Meaning and Features of Marketing Video Lecture - Business Studies (BST)

today we are going to start up with the
chapter of marketing management now
before we begin with what is marketing
management all about let me first ask
you a question that what is your
understanding of the term marketing
because I have heard many people you
know using the word selling and
marketing as similar words right to many
people to a layman marketing means just
the process of exchange of goods and
services for money is called as
marketing that is you go to a
marketplace you pay money for the
product you buy the product that is what
is marketing right but that is a
misconception because marketing is a
process which begins much before even
the product has been manufactured it
begins much before the product has even
come into being right now marketing
according to Philip Kotler marketing is
a social process why is it a social
process because it involves interaction
of people it is a social process by
which individual groups obtain what they
need and want through creating offerings
and freely exchange products and
services of value with others right now
here what is important is number one it
is a social process right that is it
involves interaction amongst people it's
only when two or more people with
interact with one another will deal with
one another that they will exchange
goods and services for some value right
and when we talk here about of the goods
and services such goods and services
through which they can satisfy their
needs and wants through which which they
can satisfy their needs and wants so
this is a very very comprehensive
definition of what marketing is all
about right now coming to the features
of marketing the first feature is
identifying the needs and wants now what
is the meaning of the word needs needs
are basically your necessities of life I
need food shelter and clothing if I'm
hungry I need food right now the job of
the Marr
is to convert this need into a wand now
you would ask that what is the
difference between need and want need is
that I am hungry and I want to have food
I need to have food but if I'm hungry
and I want to have a McDonald's burger
this is a want this is a one with a
Buchla gave a mooch a burger give uh
claw gear this is a want this is the job
of the marketer that you lower your
prospective customers right in such a
manner that their need is converted into
a want Uncle bootleg it doesn't mean he
kind of could be caramels are calling
but they're hungry they want to have
either a pizza or a burger right so that
is a basic difference between one and
the job of the marketer is to create
convert a need into want right secondly
creating a market offering now based
upon once you have identified the needs
and the wants of the target customer
second thing is based upon that
marketing intends to create a market
offering market offering means a product
which is best going to satisfy their
needs and wants ticket monkey needs and
wants could the army rocket away
analyzing their needs and preferences of
the customers we design a product
offering which is going to satisfy them
in the best possible manner right there
after customer value now when we go to
the market many a times it happens that
you go and ask the price of the product
and then you refrain that no I don't
think it's worth it I don't think it's
worth it if the name quito is give or
theñi america with me value so customer
is ready to pay only that price for a
product which it feels is worth the
benefits that is going to arrive from
the product right if I am going to
buying a phone let us say which is of
about forty thousand and I am in the
field off for multimedia right there are
certain apps or let's say I take an
example of another colleague of mine
he's into the field of music right so he
keeps on downloading these apps he has
that the recorder job in mix course at
their buddies are both sorry apps so for
him forty thousand pink
you