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The Essentials of Market The essentials of a market are: Existence of a commodity or item which is to be dealt with. Classification of Markets ? Non-Profit and Government Market ? This market consists of non-profit organizations such as social service agencies, educational organizations, charitable organizations and Govt.
MARKETING Marketing is a set of business activities that facilitate movement of goods and services from producers to consumers.
MARKETING DEFINITION “Marketing is an organization function and a set of process for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stake holders” (American Marketing Association) “Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements, profitably. THE EXCHANGE PROCESS THE EXCHANGE PROCESS IN MARKETING Barter System of Exchange Marketing system evolves from simple barter system through the stage of money economy to today’s complex marketing. THE EXCHANGE PROCESS MONEY ECONOMY The development of money came to act as a common medium and the exchange process became very easy and convenient.
THE EXCHANGE PROCESS Thus Exchange is an act of obtaining a desired product or service from someone by offering something in return.
THE EXCHANGE PROCESS For an exchange process to take place between two or more parties, the following conditions have to be met. Marketing Orientations (Marketing Management Philosophies) Marketing activity should be carried out under a well thought out philosophy of efficiency, effectiveness, and social responsibility. Marketing Concepts – Production Concept (Summary) The production concepts hold that consumers will prefer products that are widely available and inexpensive. 2.Product Concept The product concept holds that consumers will favor those products that offer the most quality, performance or innovative features Managers in these organizations focus on making superior products and improving them over time The product concept can lead to what Theodore Levitt calls “marketing myopia”. The Selling Concept The selling concept assumes that consumers and businesses, if left along, will ordinarily not buy enough of the organization’s products. Marketing Concept The marketing concept holds that the key to achieving the organization’s goals consists of the company being more effective than competitors in creating, delivering, and communicating superior customer value to its chosen target markets.
Marketing Concept A.Target Market The starting point of marketing concept is the target customers.
Marketing Concept C.Integrated Marketing When all the company’s departments work together to serve the customer’s interest, the result is the integrated marketing. Marketing Concept Under marketing concept, the company changes the traditional organizational chart into modern customer oriented organization chart.
Marketing concept or philosophy means that what will be the organization‘s philosophy to produce and distribute their products or services among the customer effectively and efficiently. However, there are six philosophies or concepts of marketing.

The term ‘market’ owes its origin to the Latin word ‘marcatus’ having a verb ‘mercari’ implying ‘merchandize’, ‘ware-traffic’, ‘trade’ or ‘ a place where business is conducted’.
On the basis of nature of goods sold ? Consumer goods market ? A consumer goods market is defined as a market where the final output of the firm goes for the consumption by individuals or institutions. But for transaction to take place between two parties, it was necessary that there be needs and wants on both sides. Managers of production oriented companies concentrate on achieving high production efficiency, low costs and mass distribution. Target customers is the group of customers for whom the product is created and directed B.Customer Needs The focus of activity should be towards the needs of the customers.
Originally market was a public place in a town or village, where household provisions and other objects were available for sale.
A place, be it a certain region, a country or the entire world or virtual place like the internet. The company assumes that consumers are primarily interested in product availability and low prices.
A company can define its target customers but fail to correctly understand the customer’s needs. They are: o The various marketing functions – sale force, advertising, customer service, product management, marketing research – must work together o The second is that the marketing must be embraced by the other departments. The production concept says that consumers will prefer those products that are widely available and highly affordable. To foster teamwork among all departments, the company carries out internal and external marketing. Managers of production oriented should concentrate on achieving high production efficiency, low costs and mass distribution.
They assume that consumers are primary interested on the availability and low prices of the product. Increase in Social Welfare:Marketing philosophy based on a maximisation of consumer satisfaction, leads to an increase in social welfare. Accordingly, marketing means, a delivery of the standard of living to masses, in the society.Modern Marketing Concept Benefit # 3. Moreover, marketing encourages innovation and creativity on the part of people engaged in marketing management.New inventions, innovations, improved technology etc.

These industries have practiced various sales techniques to locate prospects and hard sell them on their products benefits.Most organization practice selling concept when they have overcapacity.
These all lead to the economic development of society.Modern Marketing Concept Benefit # 4. In most modern industrial economics, productivity capacity has been built up to a point where the most markets are buyer markets (the buyers are dominant) and sellers have to scramble for customer.The selling concept does not consider what the customer wants, what is the quality of the product. Moreover, international marketing would always exhort manufacturers to come out with super-class production, to capture foreign markets.Modern Marketing Concept Benefit # 5. They believe customer will buy the product if they always pushed to buy it.Marketing based on hard selling or selling through pushing customer carries high risks. It assumes in selling concept that customer who are coaxed into buying a product will like it; and that if they do not, the y will not bad-mouth it or complain to consumer organizations and will forget their disappointment and buy it again. Marketing gives a finishing touch to business performance.Modern Marketing Concept Benefit # 6. It will be so tough to push sell a product for a long period in the time of communications supper highway.Long run MarketingSelling concept is appropriate for short run and rest five concept of marketing are some how suitable for long run marketing. Encourages Healthy Competition:Marketing encourages a healthy competition among manufacturers. But in the question of best it is clear that the societal marketing concept is the best among all the concept of marketing.The societal marketing concept calls upon marketers to build social and ethical considerations into their marketing practices. They must balance and juggle the often conflicting criteria of company profits, consumer want satisfaction and public interest.So the consumers are getting the most priority and so also the environment and in the total the social welfare and wellbeing of people. Because by doing some extra for the consumers they are creating a good impact into the consumers mind so obviously it will bring good result for the organization in future. Since the raw materials are very much available in our country, we have decided to give the product an indigenous image.

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