It refers to the ‘set of potential and actual buyers of a product or service’.
It refers to the people or organisations that seek satisfaction of their needs and wants.
The marketer can be a person or organisation who make available the products or services and offer them to the customer with an intention of satisfying the customer with an intention of satisfying the customer needs and wants.
It is a social process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others.
According to JF Pyle, “Marketing is that phase of business activity through which the human wants are satisfied by the exchange of goods and services.”
(i) Need and want
(ii) Creating a market offering
(iii) Customer value
(iv) Exchange Mechanism
It means management of all the activities related to marketing or in other words we can say, it refers to planning, organising, directing and controlling the activities which result in exchange of goods and services. Marketing management involves following activities
(i) Choosing a target market
(ii) Growing customers in target market
The marketing and selling can be differentiated on the basis of
(i) Scope
(ii) Objective
(iii) Focus
(iv) Start and end
(v) Efforts
(vi) Supremacy
(vi Approach
(viii) Demand
(i) Production concept
(ii) Product concept
(iii) Selling concept
(iv) Marketing concept
(v) Societal concept
(i) Creation of demand
(ii) Market share
(iii) Goodwill
(iv) Profitable sales volume through customer satisfaction
(i) Gathering and analysing market information
(ii) Market planning
(iii) Product designing and development
(iv) Standardisation and grading
(v) Packaging and Labelling
(vi) Branding
(vii) Customer support services
(viii) Pricing of products
(ix) Promotion and selling
(x) Physical distribution
(xi) Transportation
(xii) Storage and warehousing
(i) Role in firm
(ii) Role in the economy
(i) Product
(ii) Place
(iii) Price
(iv) Promotion
The product element of the marketing mix signifies the tangible or intangible product offered to the customer which satisfies the need.
(i) Consumer goods
(ii) Industrial goods
(i) On the Basis of Durability
(a) Durable products
(b) Non-durable products
(c) Services
(ii) Classification Based on Consumers Buying Behaviour and Attitude
(a) Convenient goods
(b) Shopping goods
(c) Speciality goods
(i) Material and parts
(ii) Capital item
(iii) Supplies and business services
It refers to important decisions related to the product such as quality of product, design of product packing of product etc.
(i) Branding A brand is the identification of a product. It can be in the form of a name, symbol or design etc.
(ii) Various Terms Related to Brand
(a) Brand
(b) Brand name
(c) Brand mark
(d) Trade mark
(iii) Advantages of Brand Name
(a) Helps in product differentiation
(b) Helps in advertising
(c) Differential pricing
(d) Easy introduction of new product
(iv) Advantages to Customer
(a) Helps in identification of product
(b) Ensures quality
(c) Status symbol
It can be defined as a set of tasks or activities which are concerned with designing, production of an appropriate wrapper, container or bag for the product.
(i) Level of Packaging There are three levels of packaging
(a) Primary packaging
(b) Secondary packaging
(c) Transportation packaging
(ii) Importance of Packaging
(a) Rising standard of health and sanitation
(b) Self service outlets
(c) Product differentiation
(d) Innovational opportunities
(iii) Functions of Packaging
(a) Protection
(b) Identification
(c) Convenience
(d) Promotion
It means putting identification marks on the package
Functions of labels are as follows
(i) Describe the product and specify its contents
(ii) Identify the product
(iii) Helps in grading
(iv) Promotes sale
(v) Providing information required by law/legal requirement
Price is the value which a buyer passes on to the seller in lieu of the product or service provided.
It refers to important decisions related to fixing the price of a commodity.
The factors kept in mind while fixing the price of a commodity or service
(i) Pricing objectives
(ii) Product cost
(iii) Extent of competition in the market
(iv) Customer’s demand and utility
(v) Government and legal regulation
(vi) Marketing methods used
There are two pricing strategies
(i) Price skimming
(ii) Penetration pricing
Place refers to the set of decisions that need to be taken in order to make the product available.
It refers to important decisions related to physical distribution of goods and services. These decisions are deciding the channel of distribution, market for distribution.
(i) Sorting/Granding
(ii) Accumulation
(iii) Variety
(iv) Packaging
(v) Promotion
(vi) Negotiation
(vii) Risk taking
It refers to all the decisions related to promotion of sales of products and services.
Following are the tools or elements of promotion. They are also called elements of promotion mix.’
(i) Advertising
(ii) Sales promotion
(iii) Personal selling
(iv) Publicity
It can be defined as the paid form of non-personal presentation and promotion of ideas, good or services and by identified sponsor.
(i) Reach
(ii) Choice
(iii) Legitimacy
(iv) Expressiveness
(v) Economy
(vi) Enhancing customer satisfaction
(i) Less forceful
(ii) Less effective
(iii) Difficulty in media choice
(iv) Inflexibility
(v) Lack of feedback
(i) Adds to cost
(ii) Undermines social values
(iii) Confuses the buyers
(iv) Encourages sale of inferior products
(v) Some advertisements are not appealing
(i) Newspapers
(ii) Magazines
(iii) Television
(iv) Radio
(v) Outdoor
(vi) Internet
It refers to short term use of incentives or other promotional activities that stimulate the customer to buy the product.
(i) Rebate
(ii) Discount
(iii) Refunds
(iv) Product combination
(v) Quantity gift
(vi) Instant draws and assigned gift
(vii) Lucky draw
(viii) Usable benefit
(ix) Full finance @ 0%
(x) Sampling
(xi) Contents
(i) Attention attract
(ii) Useful in new product launch
(iii) Synergy in total promotion efforts
(iv) Aid to other promotion tools
(i) Reflect crisis
(ii) Spoil product image
Personal selling means selling personally. This involves face-to-face interaction between seller and buyer for the purpose of sale.
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1. What is marketing management in commerce? |
2. What are the key responsibilities of marketing management in commerce? |
3. How does marketing management in commerce contribute to business growth? |
4. What are some effective marketing strategies used in marketing management in commerce? |
5. How is marketing management in commerce impacted by technological advancements? |
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