Concept of Marketing

• Marketing helps people and organisations obtain what they need and want by creating offerings and exchanging products and services for money or something of value.
• It is a broad process, not just shopping, selling, merchandising or designing products.

• A company depends on many stakeholders such as customers, government, NGOs and media.
• Social concern strengthens the brand and customer relationships.
• CSR includes humanitarian activities and long-term social welfare.
• Long-term welfare covers health, education, environment, women empowerment and poverty eradication.
• Companies support sustainable development through environmentally friendly practices.

• Manufacturing firms produce goods for others, so goods must reach consumers.
• Marketing activities include product designing (merchandising), packaging, warehousing, transportation, branding, selling, advertising and pricing.
• Merchandising, selling and distribution are parts of the overall marketing activities.

Phillip Kolter has defined marketing as, “a social process by which individual groups obtain what they need and want through creating offerings and freely exchanging products and services of value with others”.

• Marketing is not only a post-production activity; it starts before production and continues after sale.
• Before production: identify customer needs, collect information, design suitable packaging and decide the brand name.
• After sale: follow up, maintain customer relationships and procure repeat sales.

• Marketing is a social process where people exchange goods and services for money or something of value.
• It focuses on creating market offerings and satisfying needs and wants through free exchange.

• Traditional meaning: A place where buyers and sellers meet to exchange goods and services.
• The term is also used for product markets, geographic markets, type of buyers and quantity of goods transacted.
• Modern meaning: The set of actual and potential buyers of a product or service.

• Needs and Wants: Marketing identifies and satisfies customer needs and wants.
• Market Offering: A complete offer of a product or service with its features, price and availability.
• Customer Value: Customers buy products that provide greater value than their cost.
• Exchange Mechanism: Marketing is based on the exchange of products or services for value, benefiting both parties.

• At least two parties are involved.
• Each party can offer something of value.
• Each party can communicate and deliver the product or service.
• Each party is free to accept or reject the offer.
• Both parties are willing to enter into the transaction voluntarily.

• Marketing is also used by hospitals, schools, sports clubs and social and religious organisations.
• It helps spread messages such as family planning, improve literacy and provide medication to the sick.

• Physical Products: Motorcycle, iPods, mobile phone, footwear, television, refrigerator.
• Services: Insurance, health care, business process outsourcing, security, financial services, computer education, online trading.
• Ideas: Polio vaccination, Helpage, family planning, blood donation, Flag Day donations.
• Persons: Candidates standing for election.
• Places: Visit Agra, Udaipur, Mysore and Orissa tourism campaigns.
• Events: Olympics, cricket series, Diwali mela, fashion show, music concert, film festival, elephant race.
• Information: Information provided by universities, research organisations and marketing research agencies.