Introduction to Marketing

Marketing Definition

• Marketing is a social and managerial process that involves creating, offering, and exchanging products of value with others to obtain what individuals and groups want and need.
• It involves leading the planning, mobilization, and application of an organization's resources to achieve corporate goals.
• Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Difference between Selling & Marketing

• Selling emphasizes on product and sales, while marketing emphasizes on the 4 Ps (Product, Price, Place, and Promotion).
• The primary motive of selling is sales, while the primary motive of marketing is consumer satisfaction.
• Selling involves first producing and then taking customer feedback, while marketing involves first taking customer feedback and then producing.

Evolution of Marketing

• Marketing has evolved from the barter system to production orientation, sales orientation, marketing orientation, consumer orientation, societal marketing orientation, and holistic marketing orientation.

Core Concepts of Marketing

• Needs: essential requirements, e.g., food
• Wants: desirable but not essential, e.g., fast food
• Desires: specific wants, e.g., Vada Pav or Pizza
• Target Markets: specific groups, e.g., students or working youth
• Product Positioning: the nature of marketing
• Marketing is a human activity, consumer-oriented, an art and science, an exchange process, and a creation of utilities.
• It is goal-oriented, a guiding element of business, and a system of interactive business activities.

Scope of Marketing

• Study of consumer wants and needs
• Study of consumer behavior
• Production planning and development
• Pricing policies
• Distribution
• Promotion
• Consumer satisfaction
• Marketing control

Functions of Marketing

• Buying
• Risk bearing
• Marketing research
• Selling
• Branding
• Packaging
• Storage
• Transportation

Qualities of a Marketing Manager

• Physical qualities: attractive personality, good health, stamina
• Mental qualities: positive attitude, confidence, intelligence, wisdom
• Political qualities: capable of identifying opportunities in the market, making competitive strategies
• Moral qualities: follows ethics, moral values, and principles
• Social qualities: working with a group, inspiring people to perform their best to achieve goals

Role of Marketing Manager

• Developing marketing strategies and plans
• Marketing information system
• Monitoring marketing environment
• Marketing research
• Creating customer value, satisfaction, and loyalty
• Market segmentation
• Brand equity
• Effective management of channels
• Designing and managing integrated marketing communication

Duties and Responsibilities of a Marketing Manager

• Identifying market opportunities and grabbing them
• Organizing marketing policy and marketing plans
• Organizing and coordinating marketing functions to achieve goals and objectives
• Evaluating the performance of the entire marketing group
• Identifying and developing new markets and expanding existing ones
• Maintaining contacts with stakeholders
• Controlling selling expenses
• Determining the most suitable channel of distribution for company's products
• Innovating marketing areas to survive in competition
• Encouraging and motivating sales force to get better results
• Developing MIS for timely decision making
• Developing good relations with employees to increase morale

Consumer Behaviour

• Consumer behavior is a branch that deals with the various stages a consumer goes through before purchasing products or services for their end use.
• It involves understanding why an individual buys a product.