IWhat is The Core Concept of Marketin6 and its importance

The core concept b

Concept of marke ting is a Socialand manaßerial pro ceSs
ohich individuals o firms oblain what they need ov want 4througn

Ceating offeing. exchan6iog products of value with each other.

Cove
Marketing Concepts are as follouo6.
) Needs, wants and Dermands
(t) Target Markets Positioning and Segmentation
Gi) offerings and Brands
liv) Mavketing chaonels
() Paid owned and Earned Media
(ui) Topre ssions and Eogageroeot
(uii) Values and Satisfaction

(vii) Supply Chain

(ix) Coopeti tion

(x)Mavketing Envirooment.
Concept of Marketing
-

of the Core
Importance
Concero for customers needs and wants rather thao for the produet

increageS the acceptability of the product. when the firm produces the produ

et nich rmeets the requivemends of the customers, the need for promotion
the firm becomio6 a sick uoit are also reduced
is veduced. The chances of
due to coninuouS patronage of customers.

Marketing concept vequires an integialed and coordinaled approach to

arke ting. Unification of business activities leads to economy and efficiency
ma
o marke ting opetations. The irm can make a competitive
evaluation of the
cootributions of different producds and sale teiritories.
B
* By
y inding out the iotevacting acti vities and institutions and flows
flows
i nexchange, the systems approach facilitates a rational analysis of al ma
with their effective solutions.
.

teting problems alon

Mavketing concept has strategic and philosopbical value. 34 helps the manabe

0 divect ovga nisational efforts toards the

lon
term and wild 6oals
i.. Stability and gooth of the fivro. Sustained intevaction oith
custo mevs
 become s possible.
The buginess effe cti
firo the marketin concept can respond
Pursuing
dges in its enviroomeot. Bv unders tandin6 the compe inter
t diffevent
are
variables. it can detect the impeodio6, changes a0P
itself to exploit them. The firm can very well face the pressuve OT

Competitioo and environmental

changes.
Explaio Consuoer Behaviour aod its importance in Marke tiog?
Consumer Behaviour is the Study of consu mers action durinß searchiog
puYchasing, usin evaluating and díspo sing of products and services
they except will satisfy theiv needs. Tt
helps marketer in understa nding
Consumer decision -

makin6 proce ss
Coosumer Bebaviour can be defined
as
"activities people undertake
when obtaining , consumin6 and disposing of
products and sevvices is
provided and detailed.
*Obtaioin6 "

activities lea ding up to and

of a product" iocludin the purchase or
receipt
*Consuroing "how, uheve, when and under what
use
cir cumstances consumers
Products"
*
Disposing how consumers et vid of
products aod packaging"
Jmportance of Consumer Be haviour.
Ttis important for
marke ters to study Consumer
-etevs to investigate and understand behaviour. This helps mark
the way in wbich
Belo are some of the consumers behave.
importance of
coosum er behaviour
() Identifying market opportunity
(t) Selecting target market
(tt) Customer reteotion

(iv) Dynamic nature of mar ket

(v) Markeling-mix decisions

(vi) Effective uge of producive regources
(
(vi)Fulfil varied consumer preferences. (vii) Addvess custom Need
 are 4S of
Matetiog dhd he Marketing Mix?
ihe
Mavketin6 mix also knouwn as the four Ps of marketing, re fers to the
four key elements of a
marketiog Stategy: ProductPrice. Place and Prormotion
By payin6 a Hention to the following four
components of the markeling roix,a
business can maxiníze its chances of a
product being recognized and bought
by the cugtomers
) Product
The item or service beinß Sold must satisfy a consumer's oeed or desire.

t) Price
An item should be Sold at the right price for consumer expectations, xeith

-er too low nor too high.

i ) Prootion.
its features to uode
The public needs to be informed about the product and
-stand hou it fiils the needs of desires.

(iv) Place
The location where the product can be purehased is important for optimizing
sales.
its impottance for the farmers
n
3 Explain the Agricu tural Marketing 30d

Agricutural Marketin covers the serví ces iovolved i movin an agricu tural
These services involve the
product from the farm to the Consumer.
planning
or6anisin6 directing and handling of 3gricu hural produce in a Such a way

to satisfy favmers, inter me diaries and ConSumers.

nas
Tmportance.
optimisation of resource and
use output managerment.
Incre ase in-farm income.
Widenin of markets.
%Growth of Agro based industries.

Price signals.
ion
Adoption and Spread of Ne
Technoloßy
(I Employment
moti * Addition to National income.
BetMer Living Crea tion of utility form utility.
 5t
txplain Tavfeting in
Mavketing
Targetting
gethog
ents
in Mavketin6
Marketin involves bveakins the tarfet audience ivto segm-
and then
desißninh oavket activittes that wil reach the Sements
most tikely to be
Vesponsive, to your efforts. Target mavketing can reatly
iocrease the Suceess you have in the reachin potential customers.

Mar ket
tav6etlios is a
process of selectio the
target
market
fromthe entire market.
Target market consists of of buyers
to ohom the frouproups
company wants to satisfy or for ohom product is manufacty
red.pvice is Set, promotion efforts are made, and distributioo network is
prepared.

Types of Market
Targetting Shategy
) Mass Marketing
Undifferentiated Marketiog)
(t) Segmented Marketing (Diffeventiated Marke ting)
Ct) Concenhated Marketino Niche Marketing)
Ciu) Micro marketio
G Dllustrate Product life Gycle

ca) Marketing stratesies for Introduclion Stage

the ptoduct at a high price and high

high promo
f Rapid Skimming - launching
tional level
Slow Skimming - launching the produet at a high price and low promotion
a
level.
atd Penetvation Launching
-
the product at a loD price with sißoificant ora mads
 Slou Penetva
tration louo price and
minimal pro m

aun ching the product at a

otion acivities.
Establish a cleav brand entity
onmect with the ri6ht partners to promote your product
Set up markets.
tvials to key tavget
consumer tests. ov provide samples o
6)Marketin Strateay fov Grouth Staße -
*Product quality and features improvement
Adding neuw models and improving styling
*Desifoing ioproving and uoidenin distri bution oetwork.

*Reducin the time to attract price Sensitive consumers.

price at the risht
* Preventio6 Competitors to enter the market by low price and high promotion

al efforts.
(cMarket shategies for Maturity Stage -

*Market Modifi cation This incudes entevin6 geuw market sefments, redifioing

customers conuerting users.

target m arkets, uioning over conpetitors ,

improving your products features

*Product Modification for example adjosting ,
or

other products in the mar ket.

quality pricing and differentiating it from

Mar ketin6 Mix Modification

cd) Marketing strateßies for Decline Staße -

ture on the products

Reduce your proootional expendi
of distri bution outlets that sell them.
Reduce the number

acts to get the customers to buy the product.

Tmplement price
anether use for the product.
Find
.
the product or Seruíce before dis continuing
Harvest

in Marketing Researeh Process?

What ave the various Sleps
F

ket
market Research process iovolves researching you customers, compe tit
The
Mavket enviroomet.
,ovS industry and

Tt iovolues thovough knouwled8e of movement of products besidesthe markets

 Steps in
eps
Markein Research Process-
(a)
Tdentikication and Definin
Defining the Problecm-
emarket research pY ocess beging oith the ideotification of a problem faced by
Ahe Process begins lbe possible at
the

com The clear cut statement of problem may

not
symptoros of the
Very out set ofresearch procesS because often only the

problems are appaient at that stage

(b) Statements of Research objectives
tter identification oit
and definins the problem or without explanatory es
drch he researcher must take of research
a formal statement
objectives
objectives
Such objectives may be stated in qualitative or quantitative terms and expre

Ssed as a research questions, staterments or hypothesis.

(c) Planning the Rasearch Desigo and Desigoing the Research study
the
the objectives,
AFter the desioning the vesea rch problem and deviding
A research desi6o is a master plan sptCi
research desig must be developed.
and analysing the needed information.(in tre
ying he procedure for collecting
Tt represents a framework for the research plan of action.

ta) Planning the Sample

Sampling inuolve s procedures that use a small number of itemS or parts
of the Populations Hotal iterms) make conclusion the
to regardiog population.
Ce) Data collection-

The collection of data relates to the oatherin6 of facts to be used in soluio

.6 the pro blem. Hence methods of market research are essentially methods of
-

data collection.

) Data Processing and Analysis

data have been collected,
theve have to be conve ted into
Once the r a for mat that
answers to the initially identified and defined proble ms.
will Suf6est
Fovoulating conclusion. prepariog and
Presentinfg the
Report
(
Tbe fioal stage in the marke tin6 research process is that interpreting the iofo

and drawin conclusions for use in manaßerial divisions.

vmation
 What is
B28 and 82c Marketing?
B28- ousine ss
Busioe ss to Busioess to is a situatio0 ohere ooe lousine ss make s d
Comrmercial Yansaction with another. This typícally occurs oben a busioe ss
is Sourcing
9aterials fov their
production process for output. i.e. providig
dYao matevials to other
company hat will produce output.
B28
(Business- to- Busioese) a type of electronic commerce Ce-comoerce)
is h
the
e exthanoe
exchanfe of products, services o ioformation between business to buust
A B2e traosacti on ic cooducted between two compaoies, Such
d
oholesalers and online etailers.
Ex Indianarts.
B2C Business-to- Consumer is the business model for Selling products di
rectly to Customers and thereby bypa ssing any third party retailers, whole
salers, or aoy other middle men.

Business-to- Consumers is a retail model cøhere products move directly from

a business to the end users oho has purchased the oods or services for
personoel use

The term busines- to- consumer (B2c) refers to the process of sellinS product
apd services directly between a busineSS and Consumers who are the end-users

f its products or services. Most companies that sell directly to Consumers can

referred to as B2c Companies.

be

Ex-Amazon,Flipkart.
9Y Explain the Market Sesmentation and Niche Market.

Market Segmentation, is the process of

dividing a broad consum
Y Or
busineso
SS
marormatly consisting o*
ket existing and
potential customers, into
urherS
c o n s u m e r s
based on Some types of shared chaiacteristics. Sub-oroups of
Market Sefmentaton refevs to
prosp ective buyere aggregating
buyers iotd frou
it ps with comoon needs and
who
tespond similarly to marketin6
action.
Market Segme ntation is a marketing
are identified So that certain
strategy in which seledt
lines cangroups
ptoducts or product groups
c o n s u r o e r s

of
to them in a way hat
presented to
to appeals their interests. be
 types of Market Se6mentation.
)Geo reaphic Segmentation
i Demoraphic Segmentation
Citd) Psycho6raphic Segmentation
(i) Behavioval Segmentation
Markets Niches
be divided into euen smaller groups. called subse6mentss
Segments can
Nches. A Niche is defined as a smal arget group that has specia requir

investmeot needs
the
ements. For example, a bank ay Specialize in serving
incomes and per
of onot
o f only senior citizens but also Senior citizens with high
that
even those with particular inuestment preferences. Tt is more likely
haps
arket segmeots Cmass marketing).
arger organizations oill serve the
larger
that are intim
Gnd igoor nicheS. As a result. Smaller companies typícally emerge
- ately taroiliar uoith a particular niche and Specialise io servin the needds.

is one important thing to understand that niche does oot exist

There
but is created oy smart marketiog techoi ques and identifyiog uhat the cu

- Stomer toants.

of a Niche -

The Five Elerments

Minimal Competition
Market demand
Cit) Stron6
Solues a practical need
Ct)
Civ) High profit poteotial
(u) Profe sionally and Personally Satisfyiog
to develop and esta blish 4he Brand Positionio?
1Ot Ho
developad through follooing ways
-

can be
Brand
The
audience and your competitors.
(t) Research target
on focus and Brand personality
(it) Pick
business hame.
choose
cii)
Civ) write slogan

the look of bra nd (Colors and font)

w)Choose
brand tofo
(ui) Desigo
Apply bra anding actos your business.
(uiid
 Br and
Posi tionin8is the procegs of the mind
of you
Cuslomevs. Move
S. More positiooing Your brand in
strategy
than a tagline or a fancy lo6o, brand positionin6 is the
used to
positioning
Set your business apart from the rest.
Brand Positionio6 cveates clarity 3round who you serve. Tt also*
to
your arfet audience why you are the best company. for them aod o

Your pvoducts ov sorvices apart. Tt helps you justify youir pricing stratg
PoSonin of the bvand can be used to juslity a pricing strateg

Developing and Establishin A Brand Positionin -

orand
Bvand Posifioning
6Yand is the pro ce ss of shaping the statuS of your
in customer's minds. Tt goals to ensure that they associate it coith the benetits

Specific teatures that makes youy brand

This is done oy puttinß the Spotlight oo

unique. such as the purpose of a product, the price or exclusi vity