Marketing

Introduction
Marketing is further defined by the AMA as an organizational function and a set
of processes for creating, communicating, and delivering value to customers and
for managing customer relationships in ways that benefit the organization and
its stakeholders.[4] The term developed from an original meaning which referred
literally to going to a market to buy or sell goods or services. Seen from a
systems point of view, sales process engineering marketing is "a set of processes
that are interconnected and interdependent with other functions,[5] whose
methods can be improved using a variety of relatively new approaches."
The Chartered Institute of Marketing defines marketing as "the management
process responsible for identifying, anticipating and satisfying customer
requirements profitably."[6] A different concept is the value-based marketing
which states the role of marketing to contribute to increasing shareholder value.
[7]

In this context, marketing is defined as "the management process that seeks to

maximize returns to shareholders by developing relationships with valued

customers and creating a competitive advantage."[7]
Marketing practice tended to be seen as a creative industry in the past, which
included advertising, distribution and selling. However, because the academic
study of marketing makes extensive use of social sciences, psychology,
sociology, mathematics, economics, anthropology and neuroscience, the
profession is now widely recognized as a science, allowing numerous
universities to offer Master-of-Science (MSc) programmes. The overall process
starts with marketing research and goes through market segmentation, business
planning and execution, ending with pre- and post-sales promotional activities.
It is also related to many of the creative arts. The marketing literature is also

adept at re-inventing itself and its vocabulary according to the times and the
culture.

Defination
Marketing is communicating the value of a product or service to customers, for
the purpose of selling that product or service.
Marketing techniques include choosing target markets through market analysis
and market segmentation, as well as understanding consumer behavior and
advertising a product's value to the customer. From a societal point of view,
marketing is the link between a society's material requirements and
itseconomic patterns of response. Marketing satisfies these needs and wants
through exchange processes and building long-term relationships. Marketing
blends art and applied science (such as behavioural sciences) and makes use
of information technology.

Features of Marketing
The marketing Management refers to planning, organizing, directing, control of
the activates which facilitate the exchange of goods and services between the
producers to end consumers. Firms today need to spend money to create time,
place and ownership utilities .The main features of modern marketing are as
follows:
1.

Marketing is a science as well as art: Marketing has evolved from the

economics but it has a closer relationships with social and behavioral sciences.
Marketing is closely associated with streams of science as well humanities and
subject lines such as Economics, Law, Psychology, Anthropology, Sociology,
Information

Technology

etc.

Marketing

heavily

depends

upon

the

demographic features of the target market, political environment, philosophy,

mathematics, statistics etc.

2.

Exchange is essence of marketing: Marketing revolves around

commercial exchange. This also involves exchange of technology, exchange of
information and exchange of ideas.

3.

Marketing is Goal Oriented: The ultimate goal of marketing is to

generate profits through the satisfaction of the customer.

4.

Marketing is a continuous process: marketing is not an isolated, static

process but is a complex, continuous and interrelated process. It involves
continuous planning, implementation and control. It is an important functional
area of the management.

5.

Marketing is Consumer Oriented: All firms exist because of their

business to satisfy the human needs, wants and demands. The ultimate
objective of marketing is to find out what the consumer wants and how to
fulfill consumer need. This leads to production of the goods and services as
per the needs of the customer.

6.

Marketing starts with consumer and ends with consumer: Marketing

is consumer oriented and it is very important to know what the consumer
wants.

DIFFERENCE BETWEEN SELLING AND MARKETING

In general we use marketing and selling as synonyms but there is a
substantial difference between both the concepts. It is necessary to understand
the differences between Marketing vs Selling for a successful marketing
manager. Selling has a product focus and mostly producer driven. It is the
action part of marketing only and has short term goal of achieving market
share. The emphasis is on price variation for closing the sale where the
objective can be stated, as I must somehow sell the product. This short term
focus does not consider a prudential planning for building up the brand in the
market place and winning competitive advantage through a high loyal set of
customers. The end means of any sales activity is maximizing profits through
sales maximization.
When the focus is on selling, the businessman thinks that after production has
been completed the task of the sales force starts. It is also the task of the sales
department to sell whatever the production department has manufactured.
Aggressive sales methods are justified to meet this goal and customers actual
needs and satisfaction are taken for granted. Selling converts the product in to
cash for the company in the short run.
Marketing as a concept and approach is much wider than selling and is also
dynamic as the focus is on the customer rather than the product. While selling
revolves around the needs and interest of the manufacturer or marketer,
marketing revolves around that of consumer. It is the whole process of meeting
and satisfying the needs of the consumer.
Marketing consists of all those activities that are associated with product
planning,pricing, promoting and distributing the product or service. The task

commences with identifying consumer needs and does not end till feedback on
consumer sat-isfaction from the consumption of the product is received. It is a
long chain of activity, which comprises production, packing, promotion, pricing,
distribution and then the selling. Consumer needs become the guiding force
behind all these activities. Profits are not ignored but they are built up on a long
run basis. Mind share is more important than market share in Marketing.

Functions of Marketing
The ultimate aim of marketing is exchange of goods and services from
producers to consumers in a way that maximizes the satisfaction of customers
needs. Marketing functions start from identifying the consumer needs and end
with satisfying the consumer needs. The universal functions of marketing
involve buying, selling, transporting, storing, standardizing and grading,
financing, risk taking and securing marketing information. However, modern
marketing has some other functions such as gathering the market info and
analyzing that info. Market planning and strategy formation. To assist in product
designing and development also comes under the marketing functions. The
marketing functions have been discussed here briefly:

1.

Market Information: To identify the needs, wants and demands of the

consumers and then analyzing the identified information to arrive at various
decisions for the successful marketing of a firms products and services is one
of the most important functions of marketing. The analysis involves judging
the internal weaknesses and strengths of the organization as well politicolegal, social and demographic data of the target market. This information is
further used in market segmentations.

2.

Market Planning: Market-planning aims at achieving a firms marketing

objectives. These objectives may involve increasing market presence,
dominate the market or increase market share. The market planning function
covers aspects of production levels, promotions and other action programmes.

3.

Exchange Functions: The buying and selling are the exchange functions
of marketing. They ensure that a firms offerings are available in sufficient
quantities to meet customer demands. The exchange functions are supported
by advertising, personal selling and sales promotions.

4.

Product Designing and development: The product design helps in

making the prodyct attractive to the target market. In todays competitive
market environment not only cost matters but also the product design,
suitability, shape, style etc. matter a lot in taking production decisions.

5.

Physical Distribution: The physical distribution functions of marketing

involve transporting and storing. The transporting function involve moving
products from their points of production to locations convenient for purchasers
and storing function involve the warehousing products until needed for sale.

6.

Standardization and Grading: Standardization involves producing

goods at predetermined specifications. Standardization ensures that product
offerings meet established quality and quantity. It helps in achieving
uniformity and consistency in the output product. Grading is classification of

goods in various groups based upon certain predetermined characteristics. It

involves the control standards of size, weight etc. Grading helps in pricing
decisions also. The higher quality goods and services attract higher prices.
7.

Financing : The financing functions of marketing involve providing

credit for channel members or consumers.

8.

Risk Taking: Risk taking is one of the important marketing functions.

Risk taking in marketing refers to uncertainty about consumer purchases
resulting from creation and marketing of goods and services that consumers
may purchase in future.

9.

Packaging, labeling and branding: packaging involves designing

package for the products, labeling means putting information required /
specified on a products covering. Packaging and labeling serve as
promotional tools now a days, Branding distinguishes the generic commodity
name to a brand name. For example, Wheat Flour is a generic name of a
commodity while Ashirvad Aata is a brand name. In service industry, also
branding matters a lot.

10.

Customer Support: Customer support is a very important function of

marketing. It involves pre sales counseling, after sales service, handling the
customer complaints and adjustments, credit services, maintenance services,
technical services and consumer information. For example, water purifier
comes with an onsite service warranty of 7 years helps in marketing and is an
important marketing function as well.

Marketing Mix
Marketing mix is the combination of the elements of marketing and what roles
each element plays in promoting your products and services and delivering
those products and services to your customers.
Elements of the Marketing Mix
The elements of the marketing mix are also referred to as the 5 P's of
marketing. For years marketers referred to the 4 P's of marketing. Only
recently has a 5th P been added. Whether you subscribe to the theory that there
are four p's or five p's of marketing, this is essentially referred to as your
"marketing mix".
The 4 P's of the Marketing Mix
The original 4 P's of marketing (although they have been renamed a bit over the
years) that were the elements of a marketing mix are:

Product The products or services offered to your customer: Their

physical attributes, what they do, how they differ from your competitors and
what benefits they provide.

Price How you price your product or service so that your price remains
competitive but allows you to make a goodprofit.

Place (Also referred to as Distribution) Where your business sells its

products or services and how it gets those products or services to your
customers.

Promotion The methods used to communicate the features and benefits

of your products or services to your target customers.

The 5th P of Marketing

Some marketing theorists have added a 5th P of marketing to the elements of
the marketing mix: People
When referred to as an element in the marketing mix, this 5th P refers to how
your level of service and the expertise and skills of the people who work for you
can be used to set you apart from your competitors.
Also Known As: 5 P's of Marketing; 4 P's of Marketing
Examples: My company's marketing mix takes advantage of the original 4 P's
of marketing - product, price, place and promotion - as well as the 5th P of
marketing - people - to set us apart from our competitors and better promote our
services.

The principles of marketing

Marketing involves a range of processes concerned with finding out what

consumers want, and then providing it for them. This involves four key
elements, which are referred to as the 4Ps. A useful starting point therefore is to
carry out market research to find out about customer requirements in relation to
the 4Ps.
There are two main types of market research - quantitative research involving
collecting a lot of information by using techniques such as questionnaires and
other forms of survey. Qualitative research involves working with smaller
samples of consumers, often asking them to discuss products and services while
researchers take notes about what they have to say. The marketing department
will usually combine both forms of research.
The marketing department will seek to make sure that the company has a
marketing focus in everything that it does. It will work very closely with
production to make sure that new and existing product development is tied in
closely with the needs and expectations of customers.
Modern market focused organisations will seek to find out what their customers
want. For example, financial service organisations, will want to find out about
what sort of accounts customers want to open and the standard of service they
expect to get. Retailers like Argos and Home base will seek to find out about
customer preferences for store layouts and the range of goods on offer. Airlines
will find out about the levels of comfort that customers desire and the special
treatment that they prefer to receive.
A useful definition of marketing is the anticipation and identification of
customer needs and requirements so as to be able to meet them, make a profit or
other key organisational objectives

Evolution of Marketing
An orientation, in the marketing context, related to a perception or attitude a
firm holds towards its product or service, essentially concerning consumers and
end-users. Throughout history, marketing has changed considerably in
conjunction with consumer tastes.
Earlier approaches
The marketing orientation evolved from earlier orientations, namely, the
production orientation, the product orientation and the selling orientation.
Orientatio Profit

Western

Europea

driver

Description

n
timefra
me
Productio Productio until the A firm focusing on a
n

1950s

methods

production

orientation specializes in producing as

much as possible of a given product or
service. Thus, this signifies a firm
exploiting economies of scale until the
minimum efficient scale is reached. A
production orientation may be deployed
when a high demand for a product or
service exists, coupled with a good
certainty that consumer tastes will not
rapidly alter (similar to the sales

Product

orientation).
Quality of until the A firm employing a product orientation
the
product

1960s

is chiefly concerned with the quality of

its own product. A firm would also
assume that as long as its product was of
a high standard, people would buy and

Selling

Selling

1950s

consume the product.

A firm using a sales orientation focuses

methods

and

primarily on the selling/promotion of a

1960s

particular product, and not determining

new

consumer

desires

as

such.

Consequently, this entails simply selling

an already existing product, and using
promotion techniques to attain the
highest

sales

possible.

Such

an

orientation may suit scenarios in which a

firm holds dead stock, or otherwise sells
a product that is in high demand, with
little likelihood of changes in consumer
tastes that would diminish demand.

Customer orientation

Constructive criticism helps marketers adapt offerings to meet changing

customer needs.
A firm in the market economy survives by producing goods that persons are
willing and able to buy. Consequently, ascertaining consumer demand is vital
for a firm's future viability and even existence as a going concern. Many
companies today have a customer focus (or market orientation). This implies
that the company focuses its activities and products on consumer demands.
Generally, there are three ways of doing this: the customer-driven approach, the
market change identification approach and the product innovation approach.
In the consumer-driven approach, consumer wants are the drivers of all strategic
marketing decisions. No strategy is pursued until it passes the test of consumer
research. Every aspect of a market offering, including the nature of the product
itself, is driven by the needs of potential consumers. The starting point is always
the consumer. The rationale for this approach is that there is no reason to spend
R&D funds developing products that people will not buy. History attests to

many products that were commercial failures in spite of being technological

breakthroughs.[11]
A formal approach to this customer-focused marketing is known as SIVA[12]
(Solution, Information, Value, Access). This system is basically the four Ps
renamed and reworded to provide a customer focus. The SIVA Model provides a
demand/customer-centric alternative to the well-known 4Ps supply side model
(product, price, placement, promotion) of marketing management.

Product

Solution

Price

Value

Place

Access

Promotion

Information

Five Successful Marketing Techniques

1. Keep Adding Something New
Every time you add something new to your business you create an opportunity
to get more sales. For example, something as simple as adding new information
on your web site creates another selling opportunity when prospects and
customers visit your site to see the new information.
Adding a new product or service to the list of those you already offer usually
produces a big increase in sales. The added product increases your sales in 3
different ways:
It attracts new customers who were not interested in your current
products and services.
It generates repeat sales from existing customers who also want to have
your new product.
It enables you to get bigger sales by combining 2 or more items into
special package offers.
2. Become a Valuable Resource
Look for ways you can be a resource for your prospects and customers. Supply
them with free information. Help them do things faster, easier, less expensively.
You get another opportunity to sell something every time they come back to you
for help.
3. Separate Yourself from Your Competition
Find or create a reason for customers to do business with you instead of with
someone else offering the same or similar products. For example, do you
provide faster results, easier procedures, personal attention or a better
guarantee?
Determine the unique advantage you offer to customers that your
competitors do not offer. Promote that advantage in all of your
advertising. Give your prospects a reason to do business with you instead
of with your competition and you'll automatically get more sales.

5. Anticipate Change
Change is the biggest challenge to your business success. The days are gone
when a business could constantly grow by simply repeating what it did
successfully in the past ...or even recently. Aggressive, innovative competitors
and rapidly changing technology make it impossible.

CONCLUSION
India expects to conclude negotiations on the long-pending free trade agreement
(FTA) with the European Union (EU) at a ministerial meeting with EU trade
commissioner Karel De Gucht scheduled for 14-15 April, trade minister Anand
Sharma said on Friday.
Negotiators from both sides have made enormous progress, Sharma said after
inaugurating the Mint Luxury Conference in New Delhi on Friday.It will be (a)
most ambitious trade agreement for India covering 96% of Indias tariff lines.
Those who are interested in wines, cheese and many of those other things, these
are settled long back. As we speak, the chief trade negotiators of both sides are
closeted in Brussels. If they are sitting there for the third day consecutively, they
must be making some good progress, Sharma said. The ministerial will follow
on 14-15 April in Brussels, so that by that time negotiators have tied most of the
remaining loose ends.
Talks on the bilateral trade and investment agreement started in 2007. The two
sides have missed at least four deadlines to complete negotiations.

BIBLIOGRAPHY
1.

www.google.com

3.

projects.com

4.

http://en.wikipedia.org/wiki/

5.

http://www.managament help.org/