Marketing
auther: Mr Tushar K. Kapoor
What Is Marketing?
Marketing refers to activities a company undertakes to promote the
buying or selling of a product or others service. Marketing includes
advertising, selling, and delivering products to consumers or other businesses.
Some marketing is done by affiliates on behalf of a company.
Professionals who work in a corporation's marketing and promotion
departments seek to get attention of key potential audiences through
advertising. Promotions are targeted to certain audiences and may involve
celebrity endorsements, catchy phrases or slogans, memorable packaging or
graphic designs and overall media exposure.
Definition of Marketing Research
Marketing research is the function that links the consumer, customer,
and public to marketer through information–information used to identify and
define marketing opportunities and problems; generate, refine, and evaluate
marketing actions; monitor marketing performance; and improve understanding of
marketing as a process. Marketing research specifies the information required
to address these issues, designs the method for collecting information, manages
and implements the data collection process, analyzes the results, communicates
the findings and their implications. (Approved 2017)
Product
Product refers
to an item or items business plans to offer to customers. The product should
seek to fulfill an absence in the market, or fulfill consumer demand for a
greater amount of a product already available. Before they can prepare an
appropriate campaign, marketers need to understand what product is being sold,
how it stands out from its competitors, whether product can also be paired with a secondary
product or product line, and whether there are substitute products in the
market.
Price
Price refers
to how much the company will sell the product for. When establishing a price,
companies must consider the unit cost price, marketing costs, and distribution
expenses. Companies must also consider the price of competing products in the
marketplace and whether their proposed price point is sufficient to represent a
reasonable alternative for consumers.
Place
Place refers
to the distribution of the product. Key considerations include whether the
company will sell product through a physical storefront, online, or through
both distribution channels. When it's sold in a storefront, what kind of
physical product placement does it get? When it's sold online, what kind of
digital product placement does it get?
Definition
of Brand
A brand is
a name, term, design, symbol or any other feature that identifies one seller’s
good or service as distinct from those of other sellers.
ISO
brand standards add that a brand “is an intangible asset” that is
intended to create “distinctive images and associations in the minds of
stakeholders, thereby generating economic benefit/values.”
Marketing Management
Marketing Management identifies market opportunities and comes out
with appropriate strategies for exploring those opportunities profitably.
It has to implement marketing programme and evaluate continuously
the effectiveness of marketing-mix. It has to remove the deficiencies observed
in the actual execution of marketing plans, policies, and procedures. It looks
after the marketing system of the enterprise.
Marketing management smoothen the process of exchange of ownership
of goods and services from seller to the buyer. Marketing
management, like all other areas of management comprises of the function of
planning, organising, directing coordinating and controlling.
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