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Marketing management concepts

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Meaning :
Meaning :-
The term market is derived from the Latin Word Marcatus. Market is a place where
the goods are bought and sold. In Place point of view a market may be considered as a
convenient meeting place where buyer and seller gather together for exchange of goods and
services.
Marketing :-
Marketing means the activities are concerned with effecting changes in the Ownership
and Possession of goods and services.
Definition :-
According to American Marketing Association , “Marketing is concerned with the
people & activities involved in the flow of goods and services from production to consumer”.
American Marketing Association defines marketing as:
Marketing is the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and
society at large. (Approved October 2007)
The Chartered Institute of Marketing (CIM) says:
The management process responsible for identifying , anticipating and satisfying customer
requirements profitability.
Philip Kotler defines marketing as:
Marketing is the social process by which individuals and groups obtain what they need and
want through creating and exchanging products and value with others.
Palmer’s marketing definition is as:
Marketing is essentially about marshalling the resources of an organization so that they
meet the changing needs of the customer on whom the organization depends.
Dennis Adcock defines marketing as
The right product, in the right place, at the right time, at the right price.
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Aims / Objectives of marketing
The group of goals set by a business when promoting its products or services to
potential consumers that should be achieved within a given time frame. A company's
marketing objectives for a particular product might include increasing product awareness
among targeted consumers, providing information about product features, and reducing
consumer resistance to buying the product.
1.To satisfy the customers: The marketing manager must scientifically study the demands of
customers before offering the many goods or services. Selling the goods or services is not
that important, as the satisfaction of the customers needs. Modern marketing thus always
begins and ends with the needs of customers.
2.To increase profits for the growth of the business: The marketing department is the only
department which generates revenue for the business. Sufficient profits must be earned as a
result of sale of want-satisfying products. If the firm is not earning profits, it will not be able
to survive in the market. Moreover, profits are also needed for the growth and diversification
of the firm.
3.To generate customer base for the business: The Marketing manager must attract more
and more customers to buy the firm’s products and services. This will also result in to
increased sales.
4.To determine marketing-mix that will satisfy the needs of the customers. Product,
pricing, promotion and physical distribution should be so planned as to mee the requirements
of different kinds of customers.
5.To increase the quality of life of people: Marketing Management attempts to increase the
quality of life of the people by providing them better products at reasonable prices. It
facilitates production and distribution of a wide variety of goods and services for use by the
customer.
6.To create good image: To build up the public image of firm over a period is another
objective of marketing. The marketing department provides quality products to customers at
reasonable prices and thus creates its impact on the customers. The marketing manager
attempts to increase the goodwill of its business by initiating image building activities. If a
firm enjoys goodwill in a market, it will increase the morale of its sales-force. They will show
greater loyalty and will develop a sense of service to the customers.This will further enhance
the reputation of the business
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Meaning : Meaning :- The term market is derived from the Latin Word Marcatus. Market is a place where the goods are bought and sold. In Place point of view a market may be considered as a convenient meeting place where buyer and seller gather together for exchange of goods and services. Marketing :- Marketing means the activities are concerned with effecting changes in the Ownership and Possession of goods and services. Definition :- According to American Marketing Association , "Marketing is concerned with the people & activities involved in the flow of goods and services from production to consumer". American Marketing Association defines marketing as: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (Approved October 2007) The Chartered Institute of Marketing (CIM) says: The management process responsible for identifying , anticipating and satisfying customer requirements profitability. Philip Kotler defines marketing as: Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. Palmer's marketing definition is as: Marketing is essentially about marshalling the resources of an organization so that they meet the changing needs of the customer on whom the organization depends. Dennis Adcock defines marketing a ...
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