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Marketing Management – Features, Functions, Meaning, and Concept

Business studies, Class 12 business studies, Commerce, Marketing Management, Functions of Marketing activities, Features of Marketing
Marketing Management – Business studies

Marketing Management – Features, Functions, Meaning, and Concept

MARKETING MANAGEMENT 1

Meaning of some important terms:

  • Needs =basic requirements of an individual.
    Refers to the items that are necessary or fundamental for existence.
  • Wants= desire for a particular product. Tend to be “satisfier specific”.
  • Demand– a disposition to shop foris backed by buying power

 

  • Utility – need satisfying power of a product.
  • What can be marketed?
    A product:

Bundle of utility not confined to physical means however can be referred to many other things of considerations such as services, ideas, place.

It refers to anything that satisfies a need or want.
• may be tangible or intangible (i.e. goods and services)
• even people can be marketed

  • Customers= individuals or organizations that look for the satisfaction of their desires or needs.
  • “Marketers =
  • Anyone taking an additional active role within the process of exchange is termed as a vender.

Normally it is the seller.

But in certain scenario, it can even be the client.

This may be within the scenario of rare supply.

  • Sellers as a marketer are the deliverers or providers of satisfaction. They make available products or services and offer them to customers with the intention of satisfying customer needs and wants. They can be divided into:
    • Goods marketers (such as Hindustan Lever)
    • Services marketers (such as Indian Airlines)
  • Others promoting experiences (such as Walt Disney) or places (like tourist destinations).

 

  • Marketing activities =activities carried on by the marketers to facilitate exchange {of goods /of product} and services between the producers and also the users of such products.
  • Market is:
  • Place wherever customers and sellers meet and conduct shopping for and selling activities.

It does not necessarily mean a geographical place (e.g. conduct of business thro telephone, mail or internet)

  • Another way where this term is being utilized is within the context of a product market (cotton market, gold or share market), geographic market (national and international

Market), kind of consumers (consumer market and industrial market) and therefore the number of products transacted (retail market and wholesale market).

  • In today’s modern marketing sense, it refers to a set of potential or actual buyers of a service or product i.e. all the customers who share a specific need or want and are able to buy the product (also referred to as target markets)

Important Features of Marketing

  1. Wants & Needs: Satisfaction or Fulfilling of the needs and wants of organizations and individuals.
  2. Creating offers in a market: Complete offer for a service or product.
  3. Consumer value:  value for the money or greatest benefit.
  4. Exchange mechanism: Exchange of services/ products for money/for something that is of some value to them.

Meaning and concept of Marketing Management

Marketing management means management of the functions of marketing functions. It is the process of organizing, directing and controlling the activities related to the marketing of goods and services to satisfy customers’ needs & achieve organizational goals.

The process of Marketing involves:

  1. Choosing a market to target.
  2. Getting, keeping as well as growing the client i.e. ensure that the target customers purchase the firm‘s product, ensure that they keep their customers satisfied with the products and attract new customers so that the firm can grow.

iii. Develop, Create and communicate superior values to the customers.

Functions of Marketing activities/ Marketing

Analyzing and Gathering Market Information:

  • Systematic investigation of facts
  • SWOT analysis
  • Necessary to identify needs
  • Decisions can be taken with respect to identification of customer needs and want, identifying buying motives, choosing a brand name, packaging, and media used for promotion.
  • Data is available from both primary as well as secondary sources.

Marketing planning:
• Aim = to develop a whole marketing road map in order to achieve the marketing objectives.
• Additionally, it must specify the action programs also.
• An example is if a marketer aims to enhance his market share in the country in the next three years, then his marketing road map should include various important aspects like arrangement for increasing level of production, promotion of products etc.

Product designing and development:
• Involves judgments related to the product to be manufactured and it‘s attributes like its quality concerns, packaging, models and variations to be introduced, etc..
• Done by anticipating customer needs and developing new products or improving existing products to satisfy these needs.
Standardization and grading:
• Standardization = Process of framing certain standards for a product on the criteria of its desired qualities. E.g. ISI mark for electrical goods.
• Grading = Division of products into categories created to keep units possessing similar features such as for agricultural products

Packaging and labeling:
• Packaging‘ refers to designing a package (that may be a wrapper or a container) for a product.
• Packaging protects the products from harm, risks of spoilage, breakage, and leakage. It also makes shopping convenient for customers and serves as a great promotional tool.
• Labeling = designing a label that can be put on the package. It may diversify from a simple tag to complex graphics.

Branding
• either to sell the product in its generic name or in a Brand name.
• Helps in differentiation, builds customer loyalty to the company and promote its sale.
• Decision = whether each product will have a separate brand name or the same brand name to be used for all products.

 

 

Read another topic on Staffing Class 12 Business studies 

 

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Tag -Business studies, Class 12 business studies, Commerce, Marketing Management, Functions of Marketing activities, Features of Marketing

September 13, 2019

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