earlier the Colgate Cream was the leader in the tooth paste market but the Close-Up came with Close-Up Gel and it became the leader. Then the Colgate launch : Colgate-Gel & again become the leader by introducing various Colgate toothpaste such as: • • • • • Colgate Cream Colgate Gel Colgate Advance Whitening Colgate Herbal White Colgate Active Salt

Sonia Sardana (MBA, PGDFM, UGC-NET, Ph.D(P)) 3. BUSINESS ANALYSIS: In Environmental Scanning: we study the strength & weakness of competitors. In Business Analysis: we study about strength & weakness of own business and • • On the basis of Business Technical Analysis (Past record/ trends) we will analyze that the particular decision will be profitable or not. If Cost ˃ Revenue, then the idea should be dropped.

4. PRODUCT DEVELOPMENT: When Cost ˂ Revenue, the product /Sample will be prepared. Eg. Before launching “Surf Excel” few samples were prepared for testing.

5. ESTIMATION OF COST: Now the cost for the product is ascertained so that price can be fix easily.

6. SETTING THE PRICE: There are various methods for fixing price, such as: • • • • Cost based Pricing Competitions Based Leader Price Policy New Product Pricing etc.

7. DESIGNING THE DISTRIBUTION CHANNEL: Now the entrepreneur move toward the transformation of product from own godown to the ultimate consumer. For this: different channels can be adopted so as: 1. Showroom

Sonia Sardana (MBA, PGDFM, UGC-NET, Ph.D(P))

2. Wholeseller & Retailer

8. PROMOTION: Now the efforts are made to promote the goods or creating demand for the product. • • • • Advertisement Personal Selling Publicity Sales Promotion

9. SELLING: Now the consumer comes to know the product in market which satisfies them. Now the firm sells the product to customer which leads to satisfaction of ultimate consumer.



Today Marketing Process not ending at selling but it includes too after sales services. Eg. If any problem occurs after the purchasing of any electronic item, the seller will provide the repair services free of cost.



Consumer feedback provide information about the value of satisfaction, the consumer gets from the product.

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