Introduction

Introduction

# Concept of Marketing:-

Ans:- Marketing is the management process through which products are moved from concept to customers. In doing so, the concept is developed into products and directs from manufacture to consumers. Marketing means identifying, anticipating and satisfying customer’s need and desires. Marketing is everything that a company dies to acquire a customer and maintain the relation with customers. Generally, by marketing, we mean the set of activities, organizations, process, etc. that create, communicate, deliver and exchange offer with value for customers.

According to Prof. Pyle,” marketing comprise both buying and selling activities.”

In conclusion, marketing is defined as the series of activities that provides products and services to meet customer need and achieve organizational goals. It is a social and managerial system that includes various activities such as production, pricing, promotion and distribution system aimed +primarily at the satisfaction of customer needs. 

1. Explain the Various Concept of Marketing?

Ans:- On the 18th and first half of the 19th centuries, great Industrial Revolution took place.   The primary function of marketing management is to develop profitable customer relationship. Every customer, firm and society is unique and differs in some factors.  In this reference, there has been the development of several marketing concepts under which firm carry out their marketing activities. The following are the brief explanation of each concept:-

i.  The Production Function:-

Ans:-The production concept assumes them consumers will buy products when they are easily available and affordable. It focus on improving the production efficiency so that the cost of a product decrease and becomes affordable, Developing the wide and strong distribution network so that product is easily available.

According to Phillip Kotler,” production concept is a management orientation that assumes that consumers will favour those products that are widely available, and affordable and therefore, the major task of management is to improve production and distribution efficiency.”

ii.  The Product Concept:-

Ans:- product concept of marketing is based on the assumption that consumers favour those products that are high in quality, performance, and uniqueness.

According to Philip kotler,” the product concept is a management orientation that assumes that consumers will favour those products that offer the most quality for the price, and therefore, the organization should devote its energy in improving product quality.”

iii.  The Selling Concept:-

Ans:- Selling concept of marketing propose that customers will not buy enough of the firms’ products or services unless they are persuaded to do so through aggressive selling effort. It focuses primarily on creating sales transactions rather than on building profitable long-term relationships with customers.

According to Philip Kotler and Gary Armstrong,” the selling concept is a management orientation that consumers will either not buy or buy enough of the organization’s products unless the organizational makes a substantial effort to stimulate their interest in its producers.”

iv.  Modern Marketing Concept:-

Ans:- The marketing concept starts with  a well-defined market, focuses on customer needs, coordinates all the marketing activities affecting customers and makes a profit by creating long-term customer relationships based on customers value and satisfaction. In this concept, it is assumed that organizations produce what consumers want and thereby yield consumers’ satisfaction and make profits.

According to Philip Kotler and Gary Armstrong,” the marketing concept is a management orientation held that the key task of the organization is to determine the needs and wants of target markets and to adopt the organization to delivering the desired satisfaction more effectively and efficiently than its competitors.”

v.  Societal Marketing Concept:-

Ans:- Societal marketing concept is one of the newer forms of the marketing concept. As per the societal marketing concept, the primary task of a business firm is to fulfil the needs, wants and interests of the consumer with focus also on consideration of society’s well beings.

According to Philip Kotler and Gary Armstrong,” the societal marketing concept holds that the organization’s is to determine need, wants and interest of target market and to deliver the desired satisfaction more effectively and efficiently than competitors in a way that preservers or enhance the consumer’s and the society’s well being.”

vi.  The Holistic Marketing Concept:-

Ans:- Holistic marketing concept is based on the development, design and implementation of marketing programs that recognizes their breadth and interdependence. Holistic marketing acknowledge that everything maters with marketing and that a board, integrated perspective is necessary to attain the best solution. Holistic marketing considers business as a single unit and not and entity with different elements.

2.  Explain the Evolution of Marketing?

Ans:- There has been no concrete evidence on who first coined the term marketing and when. However, one thing is for sure, the modern from of marketing is the result of gradual evolution, not any sudden revolution. It is commonly believed that marketing has progressed through six different stages that are explained as follows:-

i.  primitive stage:-

Ans:- Once human started living in the society they produced goods to fulfil their needs. With time, certain people were able to produce goods surplus to their need. Moreover, they couldn’t produce all goods on their own. An individual produced goods more than he could consume and required goods that he could not produce. Hence, he searched for individuals that could take his goods and given them what he needed. It led to the process of exchange called barter.

ii.  Local Marketing Economy Stage:-

Ans:- Barter system encouraged the emergence of local markets. In the beginning, people opted for temporary affairs, such as trade fairs on the particular day of a week or in special festivals. With time, it took the shape of a permanent system such as shops, stalls, bazaars, etc. These local markets led to specialization of certain persons in marketing.

iii.  Stage of Barter System:-

Ans:- the barter system is an old method of exchange which has been used for centuries and long before money was invented. In the beginning stage of civilization, people used to exchange goods with each other to satisfy their wants. So, this concept of exchanging goods and services was developed in the human society which is known as a barter system.

iv.  Early Capitalism Stage:-

Ans:- Few individuals were successful at the accumulation of goods and services employing their talent or power. In the early capitalism stage, there was no brand, grading, packaging or advertising. Distribution of goods focused primarily in large towns. Peddlers and hawkers carried goods from door to door. Early capitalism operated in an economy of scarcity.

v.  Mass Production Stage:-

Ans:- Mass production stage refers to the when industrial revolution took place. It is thus also called industrial stage. The invention of machines led to mass production. As a result, production and selling of goods began in huge number. The concept of the wholesale, agents, retailers, etc. all came into prominence at this stage. Likewise, practices such as branding packaging, advertising, etc. came to the fore at this stage.

vi.  Affluent Society Stage:-

Ans:- This is the modern stage that evolved when producers and sellers of products probed deep into the question of ”what people want rather than what they need.” salespersons were increasing used to provide feedback on evolving customer wants. Advertising is used to inform buyers of new goods designed to meet new want.

3.  Explain the Marketing to the Consumer?

Ans:- The importance of marketing to the consumer is illustrated by following points:-

i.  creation of utilities:-

Ans:- It is through marketing that much of a product’s utility is created, and the customer’s need and want are satisfied. There are several utilities that the marketing has created to satisfy the customer’s want.

a.  From Utility:-

Ans:- It is associated primarily with production, which involves the physical or chemical changes. For example, cotton is converted into desired clothes; lumbers are converted into beautiful and sophisticated furniture.

b.  Place Utility:-

Ans:- Marketing helps to distribute or supply goods in those marketplaces where demand exists for intended goods or where majority of customer wants to buy goods. Therefore, through physical distribution of goods from one place to another, marketing creates place utility.

c.  Time Utility:-

Ans:- The general principle is that goods should be made available when demand exists for it or when people demand it. Too early or lately distribution of goods has no value because people so not buy it. Marketing creates time utility by distributing goods in right time.

d.  Information Utility:-

Ans:- Marketing provides valuable information to manufacture about the demand position, competitive situation in the market, consumer taste, and needs, etc. By considering this information, manufacture becomes capable of producing a right product that can satisfy the customers.

e.  Possession Utility:-

Ans:- Goods are manufacture in one corner of the world and distribution to another corner. Moreover, they are manufactured by manufactures but used or consumed by unlimited consumer. In this distribution process, several marketing intermediaries participate. Such as agents, wholesalers, and retailers.

ii.  Provide Information:-

Ans:- Marketing helps consumer to take a proper decision concerning to what not by providing information of the product. Through the marketing customers are informed regarding the types, quality, price, use, etc. of a product.

iii.  Provide Satisfaction:-

Ans:- One of the key aspects of marketing is that it provides the variety of offering. Getting variety of offering at their place of convenience provides satisfaction to consumers.

iv.  Selection Facility:-

Ans:- The information about different products and services is disseminated to the consumer through promotional campaigns and various types of marketing efforts. The information is then used by the consumers to make a choice of products that fulfil and satisfy their needs and wants.

v.  Rise in the Living Standard:-

Ans:- As we have studied earlier, marketing aims at the satisfaction of a customer. It does so by providing quality products and services at a reasonable price. These products and services in turn help to bring positivity in life by upgrading the living standard.

4.  Importance of Marketing to the firm?

Ans:- The importance of marketing to the firm is explained through following points:-

i.  Business planning and Decision Making:-

Ans:- A business firm can survive and succeed if it takes right decisions at right time . Firm require accurate, complete, and reliable information about various aspects of consumer and market. Marketing system hence aids to firm by providing information for business planning and decision making

ii.  Develop Exchange Relationship :-

Ans:- Marketing activities help firms to establish favourable exchange relationship with the consumers. Firms must produce the right product and make it available at the right place, right price and distribute through the correct channel of distribution.

iii.  Revenues Generation and Profit Maximization:-

Ans:- Although many activities are essential to a company’s growth, marketing is the only activity that generates adequate revenue directly to the company because marketing consists of economic activities, which include production of goods, merchandising function, physical distribution of goods, and many other supportive function.

iv.  Link With the Society:-

Ans:- Marketing is an important means of communication between firm and society. Marketing by developing exchange relationship helps the firm to establish a connection with the society.

5.  Importance of Marketing to the Society?

Ans:- If society is crucial for the existence of marketing system, marketing also is equally important to the society. The importance of marketing to the society discussed in the following points:-

i.  Employment opportunities:-

Ans:- Marketing activities are the biggest generator of jobs in the society. Marketing in the form of production, selling, distribution, advertising, promotion, etc. generates immense employment opportunities in a continuous way.

ii.  Resources Utilization:-

Ans:- Marketing is a process through which concept are developed into products and moved to the customer. Movement of concept requires an efficient use of human, financial and physical resources of the society. Proper use of resources is critical in the development of the country.

iii.  Rise in the Living Standard:-

Ans:- Marketing benefit s the people of the society in two fold. Firstly, it generates products and services that satisfy their need and wants. Secondly, it helps them to generate income by providing employment opportunities. These two-fold benefits in tandem are necessary for the rise in living standard of the society

iv.  Economic Importance:-

Ans:- Marketing is vital in developing and driving an economy based on the consumer. Production of goods and services as per the consumers’ need and want leads to higher employment opportunities, tax revenue for the government and overall economic growth in the society.

6.  What is Marketing Mix? Explain the Components of Marketing Mix.

Ans:- The marketing mix is defined as the combination of various marketing tools that a firm uses to achieve its marketing objectives. The term marketing mix was first coined by Neil Borden. It also focuses on satisfying the needs and wants of the customers so marketing mix is a dynamic concept. It is the mixture of the essential ingredients of marketing in order to push up.

According to Kotler and Armstrong,” Marketing mix is the set of marketing tools that the firm uses to pursue its marketing objectives in the target market.”

Combination of various marketing tools that a firm uses to achieve its marketing objectives is known as marketing mix. Marketing mix is the mixture of essential elements of marketing aimed at building successful exchange relationship.

The primary components of marketing mix are explained as follows:-

i.  Product:-

Ans:- Products or services are termed as the most important components of the marketing mix. The product is an offering to the customer. It could be anything from eatables, clothes, gadgets to cars, constructions, etc.

ii.  Price:-

Ans:- The simplest definition of price is the actual amount a customer is expected to pay for a product. Price is another major component in the marketing mix. Price is the primary means of exchange. The price of any products or service should be agreed with the quality of goods.

iii.  place:-

Ans:- The means by which products and services get from producer to consumer and where they can be accessed by the consumer is termed as place. In other words, the entirety of different activities to supply products to the targeted customer is called the place. When there is number of places to buy products, and the process is easier; it is better for both the business and consumer.

iv.  Promotion:-

Ans:- Promotion refers to the communication of all others Ps services mean nothing unless they are liked by consumer an bought. In this regard, the benefits of products or services should be communicated to the target customers so that they can be persuaded to buy.

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