MEANING ,OBJECTIVES AND PROCESS OF MARKETING

Ø  MEANING AND PROCESS OF MARKETING

Ø  MARKETING MANAGEMENT

• MEANING OF MARKETING
• TRADITIONALLY MARKETING REFERS TO THE PERFORMANCE OF BUSINESS ACTIVITIES IN SUCH A WAY THAT IT FACILITATES FLOW OF GOODS AND SERVICES FROM THE PRODUCERS TO THE CONSUMERS.
• MODERN CONCEPT IS VERY WIDE:
• ACCORDING TO PHILIP KOTLER,” MARKETING MANAGEMENT IS THE ART AND SCIENCE OF CHOOSING TARGET MARKETS AND BUILDING PROFITABLE RELATIONSHIP WITH THEM. THIS INVOLVES GETTING,KEEPING AND GROWING CUSTOMERS THROUGH CREATING,DELIVERING AND COMMUNICATING SUPERIOR VALUE. THUS MARKETING MGMT INVOLVES MANAGING DEMAND WHICH IN TURN INVOLVES MANAGING CUSTOMER RELATIONSHIPS.
• PHILIP KOTLER :- MARKETING IS A SOCIAL PROCESS BY WHICH INDIVIDUALS AND GROUP OBTAIN WHAT THEY NEED AND WANT THROUGH CREATING, OFFERING, AND FREELY EXCHANGING PRODUCTS AND SERVICES OF VALUE WITH OTHERS.
• THE AMERICAN MARKETING ASSOCIATION DEFINES:-

·         “ MARKETING IS AN ORGANIZATIONAL FUNCTION AND SET OF PROCESSES FOR CREATING, COMMUNICATING AND DELIVERING VALUE TO CUSTOMERS AND FOR MANAGING CUSTOMER RELATIONSHIP IN WAYS THAT BENEFIT THE ORGANIZATION AND ITS STAKEHOLDERS.

Ø  MAJOR MARKETING OBJECTIVES

1. TO SATISFY THE CUSTOMER
2. TO INCREASE PROFITS FOR THE GROWTH OF THE BUSINESS
3. TO GENERATE CUSTOMER BASE FOR BUSINESS
4. TO DETERMINE MARKETING MIX
5. TO INCREASE THE QUALITY OF LIFE

Ø  CORE MARKETING CONCEPTS

Ø  CORE MARKETING CONCEPTS

1. NEED :- STATE OF DEPRIVATION
2. WANT:- SHAPED BY CULTURE AND INDIVIDUAL PERSONALLY CHARACTERISTICS
3. DEMAND :- BACKED BY PURCHASING POWER AND WILLINGNESS TO BUY
4. MARKETING OFFERINGS:- COMBINATION OF PRODUCTS,SERVICES,INFORMATION OR EXPERIENCES. ALSO CALLED VALUE PROPOSITION WHICH IS AN SET OF BENEFITS THAT MARKETING PEOPLE PROMISE TO THE CONSUMERS TO SATISFY THEIR NEEDS.

5. CUSTOMER VALUE
6. CUSTOMER SATISFACTION
7. EXCHANGE:- ACT OF GETTING THE OBJECT WHICH ONE NEEDS FROM ANOTHER BY OFFERING SOME THING IN RETURN.
8. TRANSACTIONS : TWO PARTIES REACH ON AGREEMENT ON TERMS OF EXCHANGE IT BECOMES TRANSACTION
9. RELATIONSHIP:- GOAL IS TO RETAIN CUSTOMERS AND GROW THEIR BUSINESS

10. MARKET :- A SET OF ACTUAL AND POTENTIAL BUYERS OF A PRODUCT
11. CUSTOMER AND CONSUMER :- CUSTOMERS WHO BUY FOR OTHERS BUT CONSUMER IS ULTIMATE USER OF THAT PRODUCT AND SERVICE

Ø  THE MARKETING PROCESS

• THE MARKETING PROCESS

1. ANALYZING MARKET OPPORTUNITIES:-
2. CUTOMER RELATIONSHIPS:-I. CUTOMER CENTRED. IDENTIFY THEIR NEEDS.:
3. TARGET MARKETING:
4. MARKET SEGMENTATION
5. MARKET POSITIONING
6. COMPETITIVE ADVANTAGE: A THROUGH COMPETITOR ANALYSIS
7. DEVELOPING THE MARKETING MIX

• DEVELOPING MARKETING MIX
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1. PRODUCT STANDS FOR THE GOODS AND SERVICES OFFERED TO THE TARGET MARKET.
2. PRICE REFERS TO MONEY VALUE THAT THE CUSTOMERS HAVE TO PAY FOR THE PRODUCT OR SERVICES
3. PROMOTION REFERS TO ACTIVITIES OF PERSONAL SELLING,ADVERTISING AND SALES PROMOTION AND PUBLIC RELAATIONS
4. PLACE:-CHANNELS OF DISTRIBUTION AND PHYSICAL DISTRIBUTION

• MARKETING PLANNING IS MARKETING STRATEGY FORMULATIONS AND PREPARING ACTION PLANS TO TAP THE TARGET MARKETS. IT IS CONCERNED WITH CHOOSING THE OPTIMUM MARKETING MIX AND ALSO MEASURING THE IMPACT OF ENVIRONMENTAL VARIABLES
• THE OBJECTIVE OF MARKETING
• VALUE CREATION AND VALUE DELIVERY:-OFFERING VALUE PROPOSITIONS
• TYPES OF CUSTOMER VALUES:-

1. FUNCTIONAL VALUE
2. SOCIAL VALUES: PERCEIVED BENEFITS
3. EMOTIONAL VALUE
4. NOVELTY VALUE
5. CONDITIONAL VALUE

• CUSTOMER SATISFACTION