What is Marketing

  • Marketing is the combination of 2 basic economic functions, one is production and other is consumption.
  • Meeting needs profitably.
  • Satisfying customer needs and wants.
  • The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
  • Marketing is a social and managerial process by which individuals and group obtain what the needs and wants through creating and exchanging value with other.

Marketing Mix

Marketing mix is the combination of 4P’s i.e. product, price, place and promotion.

4p’s of Marketing

Product

Product is the customer solution.

Price

Price is the customer cost.

Place

Place is the convenience.

Promotion

Promotion is the communication with customer.

Technical P’s

Technical P's are;

  • Portioning
  • Prioritizing
  • Positioning
  • Probing
  • Politics
  • Prospect
  • People

Needs: Need is the basic necessity or state of felt deprivation.

Wants: The form the human needs take as shaped by culture and individual personality.

Demands: Human wants that are backed by buying power.

Different Concepts of Marketing

The different concepts of marketing are as follow:

  • Production concept
  • Product concept
  • Selling Concept
  • Marketing Concept
  • Societal Concept

1. Production Concept

Production Concept start from 1901 and ends at 1920. The production concept focuses on production and distribution of the product. Consumer will favor the product that is available and highly affordable.

2. Product Concept

The product concept starts from 1921 and ends at 1940. In product concept three things about the product were focused that are Quality, Performance, and Features. So the consumer will favor the product that will offer most quality, performance and features.

3. Selling Concept

The Selling Concept Starts from 1941 and ends at 1950. The Selling Concept is that consumer will not buy enough of the firm product unless it undertakes a large scale selling and promotion effort.

4. Marketing Concept

The marketing concept starts from 50’s onwards. The marketing concept focus on the needs and wants fulfillment of the customer. It also focuses on the target market. And along with that it focuses on the integrated market that is the combination of the 4P’s that are product, Place, Price and Promotion. And last but not the least it also focuses on the Profit through customer satisfaction.

5. Societal Concept

Societal concept starts from 80’s onwards. The societal concept focuses on the customer needs fulfillment. And like Marketing concept it also focuses on the target market along with the Integrated market and Profit through customer satisfaction but the additional thing that societal concept focuses on is Well being of Society.

 

marketing management

December 18, 2018