unacademy (BSE > Class Xll Commerce > Business Studies > Business Finance & Marketing > Marketing Management Basic Concepts of Marketing LESSON 2 0F 12 Download the Unacademy Learning App to watch this and over 200k more lessons in UPSC, SSC CGL, GATE, Google Play ff @ App Sto CAT and many more categories.MARKETING MANAGEMENT ie Qi (ateting# om 92 everything is “A he'F unacademy, Definition of marketing “It is a social process by which individual groups obtain what they need and want through creating, offering and exchanging products and services of value with others.” -Philip Kotler Merchandising , selling, and shopping are parts of a large number of activities: undertaken by a firm, which are collectively called marketingFEATURES OF MARKETINGunacademy, NEEDS AND WANTS. © Marketing focuses on the satisfying of the needs and wants of the individuals and organization. * Anced is something that is necessary for a person to survive, © On the other hand, a want refers to something that a person desires, either right now or in the future * A marketer's job in an organization is to identify the needs of the target customers and develop products and services that satisfy such needs. Example: sam is hungry and needs to have food which is a need. Whereas sam is hungry and wants to have a Me Donald’s burger which isa want.'F unacademy, CREATING A MARKET OFFERING © Market offering rel to the whole process of offering and introducing a product in the market for the purpose of selling © Market offering means a product which is best going to satisfy the needs and wants of the customer. * The job of the marketer is to analyze the needs and preferences of the customer and design a product offering which is going to satisfy the customer in the best possible manner. * Example: A shoe manufacturer produces footwear's of different sizes for satisfying the needs of different customer by creating a complete offer of the product i.e. footwear.'F unacademy, CUSTOMER VALUE A customer values the product on the basis of satisfaction and service offered by the product . A customer is ready to buy a product only when he gets satisfaction or when the product is offering utilities matching to the pri A marketer must add value to his product so that the customer prefers his product over the eae ene Example: ABC LTD is selling a TV for Rs25000 which has a display size of 43 inch with HD resolution and a free video player whereas PQR LTD is ling a40inchTV with anon HD resolution for the same price. The customer will buy from ABC as it is offering a better deal for him.( ' unacademy, EXCHANGE MECHANISM. * Exchange refers to the process through which two or more parties come together to obtain the desired product or service from someone offering the same by giving something in return. * Atleast two parties * Both parties must have something viewed valuable by each other © Free consent * Desire to deal * Ability to communicateMARKETIN SELLING Selling focuses on need of seller The objective of sellingis to Seni pen atte Scope of sellingis limited to exchange of goods and services for some consideration Selling starts after production and ends with the sale of product. Seller or producer is king of the market Selling involves efforts like promotion and persuasion. ' unacademy, 3 Vs SELLING MARKETING Marketing focuses on needs of the customer. The objective of marketing is earning profit with cistomersatisficton Marketingis a broader term and includes selling Marketing starts much before production and continues even after sale. Customer is king of the market. Marketing efforts involves strategies eed pricing , logisticsete.