An Overview of Marketing Video Lecture | Business Studies (BST) Class 12 - Commerce

Marketing a business firm produces Goods
and sells them to customers for a profit
margin production of goods by a firm and
distribution of the same to the
customers depends largely on marketing
thus let us have a detailed look at the
concept of marketing marketing commences
before production starts and ends after
rendering sale services to the consumers
marketing is the process of developing
promoting and distributing products in
order to satisfy customers needs or
wants according to Philip Coulter
Marketing is 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 hence the important
features of marketing are need and want
creating a market offering customer
value and exchange mechanism
need and want a marketing firm needs to
identify desires of the target customers
and develop products and services to
satisfy such desires creating a market
offering a marketing firm needs to
create a complete offer for a product or
service of an organization a marketing
offer may include features like size
quality taste etc at a certain price
available at a given outlet or location
and so on customer value
a buyer purchases a product if it is
likely to give greatest benefit or value
for the money to be spent by the buyer a
marketing firm adds to the value of the
product so that the customers prefer the
product to the competing products and
decide to purchase it exchange mechanism
a marketing firm works through the
exchange mechanism the individuals
buyers and sellers obtain what they need
and want through the process of exchange
traditionally marketing is regarded as
an activity performed by business
organizations however marketing can also
be performed by nonprofit organizations
such as hospitals and schools the
process helps these organizations in
achieving their goals such as spreading
the message of family planning improving
the literacy standards of people and
providing medication to the sick let us
understand the difference between
marketing and selling marketing refers
to a range of activities of which
selling is just one part marketing is
everything that an organization does to
reach and persuade its prospective
customers while the sales process is
everything that the organization does to
close the sale and get a signed
agreement or contract both are necessary
for the success of a business
Marketing functions start from
identifying the consumer needs and ends
with satisfying the consumer needs there
are a number of activities involved in
the marketing process of an organization
one of the important functions of a
marketer is to collect and analyze
market information to identify the needs
of consumers a marketing firm arrives at
various decisions for successful
marketing after analysing the available
opportunities and threats as well as
strengths and weaknesses of an
organization
another important activity of a marketer
is to develop appropriate marketing
plans to achieve the marketing
objectives of an organization these
objectives may include increasing market
presence dominate the market or increase
share a complete marketing plan may
cover important aspects including the
plan for increasing production levels
promotion of the products and other
action programs to attain these
objectives
product designing and development is
another important activity of a
marketing firm the firm needs to decide
on the product design as it helps in
making the product attractive to the
consumers moreover a good design can
improve performance of a product and
give it a competitive advantage in the
market a marketing firm needs to decide
on the standardization and grading of
the goods and services of an
organization standardization involves
producing goods at predetermined
specifications it ensures that product
offering meets established quality and
quantity it also helps in achieving
uniformity and consistency in the output
grading is classification of products
into different groups on the basis of
some important characteristics like
quality size just to name a few
it is particularly necessary for
products which are not produced
according to predetermined
specifications for example agricultural
products a marketer needs to take
decision with respect to packaging and
labeling of a product as they serve as a
promotional tool for an organization
Packaging refers to designing the
package water products labeling refers
to designing the label to be put on the
package a label may be in a form of a
simple tag or complex graphics branding
is a very important decision area for a
marketing firm brand name helps in
building customers loyalty and in
promoting its sale a marketer needs a
brand name to distinguish a product of
his firm with that of the competitors he
needs to decide if each product should
be given a separate brand name or the
same brand name will be extended to all
products of the company like Samsung
washing machine television and
refrigerator customer support is another
important function of a marketing firm
customer support includes after sales
services handling customer complaints
and adjustments procuring credit
services maintenance services technical
services and consumer information
customer support services proved very
effective in bringing repeat sales from
the customers and developing brand
loyalty for a product price of product
is the amount of money a customer will
have to pay to obtain a product a
marketing firm needs to analyze the
factors determining the price of a
product properly and take several
crucial decisions in this respect
including setting the pricing objectives
determining the pricing strategies
determining the price and changing the
prices promotion of products and
services is a process of informing the
customers about the firm's product its
features and other characteristics
promotion of products also persuades the
customers to purchase these products the
four important methods of promotion
include advertising personal selling
publicity and sales promotion
a marketer has to take several crucial
decisions in respect of promotion of the
products and services such as deciding
the promotion budget the promotion mix
that is the combination of the
promotional tools that will be used the
promotion budget to name a few a
marketing firm also needs to manage
physical distribution of goods and
services the firm needs to take two
major decisions under this function
decision regarding channels of
distribution like wholesalers retailers
to be used and physical movement of the
product from where it is produced to a
place where it is demanded under this
function the important decision areas
include managing levels of stock of
goods storage and warehousing and
transportation of goods from one place
to the other factors such as nature and
cost of the product location of the
target market play an important role
while deciding on mode of transportation
and warehousing there should there be a
delay in delivery in case of any
contingencies as we have seen the main
aim of an organization's marketing team
is to develop satisfying relationships
with customers that benefit both the
customer and the organization these
efforts lead marketing to serve an
important role for the development of
organizations customers and the society
at the organizational level marketing is
an important business function that is
necessary in all types of organizations
be it a for-profit or a not-for-profit
one for the for-profit organization
marketing is responsible for most tasks
that bring revenue and profits to an
organization for the not-for-profit
organization marketing is responsible
for attracting customers needed to
support the not-for-profits mission like
raising donations or supporting a cause
moreover a marketing firm interacts with
the public and what the public knows
about an organization is determined by
their interactions with marketers thus
we can see that marketing plays a
crucial role in the survival and growth
of an organization at a broader level
marketing offers significant benefits to
consumers as well as society marketers
develop products that satisfy needs of
consumers and products that enhance
society's quality of life create a
competitive environment that helps lower
product prices develop product
distribution systems that offer access
to products to a large number of
customers and many geographic regions
will demand for products that require
organizations to expand their labor
force
offer techniques that have the ability
to convey messages that change societal
behavior in a positive way example
anti-smoking advertising to summarize
marketing is a very important aspect in
business since it contributes greatly to
the success of the organization
production and distribution depends
largely on marketing it is generally
assumed that sales and marketing are
basically the same these two concepts
are different in many aspects which we
have already covered organizations
without a marketing mindset are at a
disadvantage in today's business world
those who are still centered around
their products rather than their
customers are doomed to fail knowing
what your clients expectations are
exceeding them and building a reputation
based on that is the key to success
you