Assignment # 1

Marketing
The process of planning and executing the conception, Pricing Promotion and
distribution of ideas, Goods and Services to create exchanging that satisfy individual and
organizational objectives.
Marketing is traditionally the means by which an organization communicates to,
connects with, and engages its target audience to convey the value of and ultimately sell its
products and services.
For Example:
 Common examples of marketing at work include television commercials,
billboards on the side of the road, and magazine advertisements.

Marketing Functions
Marketing is the process that comprises of all the activities involved from the concept
of the product all the way till it reaches the final consumer. So, there are a lot of activities in
this process, which we call the functions of marketing. These functions are explained in the
following lines.

1. Customer Analysis.
2. Product & Service Planning.
3. Buying and Selling Goods \ Services.
4. Pricing.
5. Distribution.
6. Market Research.
7. Opportunity Analysis.

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Zainab Khan B-25143 Principles of Marketing
1) Customer Analysis:
A customer analysis is a critical section of a company's business plan or marketing
plan. It identifies target customers, ascertains the needs of these customers, and then
specifies how the product satisfies these needs.

Customer Analysis involve:

 Customer Needs, Wants and Desires.

 Customer Surveys.
 Analysing Information collected through customer surveys.
 Developing Customer Profiles.
 Determining and evaluating Segmentation and Positioning strategies.

2) Product & Service Planning:

Product and Service Planning is the ongoing process of identifying and articulating
market requirements that define a product's feature set. Product and Service planning
serves as the basis for decision-making about price, distribution and promotion. Product
and Service planning is the process of creating a product idea and following through on it
until the product is introduced to the market.

3) Buying and Selling Goods\ Services:

The concept of buying in marketing is purchasing raw materials from
manufacturers. The concept of selling in marketing is selling the finished product in the
market by Publicity, Advertising and Sales promotions.

4) Pricing:
Pricing is a key element of the marketing mix. Price is the amount of money the
buyer will pay as consideration to the seller in exchange for goods or services.

While pricing a product, the company has to take immense care and consideration. If
the price is too high or even too low the product will fail in the market. This is also the
reason why the determination of price is not a one-time event. A company changes the
prices according to the market conditions and other circumstances.

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Zainab Khan B-25143 Principles of Marketing
5) Distribution:
Distribution means the process by which we make the goods or the service available
to the end consumer. Generally, the place of production is not the same as the place of
consumption. So, the goods have to be distributed to overcome the barrier of place.

The distribution of the products can be done by the organisation itself which is
Direct distribution. Or it can hire intermediaries and form distributions channel that is
Indirect distributions.

6) Market Research:
The Marketing Research is the systematic collection, analysis, and interpretation of
data pertaining to the marketing conditions.

The marketing research process is a six-step process involving the definition of the
problem being studied upon, determining what approach to take, formulation of research
design, field work entailed, data preparation and analysis, and the generation of reports,
how to present these reports, and overall, how the task can be accomplished.

7) Opportunity Analysis:
Opportunity analysis is a vital process for the growth of an organization and needs
to be performed frequently.

Opportunity analysis is the process of identifying and exploring revenue

enhancement or expense reduction situations to better position the organization to realize
increased profitability, efficiencies, market potential or other desirable objectives.

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Zainab Khan B-25143 Principles of Marketing
 Marketing Management Orientation
There are five Marketing Management Concepts which are given below.

1) The production concept:

This concept is the oldest of the concepts in business. It holds that consumers
will prefer products that are widely available and inexpensive. Managers focusing on
this concept concentrate on achieving high production efficiency, low costs, and mass
distribution.

2) The product concept:

The product concept holds that consumers will favour products that offer the
most quality, performance, and innovative features. Here. Marketing strategies are
focused on making continuous product improvements. Product quality and
improvement are important parts of marketing strategies.

3) The selling concept:

The selling concept holds the idea “consumers will not buy enough of the firm’s
products unless it undertakes a large-scale selling and promotion effort.” Here the
organization focuses on creating sales transactions rather than on building long-term,
profitable customer relationships.

4) Marketing concept:
The marketing concept holds “achieving organizational goals depends on
knowing the needs and wants of target markets and delivering the desired satisfactions
better than competitors do.” Here marketing management takes a “customer first”
approach. Under the marketing concept, customer focus and value are the routes to
achieve sales and profits.

5) Societal marketing concept:

The societal marketing concept holds “marketing strategy should deliver value
to customers in a way that maintains or improves both the consumer’s and society’s
well-being.” It calls for sustainable marketing, socially and environmentally
responsible marketing that meets consumers’ and businesses’ present needs while also
preserving or enhancing future generations’ ability to meet their needs.

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Zainab Khan B-25143 Principles of Marketing