Marketing

Market refers to a place where buyers and sellers gather to enter into
transactions involving the exchange of goods and services.
Modern sense- it refers to a set of actual and potential buyers of a product or
service.
Important features of a market-
 Commodity to buy and sell
 Buyers and sellers to purchase and se;;
 Area/infrastructure for them to meet
 Close contact bw them
Marketing?
Traditionally referred as to as performance of the business activities that direct
the flow of goods and services from producers to consumers.
Process through which good and services are exchanges from producers to
consumers to maximize their satisfaction. It involves the following:
Discover the needs and wants of consumers
Develop products and services to satisfy customers
Selection of a distribution channel to make sure the product reaches the
customer
Develop and implement promotional strategy
Features are as follows:
Fulfilling needs and wants-discovering what they may be into to provide
satisfaction
Creating a market offering-providing information ab product/service,type,price
etc to them,,everything is prepped keeping in mind the needs and leaving
priorities of the customers.
Customer value-imp aspects of the product/service should be highlighted
because buyers take decisions based on their view ab the cost of the thing
required
Exchange mechanism-marketing involves exchange of 2 or more parties
coming together to obtain the desired product or service.
What can be marketed?
A product is a bundles of utilities or source of satisfaction,not confined to
physical objects.
Marketing mgmt.
Functional area of management concerned with planning
organizing,directing,controlling the activities related to the marketing of goods
and services to satisfy consumer wants
It is an art and science of choosing target markets etc
Product concept-consumers favour products with superior quality and
features,,quality of a prod is key to their maximization
Seller concept- wont buy prods unless they are adequately attracted and
convinced to do so,,undertaking promotional activities for it cons satisfaction Is
not a key factor
Marketing concept- customer is the king ,,identifying needs of consumers
present and prospective
Societial concept-marketing strategy must honour the social values and aim at
cons satisfaction with environmental conservation.
Production concept-availability and affordability are key factors to
success,,emp on improving the production and distribution process.