marketing concept to understand

1. SRI KRISHNA ARTS & SCIENCE COLLEGE
[An Autonomous Institution]
Ranked 53rd in NIRF; MHRD: 1st in Institutional Swachhata Ranking
Coimbatore – 641 008
MARKETING & MARKET RESEARCH
Unit 1
Facilitator
Dr.S.Lalitha
Assistant Professor

2. Topics Covered
 Meaning and Definition of Market
 Objectives of Marketing
 Importance of Marketing
 Marketing Concept
 Difference between Marketing and Selling
 Functions of Marketing
 Nature of Marketing
 Marketing Mix
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3. Expert Video
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https://www.youtube.com/watch?v=xmneuSWSih4
Reference:
Animation Video

4. Introduction
 Market is a place or geographical area where buyers and
sellers meet and enter into transactions involving transfer of
ownership of goods and services
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5. Definition of Market
• “The term market refers not necessarily to a place but
always to commodity or commodities and the buyers and
sellers of the same who are in direct competition with
each other.”--- As Chapmen
• A market is defined as the sum total of all the buyers
and sellers in the area or region under consideration. The
area may be the earth, or countries, regions, states, or
cities.
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6. Meaning
 Markets are where buyers and sellers come
together to obtain information and exchange
commodities.
 A market is said to be functioning well when
goods flow into the market in times of deficit and
out in times of surplus, via private trading.
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7. Objectives of Marketing
 Creating New Customers
 Satisfying the needs of Customers
 Enhancing the Profitability of the Business
 Raising the Standard of living of the people
 Production of wide variety of goods and services
for satisfying customer’s needs
 Building and retaining Long term relationship with
customers
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8. Important Features of Marketing
Marketing is aimed at finding out consumer needs and
meeting these needs.
Marketing must consider profit as its main objective.
The marketing process has no start or end.
Businesses must be prepared to respond to the consumer
reactions and changes all the time.
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9. Marketing Concept
Focusing on the needs and wants of the customers
The organization can distinguish its product(s) from
competitors’ offerings.
 production and promotion, to satisfy these wants and
needs
 Achieving long-term goals for the organization by
satisfying customer wants and needs
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10. TRADITIONAL CONCEPT OF MARKETING
The main focus of this concept is on product
All efforts of the marketing people are concentrated on
selling the product.
The ultimate goal of all marketing activity is to earn profit
through maximisation of sales
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11. MODERN CONCEPT OF MARKETING
Developing a product that can satisfy the needs of the
consumers
 Taking promotional measures so that consumers come to
know about the products, its features, quality, availability etc.
 Pricing the product keeping in mind the target consumers’
purchasing power
 packaging and grading the product to make it more attractive
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12. Difference between Marketing and Selling
Marketing Selling
Marketing includes selling and other activities like
various promotional measures, marketing research,
after sales service, etc.
Selling is confined to persuasion of consumers to
buy firm’s goods and services.
It starts with research on consumer needs, wants,
preference, likes, dislike etc., and continues even
after the sales have taken place.
Selling starts after the production process is over
and ends with the handing over the money to the
seller by the buyer.
Focus is on earning profit through maximisation of
customers’ satisfaction.
Focus is on earning profit through maximisation of
sales.
Customer’s need is the central point around whom
all marketing activities revolve.
Fragmented approach to achieve shortterm gain.
Stresses on needs of buyer. Stresses on needs of the seller.
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13. Functions of Marketing
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14. Market Research
Consumer expectations and demand is done
before launching a product into the market.
Market Planning
A proper plan is designed based on the
target customers.
Buying and Assembling
Buying of raw material and
assembling of parts is done to create a product or service.
Product Standardisation
The product is graded as per its quality
and the quality of its raw materials.
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15.  Packaging and Labelling
To make the product more attractive and self-
informative.
Branding
A brand name is given to the product to
differentiate it from the other similar products in the market.
Pricing of the Product
The product price moderately keeping in mind
 Promotion of the Product
To make people aware of the product or
service through advertisements.
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16. Warehousing and Storage
The goods are produced in bulks and
needs to be stored in warehouses.
Selling and Distribution
The consumers spread over a
geographical area, selling and distribution channels are to be
selected.
Transportation
Transfer of the goods from the manufacturing units
to the wholesalers, retailers and consumers.
Customer Support Service
The customers selling the product or
service to know the customer’s experience.
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17.  Managerial Function
Marketing is all about successfully
managing the product, place, price and promotion of
business to generate revenue.
Human Activity
It satisfies the never-ending needs
and desires of human beings.
Economic Function
The crucial second marketing
objective is to earn a profit.
Both Art and Science
The product among consumers is an art
and understanding human behaviour, and psychology is a
science.
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18.  Consumer-Oriented
Market research and surveys to know about
consumer’s taste and expectations.
 Goal-Oriented
It aims at accomplishing the seller’s profitability
goals and buyer’s purchasing goals.
 Interactive Activity
Marketing is all about exchanging ideas and
information among buyers and seller
 Creates Utility
Utility to the consumer through four different
means; form ,time, place and possession.
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19. Marketing Mix
• Meaning
A marketing mix includes multiple
areas of focus as part of a comprehensive marketing
plan. The term often refers to a common classification
that began as the product, price, placement, and
promotion.
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21.  Product
To identify the differentiates it from
competing products or services.
 Price
Marketing professionals need to consider to
research and development, manufacturing, marketing, and
distribution.
 Placement
Basic consumer products, such as paper
goods, often are available in many stores.
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22.  Promotion
Marketing campaigns also are called a
promotional mix. Activities include advertising, sales
promotion, personal selling, and public relations.
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23. Conclusion
 Marketing is an ongoing practice to capture customer’s
attention towards a product or service. It is the core of all the
business practices, without which any business will prove to
be a huge failure
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