Marketing meaning, definition and scope

Introduction of Marketing

1. Dr. Sunita Sukhija Assistant Professor Govt. National College , Sirsa Marketing- Meaning, Definition and Scope

2. Introduction- Meaning of Marketing Management process comprises of five M’s i.e. men, money, materials, machines and markets. Market is the last component of this chain. The success of a business enterprise lies not only in production, but mainly in successful marketing. The term “Marketing” is derived from “Market”, which can be defined as – “a place where buyers and sellers gather to buy and sell the products”. But Marketing is not only about selling; because in order to sell the product we must know the needs (basic requirements) of the customers. Thus Marketing is all about identifying the needs of the customers and satisfying those needs profitably with the help of the product. For example – Procter & Gamble (P&G) has identified that people need tasty but low calorie food and introduced Olestra (Oats). Marketing is an organisational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organisation and its stakeholders

3. Social & Managerial Definition of Marketing Social Definition- Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others.- Philip Kotler Managerial Definition- • Marketing is primarily concerned with the problem of profitably disposing what is produced. • Marketing is an art of selling products. • Marketing is the performance of business activities that direct the flow of goods and services from the producer to the consumer. • Marketing is the economic process by which goods and services are exchanged between the maker and the user, and their values determined in terms of money prices. • Marketing is the delivery of a standard of living to society.

4. Definition of Marketing “Marketing is everything.” — Regis McKenna Marketing is the business process by which products are matched with market and through which transfers of ownership are affected.” ---- Condiff and Still Marketing is getting and keeping the customer.” -- Levitt Marketing is “The management process responsible for identifying, anticipating and satisfying customer requirements profitably.” — The Chartered Institute of Marketing “Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services to create exchanges that satisfy individual and organizational goals” -- American Marketing Association

5. Features of Marketing Marketing is a Process. A process is a particular method of doing an activity, generally involving a series of steps or operations. The classical marketing approach involves four broad steps: market analysis, market planning, implementation, and control. Market analysis involves searching for opportunities in the marketplace. Finally, marketing control refers to the informal and formal mechanisms that marketing managers can use to keep the marketing program on course. It Involves a Mix of Product, Pricing, Promotion, and Distribution. Strong marketing programs do not involve one action, such as the design of a great product. Rather, the most successful marketing programs involve mixing the ingredients of marketing to deliver value to customers. This mixing entails blending the right amounts of the 4P ingredients, at the right time, and in the right sequence.

6. It Is About Exchange-mutual benefits. Marketing is not successful unless two parties exchange something of value. The  buyer  may exchange time, money, or services, while the  seller  must exchange something of value to the buyer. It Is Intended to Satisfy Individual and Organizational Needs. The aim of marketing is to provide a satisfactory outcome for both the firm and the customer. Firms can have highly satisfied customers if they provide services for free. The key to modern marketing is simultaneously satisfying the customer, the firm, and its shareholders.

7. Marketing Management Marketing management is “planning, organising, controlling and implementing of marketing programmes, policies, strategies and tactics designed to create and satisfy the demand for the firms’ product offerings or services as a means of generating an acceptable profit.” According to Philip Kotler , “Marketing Management is the art and science of choosing target markets and building profitable relationship with them. Marketing management is a process involving analysis, planning, implementing and control and it covers goods, services, ideas and the goal is to produce satisfaction to the parties involved”. Marketing Management Involves: 1. The setting of marketing goals and objectives, 2. Developing the marketing plan, 3. Organising the marketing function, 4. Putting the marketing plan into action and 5. Controlling the marketing programme.

8. Objectives of Marketing To apply effective and Modern Marketing Policies To Develop Market Field To develop and implement guiding policies for better result To Suggest solutions by understanding problems To find sources for further information concerning the market problem

9. Functions of Marketing Buying & Selling:  The buying and selling function involves promoting the product. It includes the use of personal selling, advertising, and other mass-selling methods. Transportation:  The transporting function is the movement of goods from one place to another. Sorting:  The sorting function involves holding goods until customers need it. Standardization and Grading:  The standardization and grading involve sorting products according to size and quality. This makes buying and selling easier because it reduces the need for inspection and sampling. Financing:  The financing provides the necessary cash and credit to produce, transport, store, promote, sell, and buy products. Risk-Taking:  It involves bearing the uncertainties that are part of the marketing process. A firm can never be sure that customers will want to buy its products can also be damaged, stolen, or outdated. Market Information & Research: With the vast amount of information available to marketers today and the emphasis on relational marketing, marketers are in more of a position to suggest needs and wants to the public. Certainly, not all consumers have all the needs and wants suggested by society today. However, with the vast amount of exposure to these societal needs and wants via the media, a substantial amount of consumers will, through mere exposure, decide that they “have” the same needs and wants of others . After Sale Services

10. Scope of Marketing ( i ) Goods – Goods can be defined as anything which tangible which can be offered to the customers in order to satisfy their wants, (e.g., Maggi noodle) (ii) Services – Services can be defined as anything which can be offered by one party to another which is intangible, variable and perishable in nature, (e.g., medical services, defense , etc.) Services include the work of hotels, airlines, banks, insurance companies, transportation corporations etc. as well as professionals like lawyers, doctors, teachers etc. (iii) Experiences – Experience can also be marketed as a product. By using several services and goods, a firm can create stage and market experiences, (e.g., Walt Disney World’s Kingdom represents experiential marketing – Customers visit a fairy kingdom, a pirate ship, or a haunted house). There is a market for different experiences such as climbing Mount Everest or Kanchenjunga, travelling in Palace on Wheels, river rafting or a trip to Moon.

11. (iv) Events – Marketers promote and market time-based events as well, e.g., Sports events like IPL etc., artistic performances ( Lata Mangeshkar live concert, Jagjit Singh live concert), trade shows (International Book Fair at Pragati Maidan , Automobile fair), award ceremonies ( Filmfare awards, Screen awards), beauty contests (Miss World, Miss Universe, Miss India, Miss Chandigarh), model hunts ( Gladrags Mega Model) etc. (v) Persons – Incidentally through our actions or inactions each one of us as individual are marketing ourselves and at marketing efforts are supplemented by family and friends. Celebrity or famous personality marketing is a major business. Today every film star has an agent or a public relation officer in order to get help for marketing, (e.g., Sachin Tendulkar ), Even the TV channel “Star Plus” focused more on  Amitabh   Bachchan to promote their program Kaun Banega Crorepati and this program turned around fortunes of both Star Plus and  Amitabh Bachchan .

12. (vi) Place – Places-cities, states, regions and nations-compete actively to attract tourists, companies etc., (e.g., tour packages etc.) Cities like Bangalore, Hyderabad and Gurgaon are promoted as center for software development. Bangalore is regarded as software capital of India and Hyderabad is emerging as the hub of biotechnology industry. Gurgaon and Noida are competing for call centers to open their offices. (vii) Properties – Properties are bought and sold and this requires marketing. Properties are intangible rights of ownership of either real property (e.g., real estate) or financial property (e.g., stocks and bonds). Property dealers in India work for property owners or seekers to sell or buy plots, residential or commercial real estate. Brokers and sub-brokers buy and sell securities on behalf of individual and institutional buyers.

13. (viii) Organization – Organizations actively work to attract their stakeholders. They work to build a strong and positive image in the minds of their stakeholders with the help of public relations, (e.g., Free dental checkup campy by Colgate and Indian Dental Association). advertisements of Reliance Infocomm , which is trying to provide communication at lower rates, Dhirubhai Ambani Entrepreneur program is trying to promote entrepreneurship among the Indians. Companies can gain immensely by associating themselves with the social causes. Universities and colleges are trying to boost their image to compete successfully for attracting students for admissions by mentioning their NAAC grades in the advertisements and information brochures. (ix) Information – Information can be produced and marketed as a product, (e.g., Research and Development services, Encyclopedias ) Wikipedia is one of the best examples of information marketing. Magazines such as Fitness and Muscle provide information about staying healthy, Business India, Business Today and Business World provide information about business activities that are taking place in various organizations. (x) Idea – Ideas can also be produced and marketed as well. In fact, idea generation is the first step of the new product development. Every market offering includes a basic idea, (e.g., Business ideas, etc.). . Idea here means the social cause or an issue that can change the life of many. Narmada Bachao Andolan was triggered to bring the plight of displaced people and to get them justice. Endorsement by Amitabh Bachchan to Pulse Polio Immunization drive and pledge by Aishwarya Rai to donate her eyes after her death gave immense boost to these programs. 

14. Key Points highlighting the nature of marketing 1. Marketing is a complex process 2. Marketing is dynamic and ever evolving. 3. Marketing demands integrated and coordinated efforts. 4. Marketing is full of creativity and innovation. 5. Marketing is value driven and customer focused process. 6. Marketing is about being empathetic and sacrificing. That is why an author has articulately compared marketing as ‘Gardening’.

15. Importance of Marketing (a) Creation of demand for goods and services, (b) Betterment in the standard of living, (c) Creation of social utility, (d) Optimal utilization of resources, (e) Maintenance of survival and mobility of business, (f) Employment Opportunities, (g) Maintenance of balance between demand and supply, (h) Stabilizes the Economic Conditions, ( i ) Export promotion, (j) Sales promotion, (k) Increase in the risk bearing capacity.

16. Benefits of Marketing Benefits to Society: Benefits to Firms Raise the standard of Living Employment Opportunities Stabilizes the Economic Conditions Optimum Utilization of Resources Maximum Satisfaction of Human Wants Maintenance of survival and mobility of business Export promotion, Sales promotion, Increase in the risk bearing capacity Maintenance of balance between demand and supply Creation of demand for goods and services

17. Conclusion Marketing is defined as the process responsible for identifying, anticipating, and satisfying customer requirements profitably. Marketing intends to satisfy and delight the customer. The activities of marketing must be directed and focused at the customer. Marketers can remain in the customer’s mind only if the latter is provided value for what he spends. The customer focus can optimise costs for the customer while allowing the organization to focus on its core competencies.

18. Thanks