Basic concept of marketing pdf

Marketing communication mix is the promotion of the marketing ps and covers every method and medium of communicating with your target audience. Marketing is a department of management that tries to design strategies that will build profitable relationships with target consumers. Record is short for recorded music that much has not changed. The societal marketing concept calls upon marketers to build social and ethical considerations into their marketing practices. He was a coach of his sons soccer league because he wanted to spend. There are 5 marketing concepts that organizations adopt and execute. There are numerous marketing concepts which are used by marketers as a reference in the marketing field. The concept of markets bring the full circle to the concept of marketing. Simply put, marketing is managing profitable relationships, by attracting new customers by superior value and keeping current customers by delivering satisfaction. Sep 25, 2016 the marketing concept is the belief that companies must assess the needs of their consumers first and foremost. The basic principles of marketing consist of product, price, place and promotion. When a salesperson sells washing machines, a doctor treats a patient or a government asks people to take their children for getting polio drops, each is marketing something to the targets. Marketing is, therefore, a basic function of all business firms.

May 29, 2010 human need is the most basic concept underlying the marketing. The firms will produce what they can produce efficiently. Needs are shaped up by culture, personality and religion and they become wants when the need indicate an object to fulfill that need. At essay writer we should emphasize on the basic principles as they might be simple but they do make your work not only simple. The textbook has enough depth and addresses all the major parts of the marketing discourse, such as the environment, marketing strategy, consumer behavior and segmentation, and marketing research, as well as the product, place, price, and promotion variables.

Most people dont realize that business development opportunities abound in many situations. Companies that hold this philosophy believe that their consumers are the driving forces of their business. Basic concepts of marketing research level of measurement. Major marketing concepts you need to know cleverism. Based on those needs, companies can make decisions in order to satisfy their consumers needs, better than their competition. The marketing concept, a crucial change in management philosophy, can be explained best by the shift from a sellers market one with a shortage of goods and services to a buyers market one with an abundance of goods and services. Basic concepts of marketing free download as powerpoint presentation. Basics of marketing sri shahu mandir mahavidyalaya.

Basic concepts of marketing are the basic strategies through which entrepreneurs can easily implement their marketing strategies and also their sales activities. Introduction to marketing concepts read on to get a quick introduction to marketing. Basic marketing apart is that the explanations and exam ples equip students to see why these changes are taking place and what changes to expect in the future. Learning objectives define marketing in official and real world terms list at least five viable market segments. In modern terms we can say that the customer is the king. They must balance and juggle the often conflicting criteria of company profits, consumer want satisfaction, and public interest. According to this concept, the consumers begin to prefer higher quality products and are willing to pay a satisfactory price. The concept is extended to cover noncustomer groupings as well, such as voter markets, labour markets, and donor markets. Digital marketing, online marketing, web marketing and internet marketing are usually used as synonyms. As the old saying goes, every business is a good business if you have a customer. Basic concepts of marketing marketing concepts, business concepts, are the ways by which the enterprises can implement their marketing, commerce and sales activities. The production concept industrial revolution 1920s the basic idea behind production concept was. New technologies render products obsolete and encourage growth in the marketplace. Marketing concept is the philosophy that companies should examine the requirements of their customers and then make decisions to satisfy those needs in a better manner than the competitors.

Together, these four principles are known as the 4 p for its initials in english marketing, and include the integration of marketing. To run or learn about business it is important to understand the basic concept of business plan. Marketing communication includes advertising, direct marketing, branding, packaging, sales presentations, trade show appearances etc. The advent of a strong buyers market created the need for a customer orientation. Describe in a basic way the fundamental steps in a good strategic planning and management process. Marketing is the process of determining consumer demand for a product or service, motivating its sales and distributing it into ultimate consumption at a profit. Mickey smith, rph, phd director, center for pharmaceutical marketing and management university of mississippi. The market is going to be saturated and there is a growing number of competing manufacturers. The concept of international marketing in the midfifties, the orientation of markets shifted from selling to marketing earlier, under the selling concept, the focus was on selling products through aggressive selling and sales promotion programmes leading to sales maximization, which in turn was expected to maximize a firms profit earnings. Introduction to marketing concepts mba crystal ball. For a marketing strategy to be effective, the four components must be used correctly. Marketing is a buyeroriented process involving the creation, communication, and delivery of value even as it strives to build and retain lifetime customer loyalty. There are four basic kinds of utility form, time, place and ownership utility. Product concept is loosely related to the production concept.

We use cookies to offer you a better experience, personalize content, tailor advertising, provide social media features, and better understand the use of our services. As a result, new products must constantly be introduced into the marketplace. The word advertising is a latin word which means to turn attention of people to a specific thing. The marketing concept, a crucial change in management philosophy, can be explained best by. Marketing is the management process through which goods and services move from concept to the customer. Really, digital marketing implies all digital devices, not just internet or web based ones. A business plan is considered to be an important device for any business. Marketing concept includes the marketing research, market segmentation, and marketing mix. There are many kinds of needs such as physical needs, social needs, spiritual needs, etc.

The basic mantra of marketing is to get the customer interested in the products or services that you are offering. Define marketing in official and real world terms list at least five viable market segments differentiate by example between services and physical products describe the interaction among and between the four elements of the marketing mix enumerate the ways positioning combines the. The marketing concept is the strategy that firms implement to satisfy customers needs, increase sales, maximize profit and beat the competition. Marketing must be understood in the sense of satisfying customer needs. Social institutions are like buildings that are at every moment constantly being reconstructed by the very bricks that compose them. Explain the concept of strategic direction and the critical role that it plays in the strategic planning process. Philip kotler and kevin lane keller classify the concepts of marketing activities as following. You can read here the most of basic marketing strategies. Today, most of the companies have adopted various marketing concepts, but this has not always been the case.

Some of these marketing concepts exist to date whereas some others are outdated and have been taken over by other marketing concepts. So in the globalization age, we need to consider the concept of modern marketing and its role and place at the companies and organizations. In this sense, online marketing, web marketing and digital marketing are true synonyms, talking about marketing developed through the web. Marketing concepts learn basics of marketing concept. It is a document in writing which illustrates in detail the nature, objectives and financial position of a business, particularly a new one and the way it will achieve its objectives. An album is still a collection of songs released as a unit, whether its in cd format or something else. Marketbased pricing when exporters are price followers rather than price setters. In the theoretical part, the thesis covers areas of marketing concepts and business concepts. Marketing while it may seem unnecessary to start out discussing basic marketing it is important to establish a common point of reference in regards to marketing issues within a modern.

Reinforcing basic marketing concepts page 3 of 6 freedman consulting, inc. The marketing concept states that the character of the marketing orientated organisation, whether product or service based, profit or nonprofit based, is the identification and true delivery of consumers needs and wants, more effectively and efficiently than the competition. Chapter 1 basic concepts of marketing mktg2100 uon. The five marketing concepts explained oxidian gmbh. Understand how strategic management often goes wrong, due to both management failures and inherent organizational. The five marketing concepts are a good example of how marketing has changed throughout the. Notes on basics of marketing 2 p a g e notes understanding customers module introduction. Reviewed by christian gilde, business faculty, university of montana western on 120. Even the concept of a record or album has undergone changes recently. A client of mine provides an excellent case in point. Marketing means human activities taking place in relation to markets. Human need is the most basic concept underlying the marketing. Scribd is the worlds largest social reading and publishing site.