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evaluate and reevaluate your business activities. These seven are: product, price, promotion, place, packaging, positioning and people. As products, markets, customers and needs change rapidly, you must continually revisit these seven Ps to make sure you're on track and achieving the maximum results possible for you in today's marketplace. 1. Product To begin with, develop the habit of looking at your product as though you were an outside marketing consultant brought in to help your company decide whether or not it's in the right business at this time. Ask critical questions such as, "Is your current product or service, or mix of products and services, appropriate and suitable for the market and the customers of today?" Whenever you're having difficulty selling as much of your products or services as you'd like, you need to develop the habit of assessing your business honestly and asking, "Are these the right products or services for our customers today?"
Is there any product or service you're offering today that, knowing what you now know, you would not bring out again today? Compared to your competitors, is your product or service superior in some significant way to anything else available? If so, what is it? If not, could you develop an area of superiority? Should you be offering this product or service at all in the current marketplace? 2. Prices The second P in the formula is price. Develop the habit of continually examining and reexamining the prices of the products and services you sell to make sure they're still appropriate to the realities of the current market. Sometimes you need to lower
your prices. At other times, it may be appropriate to raise your prices. Many companies have found that the profitability of certain products or services doesn't justify the amount of effort and resources that go into producing them. By raising their prices, they may lose a percentage of their customers, but the remaining percentage generates a profit on every sale. Could this be appropriate for you? Sometimes you need to change your terms and conditions of sale. Sometimes, by spreading your price over a series of months or years, you can sell far more than you are today, and the interest you can charge will more than make up for the delay in cash receipts. Sometimes you can combine products and services together with special offers and special promotions. Sometimes you can include free additional items that cost you very little to produce but make your prices appear far more attractive to your customers. In business, as in nature, whenever you experience resistance or frustration in any part of your sales or marketing activities, be open to revisiting that area. Be open to the possibility that your current pricing structure is not ideal for the current market. Be open to the need to revise your prices, if necessary, to remain competitive, to survive and thrive in a fast-changing marketplace. 3. Promotion The third habit in marketing and sales is to think in terms of promotion all the time. Promotion includes all the ways you tell your customers about your products or services and how you then market and sell to them. Small changes in the way you promote and sell your products can lead to dramatic changes in your results. Even small changes in your advertising can lead immediately to higher sales. Experienced copywriters can often increase the response rate from advertising by 500 percent by simply changing the headline on an advertisement. Large and small companies in every industry continually experiment with different ways of advertising, promoting, and
selling their products and services. And here is the rule: Whatever method of marketing and sales you're using today will, sooner or later, stop working. Sometimes it will stop working for reasons you know, and sometimes it will be for reasons you don't know. In either case, your methods of marketing and sales will eventually stop working, and you'll have to develop new sales, marketing and advertising approaches, offerings, and strategies. 4. Place The fourth P in the marketing mix is the place where your product or service is actually sold. Develop the habit of reviewing and reflecting upon the exact location where the customer meets the salesperson. Sometimes a change in place can lead to a rapid increase in sales. You can sell your product in many different places. Some companies use direct selling, sending their salespeople out to personally meet and talk with the prospect. Some sell by telemarketing. Some sell through catalogs or mail order. Some sell at trade shows or in retail establishments. Some sell in joint ventures with other similar products or services. Some companies use manufacturers' representatives or distributors. Many companies use a combination of one or more of these methods. In each case, the entrepreneur must make the right choice about the very best location or place for the customer to receive essential buying information on the product or service needed to make a buying decision. What is yours? In what way should you change it? Where else could you offer your products or services? 5. Packaging The fifth element in the marketing mix is the packaging. Develop the habit of standing back and looking at every visual element in the packaging of your product or service through the eyes of a critical prospect. Remember, people form their first impression about you within the first 30 seconds of seeing you or some element of your company. Small improvements in the packaging or external appearance of your product or service can often lead to completely different reactions from your customers.
How do people think and talk about you when you're not present? How do people think and talk about your company? What positioning do you have in your market. "You look like someone from IBM. He therefore instituted a dress and grooming code that became an inflexible set of rules and regulations within IBM. shined shoes. One of the highest compliments a person could receive was. It refers to your offices. Every element of their clothingincluding dark suits. When IBM started under the guidance of Thomas J. would be represented by IBM salespeople." 6. at least initially. you should think in terms of everything that the customer sees from the first moment of contact with your company all the way through the purchasing process. in terms of the specific words people use when they describe you and your offerings to others? . Packaging also refers to your people and how they dress and groom. Sr. white shirts. dark ties. Everything counts. Packaging refers to the way your product or service appears from the outside. he very early concluded that fully 99 percent of the visual contact a customer would have with his company. Watson knew customers would have to have a high level of confidence in the credibility of the salesperson. Everything helps or hurts. Because IBM was selling relatively sophisticated high-tech equipment. Everything affects your customer's confidence about dealing with you.. You should develop the habit of thinking continually about how you are positioned in the hearts and minds of your customers. your product or service. your correspondence and every single visual element about your company.With regard to the packaging of your company. clean fingernails-and every other feature gave off the message of professionalism and competence. Positioning The next P is positioning. every salesperson was required to look like a professional in every respect. As a result. conservative hairstyles. Watson. your brochures. your waiting rooms.
Sometimes it's "the ultimate driving machine. People The final P of the marketing mix is people. Positioning. in a specific way. Develop the habit of thinking about how you could improve your positioning. how deeply entrenched that attribute is in the minds of your customers and prospective customers determines how readily they'll buy your product or service and how much they'll pay. hire and retain the proper people. and then pay little attention to the fact that every single decision and policy has to be carried out by a specific person. Begin by determining the position you'd like to have. either positive or negative. recruit. is more important than everything else put together. the authors point out that how you are seen and thought about by your customers is the critical determinant of your success in a competitive marketplace.In the famous book by Al Reis and Jack Trout. Jim Collins discovered the most important factor applied by the best companies was that ." Sometimes it's "excellence. Sometimes it's "service." Sometimes it's "quality engineering. It's amazing how many entrepreneurs and businesspeople will work extremely hard to think through every element of the marketing strategy and the marketing mix. with the skills and abilities to do the job you need to have done. In his best-selling book. Your ability to select." as with BMW." as with Mercedes Benz. Develop the habit of thinking in terms of the people inside and outside of your business who are responsible for every element of your sales and marketing strategy and activities. If you could create the ideal impression in the hearts and minds of your customers. what would it be? What would you have to do in every customer interaction to get your customers to think and talk about in that specific way? What changes do you need to make in the way interact with customers today in order to be seen as the very best choice for your customers of tomorrow? 7. In every case. Good to Great. Attribution theory says that most customers think of you in terms of a single attribute.
For example. to forecast future sales. ." Once these companies had hired the right people. still thrive in the society. These marketplaces. Most companies conduct research to find out the credibility of their product in the market. growth. the set of all actual and potential buyers of a market offer. In many cases." To be successful in business. therefore.has drastically changed. you must develop the habit of thinking in terms of exactly who is going to carry out each task and responsibility. However.they first of all "got the right people on the bus. the second step was to "get the right people in the right seats on the bus. The company must be able to measure and forecast the size. Marketing Market is a collection of buyers and sellers. Until recently. It is also thought to be a set of individuals or institutions that have similar needs that can be met by a particular product. Market vs.that is the location of the buyers and sellers . malls etc. and the wrong people off the bus. it's not possible to move forward until you can attract and put the right person into the right position. with the advent of technology the 'where' of a market . buyer acceptance levels and most importantly. and automobile market includes buyers and sellers of automotive transportation. The answer to the 'where' question is fast changing into 'anywhere' as markets are becoming less defined by geography. its sales patterns. like the grocery stores. market also meant a physical location where buyers and sellers met to conduct transactions. Many of the best business plans ever developed sit on shelves today because the [people who created them] could not find the key people who could execute those plans. The term marketspace has been coined to describe these electronic marketplaces unbound by time or space. A market is. the housing market is a collection of buyers and sellers of residential real estate.
. efficiently and profitably. take care of the task or internal marketing environment. Role Of Sales Manager Sales manager is an important position in a company. budgeting. productivity.and profit potential of each market. In order salesforce to achieve it objective. The market demand for a product under a specific marketing activity is the sales volume of the product in the target market for a specified time period in a particular region. communicating. organizing and salesforce's recruitment.Marketing is an organisational function and a set of processes for creating. The American Marketing Association defined marketing in 2005 as . is an organisational function and a set of processes that work in tandem to serve the market effectively. Successful marketing companies will be those who can provide appropriate solutions to customer needs economically and conveniently and communicate effectively with the targeted group of consumers. by adjusting and optimizing the 4P-s of marketing. has to carry out different marketing tasks. forecasting. Marketing. characteristics of salesperson and an appropriate sales organization's design. job satisfaction and employees extension. salesperson's behavior is influenced by three groups of antecedents . sales manager needs to create a positive environment for his salesforce.activities of sales manager. in order to compete successfully in the market. yet he needs to set sales objectives. and keep his eyes and ears open about the happenings in the broad or external environment. and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. He does not only focus in sales alone. on the other hand. One of the important functions of sales manager is motivating salesforce towards their job performance. According to Barker (2001). A marketer.
Therefore. sales manager needs to motivate salesforce in order them to focus in the sales result. People are motivated towards something that they can relate to and something that they can believe in. there is no one that can actually do' a result but can only through carry out more productive and efficient task. The role of the marketing manager: Key responsibilities of the marketing manager / director vary according to the business but can include: y y y y y y y y y y y y y y Instilling a marketing led ethos throughout the business Researching and reporting on external opportunities Understanding current and potential customers Managing the customer journey (customer relationship management) Developing the marketing strategy and plan Management of the marketing mix Managing agencies Measuring success Managing budgets Ensuring timely delivery Writing copy Approving images Developing guidelines Making customer focused decisions . Hence. having a positive and creative attitude and directed on higher-yield strategic opportunities. it is important to understand salesforce's attitude and behavior before giving motivation.Motivation is complex because it varies among people. Motivational methods will work if the arrangement and values are right in combination. Basically.
and by when? Controls ± how are you going to measure success? Management of the marketing mix The marketing mix includes all tangible elements that allow you to market your product. focus groups. Development of marketing strategy and plan Marketing planning should be at the core to any business and is usually presented in the form of a written marketing plan. your employees. Information can be gathered from questionnaires.what are the details of the strategy? Actions ± who is going to do what. Gut feel can only take your business so far. interviews. This includes facilities. but it's important that the information is examined in a scientific way using proper statistical methods. the internet. the process of selling.The marketing role can be diverse or focused but now we'll elaborate further on some key aspects which should be at the heart of the job. the product itself. buying habits and many more sources. Market research Marketing managers need to have a good knowledge of the customer. A product focused . the cost strategy. and how you promote and advertise. It is important to take personal opinion out of as many decisions as possible ± you probably don't think in the same way as a typical customer. The extent to which the marketing manager gets involved in these elements depends on how marketing focused your business is. SOSTAC is an acronym for the following elements of the plan: Situation Analysis ± where are we now? Objectives ± what do you want to achieve? Strategy ± how are you going to get there? Tactics . This means building up an accurate picture using the resources that are available. A consultant called Paul Smith first developed a process known as SOSTAC® which is a useful model used to structure a marketing plan.
brochures. but doing this requires all elements of the marketing mix to be run well. Managing agencies It is unlikely that a small business will have the skills in-house to develop all elements of the marketing mix. and this includes people who have already bought from you.organization will probably start with an ides for a new product. A marketing focused business starts with the consumer and tried to figure out what they want to buy. Careful management of these agencies is essential to provide an integrated marketing approach to promotion. and other promotional items will usually involve some form of outsourced help such as graphic design or printing. customer satisfaction or many other metrics . Customer relationship management (CRM) Customer relationship management is the process of communicating with customers throughout the various stages of the purchasing process. then try and determine who is likely to buy it. Depending on the volume of work which is outsourced. you may feel it is worth developing some guidelines to ensure a consistent style across different media. It is significantly easier to hold on to an existing customer than it is to find new ones. sales figures. market share data. signing off creative work and ensuring the work is delivered on time. Measuring success An important element of the marketing manager's role which is often neglected is the process of collecting and analysing data on success. Websites. For example. This can take the form of website hits. Agency management involves the development of detailed project briefs. it's no use sending out a beautifully produced customer magazine if your customer service is dreadful or the product breaks easily. Some product focused businesses are very successful but it is generally accepted that a marketing focus provides a greater chance of success.
Your computer may not have enough memory to open the image.and it's important to record and track these as a core part of the marketing process. thus impacting the marketing strategy and the marketing mix. and decline. This sequence is known as the product life cycle and is associated with changes in the marketing situation. If the red x still appears. you may have to delete the image and then insert it again. and promotion should just be one element of the scope. maturity. The Product Life Cycle A new product progresses through a sequence of stages from introduction to growth. and then open the file again. Final words Marketing managers have a diverse and varied job. Championing a marketing focussed business structure will provide a greater chance of success in today's challenging business environment and will lead to a more sustainable future. or the image may have been corrupted. Restart your computer. . The product revenue and profits can be plotted as a function of the life-cycle stages as shown in the graph below: Product Life Cycle Diagram The image cannot be displayed.
Promotion is aimed at a broader audience. Distribution channels are added as demand increases and customers accept the product. Pricing is maintained as the firm enjoys increasing demand with little competition. or high skim pricing to recover development costs. Promotion is aimed at innovators and early adopters. The impact on the marketing mix is as follows: y y y y Product branding and quality level is established. the firm seeks to build brand preference and increase market share. Pricing may be low penetration pricing to build market share rapidly. Distribution is selective until consumers show acceptance of the product. . Growth Stage In the growth stage. and intellectual property protection such as patents and trademarks are obtained. y y y y Product quality is maintained and additional features and support services may be added. Marketing communications seeks to build product awareness and to educate potential consumers about the product. the firm seeks to build product awareness and develop a market for the product.Introduction Stage In the introduction stage.
Decline Stage As sales decline.Maturity Stage At maturity. Pricing may be lower because of the new competition. or reduced drastically if liquidated. The price may be maintained if the product is harvested.reduce costs and continue to offer it. the product may be changed if it is being rejuvenated. Discontinue the product. Promotion emphasizes product differentiation. The primary objective at this point is to defend market share while maximizing profit. Harvest the product . Role of Marketing Manager: . or left unchanged if it is being harvested or liquidated. possibly rejuvenating it by adding new features and finding new uses. y y y y Product features may be enhanced to differentiate the product from that of competitors. the firm has several options: y y y Maintain the product. liquidating remaining inventory or selling it to another firm that is willing to continue the product. the strong growth in sales diminishes. Competition may appear with similar products. possibly to a loyal niche segment. For example. The marketing mix decisions in the decline phase will depend on the selected strategy. Distribution becomes more intensive and incentives may be offered to encourage preference over competing products.
Capturing marketing insights: A marketing manager is also responsible for capturing marketing insights. timing and composition of customer demand accepted definition of term. The marketing manager of a company plays an important role as far as marketing of the firm¶s products and services are concerned. the marketing manager needs a reliable marketing Information System. corporate culture and industry concept. .Marketing management is a business discipline which is focused on the practical application of marketing techniques and the management of a firm¶s marketing resources and activities. These key roles of a marketing manager will be analysed in depth below: Carrying out of Marketing research: The marketing manager should do a thorough marketing research and analysis in order to possess a detailed understanding of their own business and the market in which they are operating so as to make fact-based decisions regarding. marketing managers are often responsible for influencing the level. Develop marketing strategies and plan: The marketing manager should develop marketing strategies and plan. To understand what is happening inside and outside the company. cost-efficient implementation programs. The Marketing Information System is a framework for day-to-day management and structuring of information gathered regularly from sources both inside and outside an organization. marketing strategy and design effective. However. He needs to identify the company potential long-run opportunities given its market experience and core competencies. Apart from this. It is worth noting that the roles of a marketing manager can vary significantly based on a business¶ size. we will discuss about the general roles that all marketing manager independent of any business performs.
He must pay great attention to its competitors. Building strong brands: Branding of a product is very important as far as the product displaying characteristics are concerned. These supports can provide competitive advantage in the global market. Yet. .Connecting with customers: Customers are very important as far as buying of the product and creating its goodwill are concerned. Shaping the market offerings: Apart from providing the product quality. However. However. Customers sometimes attach great importance to branding and therefore a marketing manager should know what strategy to adopt as far as branding of his product is concerned. such as delivery repair and training for examples. a marketing manager should consider how to best create value. The marketing manager should know how to improve product branding so as to attract customers as branding is the only thing that can attract customers¶ attention. anticipating their moves and knowing how to react quickly and decisively and anticipates how the competitors will react to his moves. features and packaging. design. long-term relationships with customers. the marketing manager can also provide various services. Delivering value: The marketing manager should choose the best marketing channel so as his product reaches customer¶s sight. the marketing manager bearing this fact in mind. great attention should be given as far as branding of the product is concerned. satisfaction and loyalty for its chosen target markets and develop strong. must understand the weakness and strengths of the product brand with customers.
Advertising is very important factor of marketing. Simply putting your product in the market will not make customers to buy it. marketing is useless. Identify and explain the need for advertising and marketing by an SMME. Marketing will be domat without communication and that is adverising. Creating long-term growth: The marketing manager should take a long-term view of the company¶s products and brands and how its profits should be grown. persuade and remind consumers directly or indirectly about the brands they sell. they get familiarize with the prices and your product features. He should also see to it that the company built a marketing organization that is capable of implementing the marketing plan. .Communicate value: He must do marketing communications activities in order to inform.the role of advertisement in marketing goods. You need to advertise your product to make familiar to the buyers. Without advertising . Advertising build trust in the people. Advertising is a means of communication in marketing. It gets the name or product out where the public will know about it so they can choose for themselves which is best. Why advertising plays major role in Marketing? Advertising is the key factor in marketing. Sometimes Advertising is so good it convinces the customer that their product IS the best! Price computing and labeling for excellent customer service! Give that .
You don't want to waste dollars by purchasing ads in print or public media that fail to attract enough customers. Ask clients or customers where they heard about you and keep track of what works. continue to advertise in the same publication. Advertisement can be expensive. Your message. Good Image 2. The most common desire is to create a reaction where a purchase is made. If a small ad in a weekly newspaper works for you. Good advertising can promote a continual. or otherwise an exchange. healthy growth of your business. function. Advertising is 2/3rds of the marketing process when it comes to successful interaction with potential buyers. The role of advertising in product marketing is to inform potential consumers of the benefit. Many business owners put themselves in their advertising to build a closer relationship with clients. By exposing your business to a regular audience. you build familiarity. you cannot "brand" your business image in the minds of potential clients. but without it. Money invested in specific types of advertising must yield a specific financial return. images and attitude all come into play.The role of advertising in the market place is to persuade the viewer or listener of the advertisement message to react in a desired way. and/or the price to create the action of purchase. Build Familiarity 1. Advertisement will brand your business in the hearts and minds of customers. so craft ads that you are proud of. . Good Returns 3.
they won't seek out your business." Q : 4 .Distinguish between Market and Marketing Ans : Marketing is the process of performing market research. Advertisement should provide good one-liners that people can repeat to others. and to keep the customer. Your advertisement should spell out why your business helps with a very specific need. Marketing is used to identify the customer. It is an integrated process through which companies build strong customer relationships and create value for their customers and for themselves. business communication. Don't Look Too New 5. Memorable Words 6. "Our deli is open 24 hours" or "Our software programs serve colleges coast to coast. Perhaps you give personalized service for very small plumbing jobs. selling products and/or services to customers and promoting them via advertising to further enhance sales. It generates the strategy that underlies sales techniques. For example. Your ads must tell why you fit well with specific clients' needs. If you just opened a pastry business. If people can't remember something. With the customer as the . Design advertising that spells out your expertise and the years behind it. emphasize that your family recipes were perfected over the past 75 years. and business developments. or maybe you plan weddings with hundreds of guests.Stand Out in the Crowd 4. to satisfy the customer.
Planning helps in focusing the attention of employees on the objectives or goals of enterprise. an organization should anticipate the needs and wants of consumers and satisfy these more effectively than competitors. The adoption of marketing strategies requires businesses to shift their focus from production to the perceived needs and wants of their customers as the means of staying profitable. Therefore with the help of planning. .There are risks of various types due to uncertainties. planning brings order and rationality into the organization. it makes objectives more clear and specific. Advantages of planning Planning facilitates management by objectives :.Planning begins with determination of objectives. it can be concluded that marketing management is one of the major components of business management.In fact.Planning helps in reducing uncertainties of future as it involves anticipation of future events.Planning compels manager to prepare a Blue-print of the courses of action to be followed for accomplishment of objectives.Without planning an organization has no guide.Therefore.focus of its activities.Business is full of uncertainties. The term marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions.It highlights the purposes for which various activities are to be undertaken. Although future cannot be predicted with cent percent accuracy but planning helps management to anticipate future and prepare for risks by necessary provisions to meet unexpected turn of events. Marketing evolved to meet the stasis in developing new markets caused by mature markets and overcapacities in the last 2-3 centuries. It proposes that in order to satisfy its organizational objectives. Planning minimizes uncertainties :.
This is because of the fact that planning may involve .In fact.Planning provides competitive edge to the enterprise over the others which do not have effective planning. It provides basis of controlling.It also facilitates optimum utilization of resources which brings economy in operations. planning and controlling are the two sides of a same coin.Planning creates a healthy attitude towards work environment which helps in boosting employees moral and efficiency. Planning improves employee¶s moral :. In other words. If planning is root.Effective planning secures economy since it leads to orderly allocation ofresources to various operations. For example. There is an integrated effort throughout the enterprise in various departments and groups. overall efficiency. raw materials can be purchased in bulk and transportation cost can be minimized. Planning helps in achieving economies:. it leads to better co-ordination.Planning revolves around organizational goals.Planning creates an atmosphere of order and discipline in organization. Planning facilitates controlling:-Planning facilitates existence of certain planned goals and standard of performance. At the same time it ensures regular supply for the production department. Planning facilitates co-ordination :. controlling is the fruit. uncertainties are minimized to a great extent.Employees know in advance what is expected of them and therefore conformity can be achieved easily. Planning provides competitive edge:. It helps in finding out problems of work performance and aims at rectifying the same.We cannot think of an effective system of controlling without existence of well thought out plans.All activities are directed towards common goals.uncertainties can be forecasted which helps in preparing standbys as a result.It also avoids wastage of resources by selecting most appropriate use that will contribute to the objective of enterprise.This encourages employees to show their best and also earn reward for the same. that is. It avoids duplication of efforts.Planning provides predetermined goals against which actual performance is compared.
planning leads to best utilization of possible resources.Planning is basically a decision making function which involves creative thinking and imagination that ultimately leads to innovation of methods and operations for growth and prosperity of the enterprise.Therefore. . Machinery of planning can never be freed of bias. Every planner has his own likes. etc. preferences. 2. Attempts can be made to influence setting of objectives. Disadvantages (limitations) of planning :Internal Limitations -There are several limitations of planning. Misdirected Planning . Planning encourages innovations. formulation of plans and programmes to suit one¶s own requirement rather than that of whole organization.Planning may be used to serve individual interests rather than the interest of the enterprise. extension of work. Planning therefore introduces inelasticity and discourages individual initiative and experimentation. managers have the opportunities of suggesting ways and means of improving performance.Planning implies prior determination of policies. The development of employees is highly doubted because of which management might have faced lot of difficulties in future. Rigidity . 1. With the help of forecasting not only the enterprise secures its future but at the same time it is able to estimate the future motives of it¶s competitor which helps in facing future challenges. Some of them are inherit in the process of planning like rigidity and other arise due to shortcoming of the techniques of planning and in the planners themselves. attitudes and interests which is reflected in planning. quality. procedures and programmes and a strict adherence to them in all circumstances.changing in work methods. dislikes. redefining of goals.Planning has tendency to make administration inflexible. improves quality of production and thus the competitive strength of the enterprise is improved. quantity designs.In the process of planning. There is no scope for individual freedom.
Modern techniques and equipments. etc. 2. Policies of competitors. Therefore planning is not suitable during emergency or crisis when quick decisions are required.Collection. 5. Political Climate.Change of government from Congress to some other political party.Eg. Technological changes. lockouts.Strikes. Labour Union.Elaborate planning may create a false sense of security to the effect that everything is taken for granted. These estimates may prove to be inexact due to the uncertainty of future.According to Koontz and O¶Donell. computerization. change in income level. Therefore they fail to take up timely actions and an opportunity is lost. Policies of Coca Cola and Pepsi. Managers assume that as long as they work as per plans. Any change in the anticipated situation may render plans ineffective. 4. Time consuming .Earthquakes and floods. facts and alternatives involves a lot of expense in terms of time. This entire process takes a lot of time specially where there are a number of alternatives available. False sense of security . Natural Calamities. 3. 6. Plans do not always reflect real situations inspite of the sophisticated techniques of forecasting because future is unpredictable. ¶ External Limitations of Planning 1.Change in fashion. . Employees are more concerned about fulfillment of plan performance rather than any kind of change. it is satisfactory. Thus. effort and money . 4. excessive reliance on plans may prove to be fatal. agitations.Planning is a time consuming process because it involves collection of information. Probability in planning . 6. demand falls. Changes in demand and prices. etc. it¶s analysis and interpretation thereof. ¶ Expenses on planning should never exceed the estimated benefits from planning. Expensive .Planning is based on forecasts which are mere estimates about future. 5.3. price falls. analysis and evaluation of different information. change in tastes.
process of carrying out sale of product(s). The all-embracing function that links the company with the customer tastes to get 3. Marketing is important function of complete Business Cycle. including other ancillary and supportive activities to carry out sale.Following are the important difference between Market and Marketing MARKET 1. Market is a public gathering held for buying and selling merchandise. The term used to describe the meeting place between 3. Market is place where the product(s) are sold. A place where goods are offered for sale. 2. MARKETING 1. the right product to the right place at the right time. The commercial functions involved in transferring goods from producer to consumer. as well as advertising and publicity. The act or process of buying and selling in a market. . customers and suppliers. Where as marketing is 2.
A place where we can trade our products and/ or Services. media. Marketing skills needs to be developed and can be achieved with experiences. Groceries. Marketing means . our daily use starting from the household items . 4. and also among General public to promote their Daily .a technique or skills for selling a product. The place where we can avail every commodities for 6. furniture. 4. 5. 5. canvassing trends and to enter into the method of win to win sales by persuading their customers 6. Textile The sellers used so many techniques to promote their sales by means of their representatives. Is a plan or strategy for your prospective and/ or target of group of people to your products and / or services.Market means to sell.
for the purchase from the sellers.. Marketing is an organisational function and a set of processes that work in tandem to serve the market effectively. efficiently and profitably Market is a collection of buyers and sellers. or distribution of. without competition there would be no market". 2. Building materials. It is also thought to be a set of individuals or institutions that have similar needs that 7. can be met by a particular product. sale. Buy household supplies. "they were driven . 7.. sales in which they are involved in the particular business of their material choises. The securities markets in the aggregate. MARKET : 1. "We go marketing every Saturday" 4. "The company is marketing its new line of beauty products" 3.. The world of commercial activity where goods and services are bought and sold.goods. Engage in the commercial promotion. "the market always . drugs etc.
financial services. . selling: the exchange of goods for an agreed sum of money 2. "the grocery store included a meat market" 7. which can be split into the two main areas of goods marketing (which includes the marketing of fast moving consumer goods (FMCG) and durables) and services marketing. health care services and professional services. "before they publish any book they try to determine the size of the market for it" 6. shopping at a market. give exceptional service. Discuss the Importance of Service Marketing? The Importance of Service Marketing To keep customers. all types of hospitality services. Grocery store: a marketplace where groceries are sold. "Some Amish people have commercialized their way of life" MARKETING: 1.frustrates the small investor" deal in a market 5. "most companies have a manager in charge of marketing" 3. The customers for a particular product or service. car rental services. "does the weekly marketing at the supermarket" Q 3. Services marketing typically refer to both business to consumer (B2C) and business to business (B2B) services. Commercialize: make commercial. Service marketing is a subfield of marketing. air travel. and include marketing of services like telecommunications services. the commercial processes involved in promoting and selling and distributing a product or service.
Knowledge . Marketing a service is different from a product in that services cannot be owned. and effort. they can merely be used for a period of time. The historical perspective in the lateeighteen and early-nineteenth centuries focused on creation and possession of wealth.net. performances bring about desired results to recipients. labor. Classical economists contended that goods were objects of value over which ownership rights could be established and exchanged. Because of this. facilities. according to LearnMarketing. In exchange for money.Services are economic activities offered by one party to another. Often time-based. service customers expect value from access to goods. On the contrary. barter or gift from the producer or previous owner and was legally identifiable as the property of the current owner. time. networks. professional skills. but they do not normally take ownership of any of the physical elements involved. it is important for a representative of a service company to focus on providing customers exceptional value. objects. There has been a long academic debate on what makes services different from goods. or other assets for which purchasers have responsibility. Ownership implied tangible possession of an object that had been acquired through purchase. and systems.
Given this. Service companies should strive to meet or exceed those expectations. Customers have choices when deciding which company they do business with. Exceed Expectations 2. whether directly expressed or implied. This does not mean that a nation must currently be undergoing a period of extreme prosperity and political unity. a company can add value to the exceptional service it provides in the form of a discount for future services to reward repeat customers. A developed market is typically one that has been longestablished and shows promise for remaining stable in the years to come. it is important that the representatives of such companies are knowledgeable in their profession.1. Developed and Developing Market 4. In order for a developed market to exist. Developing markets are markets that are associated with nations that are considered to be developed. This is in contrast to emerging markets or frontier markets that are beginning to develop but are not considered yet to be stable enough economically to be considered fully developed. the nations involved with the market must be considered to be somewhat stable in terms of economy and governmental structure. Whether it's repairing a flat tire or getting a massage. Organizations such as the World Bank have established criteria for determining if a developed . Customers have expectations. only that the current circumstances are highly unlikely to undermine the performance of the investment market to the point of causing long-term damage. customers seek service-based companies to solve a problem or fulfill a desire. of anyone they do business with. 5. Reward Customers 3. With this known.
. this type of marketplace will also take steps to encourage an equitable trade balance that is considered to be in the best interests of the nation involved. It is important to note that a developed market does not mean that it is free from challenges that must be overcome in order to protect the economy. 6. Many countries also have created qualifications to help determine what is understood to be an acceptable level of development within an economy to merit this type of designation. even as mechanisms already in place are implemented and the ill effects of the negative consequences are slowly but surely reversed over time. it is not unusual for the market to suffer for a period of time. 7. recession.market exists in a given nation. A development market will also promote transaction costs that are reasonable and do not place an inordinate amount of burden on either buyers or sellers. This includes responsible management of tariffs and other types of taxes in a manner that encourages rather than discouraged trading. When events of this type do occur. Political coups. In many cases. often by providing incentives that encourage a certain amount of imports while also promoting exports to other countries. and a variety of other factors can combine to create severe trials that threaten the function of the marketplace.
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