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In the traditional sense, the term ‘market’ refers to the place where buyers and sellers gather to enter into transactions involving the exchange of goods and services. It is in this sense that this term is being used in day to day language, even today. The other ways in which this term is being used is in the context of a product market(cotton market, gold or share market), geographic market (national and international market), type of buyers(consumer market and industrial market) and the number of goods transacted (retail market and wholesale market). But in the modern marketing sense, the term market has a broader meaning. It refers to a set of actual and potential buyers of a product or service.

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What is Marketing - Definition of Marketing

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From the social perspective, Phillip Kolter has defined marketing as “a social process by which individual groups obtain what they need and want
through creating offerings and freely exchanging products and services of value with others”. Thus, marketing is a social process wherein people interact with others, in order to persuade them to act in a particular way, say to purchase a product or a service, rather than forcing them to do so.

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A number of activities such as product designing or merchandising, packaging, warehousing, transportation, branding, selling, advertising and pricing are required. All these activities are referred to as marketing activities. Thus, ‘merchandising’, ‘selling’ and ‘shopping’ are all part of a large number of activities undertaken by a firm, which are collectively called marketing. It may be noted here that marketing is not merely a post-production activity. It includes many activities that are performed even before goods are actually produced and continue even after the goods have been sold. For example, activities such as identification of customer needs, collection of information for developing the product, designing suitable product package and giving it a brand name are performed before the commencement of the actual production. Similarly, follow up activities are required for maintaining good customer relations for procuring repeat sale. In modern times, the emphasis is placed on describing marketing as a social process. It is a process whereby people exchange goods and services for money or for something of value to them.

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                                              MARKETING

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                                              MARKETING

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WHAT IS MARKETING

The term marketing has been described by different people in different ways. Some people believe that marketing is the same thing as ‘shopping’. Whenever they go out shopping for certain products or services, they describe it as marketing. There are some other people who confuse marketing with selling’ and feel that marketing activity starts after a product or service has been produced. Some people describe it to mean ‘merchandising’ or designing a product. All these descriptions may be partly correct but marketing is a much broader concept.

IN TRADITIONAL WAY

Traditionally marketing has been described in terms of its functions or

activities. In this respect, marketing has been referred to as the performance of business activities that direct the flow of goods and services from producers to consumers. We know that most manufacturing firms do not produce goods for their own consumption but for consumption or use by others. Therefore, to move the goods and services from producers to consumers,

“Business is not financial science, it’s about trading, buying and selling. It’s about creating a product or service so good that people will pay for it.”
— Anita Roddick

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Important features of marketing:

1. Need and Want:
The process of marketing helps individuals and groups in obtaining what they need and want. Thus, the primary reason or motivation for people to engage in the process of marketing is to satisfy some of their needs or wants. In other words, the focus of the marketing process is on the satisfaction of the needs and wants of individuals and organizations. A need is a state of felt deprivation or feeling of being deprived of something. If unsatisfied, it leaves a person unhappy and uncomfortable. Needs are basic to human beings and do not pertain to a particular product. Wants, on the other hand, are culturally defined objects that are potential satisfiers of needs. In other words, human needs shaped by such factors as culture, personality and religion are called wants. A basic need for food, for example, may take various forms such as the want for dosa and rice for a South Indian and
chapatti and vegetables for a North Indian person.

2. Creating a Market Offering:
On the part of the marketers, the effort involves the creation of a ‘market offering. Market offering refers to a complete offer for a product or service, having given features like size, quality, taste, etc; at a certain price; available at a given outlet or location and so on. A good ‘market offer’ is the one which is developed after analysing the needs and preferences of the potential buyers.

3. Customer Value:
The process of marketing facilitates the exchange of products and services between the buyers and the sellers. The buyers, however, make buying decisions on their perceptions of the value of the product or service in satisfying their need, in relation to its cost. A product will be purchased only if it is perceived to be giving the greatest benefit or value for the money. The job of a marketer, therefore, is to add to the value of the product so that the customers prefer it in relation to the competing products and decide to purchase it.
4. Exchange Mechanism:
The process of marketing works through the exchange mechanism. The individuals (buyers and sellers) obtain what they need and want through the process of exchange. In other words, the process of marketing involves the exchange of products and services for money or something considered valuable by the people. Exchange refers to the process through which two or more parties come together to obtain the desired product or service from someone, offering the same by giving something in return. For example, a person feeling hungry may get food by offering to give money or some other product or service in return to someone who is willing to accept the same for food. In the modern world, goods are produced at different places and are distributed over a wide geographical area through various middlemen, involving exchanges at different levels of distribution. Exchange is, therefore, referred to as the essence of marketing. For any exchange to take place, it is important that the following
conditions are satisfied:
★ involvement of at least two parties the buyer and the seller.

★ Each party should be capable of offering something of value to the other.

★ Each party should have the ability to communicate and deliver the product or service. No exchange can take place if the buyers and sellers are not able to communicate with each other or if they cannot deliver something of value to the other.

★ Each party should have the freedom to accept or reject another party’s offer.

★ The parties should be willing to enter into a transaction with each other. Thus, the acceptance or rejection of the offer takes place on a voluntary basis rather than on the bases of any compulsion.

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features of marketing

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An inspirational vedio by the master in marketing  SteveJobs himself .

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An inspirational vedio by the master in marketing  SteveJobs himself .

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Additional information:

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The Best Marketing Advice EVER By Steve Jobs | Apple Motivation & Inspiration