Marketing as a term is widely used in the management of a business and in our day-to-day life. It started with the barter system in an early 19th century. Marketing as a topic first appeared in the first half of the 20th century, with reference to distribution. The process of distribution and the determination of price through the demand and supply paved the way for studies in marketing. That’s why economics is known as the mother of marketing. In the early stage, marketing was also known for selling and advertising only. But subsequently, with the development of marketing as a management study, it got the right place it deserved through the various principles and theories. Marketing is all about identifying and meeting human and social needs and that too in a profitable way. Ultimately, the objective of any business activity is to make profits.
Marketing is a simple term to understand but most of the time we get confused. Most of the time we understand marketing means promotion or selling or sales or any kind of advertising. The all this effort are called marketing? But is that marketing or marketing something more than that? You understand this process in the simplest way. As a Marketer, you try to identify and med the needs of the consumers. As a marketer, you try to identify the needs of the customers and fulfill the needs of the customers. If you can identify and fulfill the needs of the customers in a better way, you are good Marketers.
Philip Kotler gave a nice definition of marketing. He says marketing is all about CCDVTP. This six-word used in these technicians. It means Creating, communicating, Delivering, Value to the Target market for Profit. Ones you identify and fulfill the needs then you got the value. Value is all about benefits and cost. If you are buying a product or buying a service you need to pay a lot of money. Ones you pay money that becomes your cost and ones you pay that money then you expect certain things in return or expect certain benefit out of return and that becomes your benefit. So value is all about cost versus benefit. If you are getting benefit more than your cost then you are a successful marketer.
Here we are discussing some step of marketing. In this step, we will know the depth idea of marketing.
Marketing: Marketing is the study and management of exchange relationships. Marketing is used to create, keep and satisfy the customer. With the customer as the focus of its activities, it can be concluded that Marketing is one of the premier components of Business Management – the other being innovation.
Marketing is a simple term to understand but most of the time we get confused. Most of the time we understand marketing means promotion or selling or sales or any kind of advertising. The all this effort are called marketing? But is that marketing Or marketing something more than that? You understand this process in the simplest way. As a Marketer, you try to identify and med the needs of the consumers. As a marketer, you try to identify the needs of the customers and you need to fulfill the needs of the customers. If you can identify and fulfill the needs of the customers in a better way, you are good Marketers. It is very simple in that way you just to need to identify and med the needs of the consumer.
Marketing management: Marketing management is the process of developing strategies and planning for product or services, advertising, promotions, sales to reach desired customer segment. This term is widely used in the management of the business and in our day to day life. That why the management of marketing is very important.
Marketing strategy: The concept of this term marketing that relates to forward-looking strategies to understand customer needs, influence customer perceptions, and identify how a company can capitalize on that. When a company sells a product or service, marketing ideas must certainly be necessary. This concept satisfies the organizational objectives, an organization should anticipate the needs and wants of potential consumers and satisfy them more effectively than its competitors.
It is very simple in that way you just to need to identify and med the needs of the consumer. Such as, a company may fulfill your unmet needs as well as met needs. If you are getting some kind of new products category or if you are getting new a service category then you are trying to fulfill the unmet needs. But there are several product categories and there are several services categories where the product and services already exist. It means you are going to fulfill the needs which are already met by the varies companies. So most of the time you will find that many companies go for identifying and fulfilling the met needs and only a few companies will go for identifying and fulfilling the unmet needs. That is the difference between a good company and a great company. Good companies will always fulfill the met needs while the great companies will fulfill the met needs as well as unmet needs. Such as Apple, Reliance, Google, Tata etc. All are equally successful by fulfilling the needs of the consumers. This is the simplest way to understand marketing stately.
Production orientation: product orientation is a good part of marketing. Production orientation is a general approach to business that focuses on the manufacturing and production processes. Whereas production orientation exists when management is more concerned with production efficiency, a product orientation is when management is more concerned with product quality. Product orientation refers to an organization in accordance with market demand to develop the business plan.
Marketing orientation contains two major components: competitor-focus and customer-focus. A Customer-focus is one of the most important aspects of marketing orientation. A competitor-focus business can easily to identify their goodness and weakness though they compete with other strong contenders. A long-term business may more interest in customer-focus than short-term business. Also, a customer-focus company can gain large profits and succeed by pay attention to consumer needs.
Sustainable market orientation: This SMO (Sustainable market orientation) thesis explores the strengths and weaknesses of market orientation as a corporate management concept and identifies opportunities to increase its value through an increased focus on environmental and social management.