In 2017, The New York Times described it as "the art of telling stories so enthralling that people lose track of their wallets. Study notes. Marketing provides information for planning and decision-making or a different issue. Components of Marketing. In addition to place, promotion, price and product, consider customer service as an important part of the marketing mix. Address Hygiene: The precision and purity of postal addresses on a mailing list. The success of any business depends on the satisfaction of its customers. Share: Share on Facebook Share on Twitter Share on Linkedin Share on Google Share by email. Nature, scope and importance of marketing: Marketing is an ancient art and is everywhere. Promotion . In the beginning stage of civilization, people used to exchange goods with each other to satisfy their wants. The services and facilities provided by marketing to consumers are: With the help of marketing,consumers can use the goods or services which ever they need or want. This note covers the following topics: Importance of Marketing, Role of Sales business, Concept of Market, Basic concept of Sales and selling, Understanding customer and consumer, Activities in Sales and Marketing. Koirala, Dr. Kundan Dutta. Importance of Marketing Helps in product planning and new product development Helps in Increasing profit (sales & revenue) Acts as a link between business and society Enhances goodwill and brand value Reducing cost of sales and production They just produce what they needed to consume. Marketing helps in proper utilization of natural,physical,financial, human resources and means available in the society. It is the first and the most important step in the development of any marketing plan. Levels: AS, A Level; Exam boards: AQA, Edexcel, OCR, IB; Print page. It includes every relationship which established among the people. Kathmandu: Buddha Academic Publishers and Distributors Pvt. In other words, marketing means identifying, anticipating and satisfying customer's need and desires. Stay connected with Kullabs. Consumer lifestyle and living standards rise high when they can get and use the goods and services which they need. In the beginning of civilization, people had many difficulties in the measurement of transfer of goods and services. This site uses Akismet to reduce spam. Notes # Meaning of Marketing: Marketing is a wide term embracing all resources and eco­nomic activities needed to direct the flow of goods and services from producers to consumers. No notes for slide. Our very existence, our entire economic life, our life styles are continuously affected by a wide range of marketing activities. The food we eat, the clothes we wear, the housing that shelters us, the comforts and amenities we enjoy in our home and at work places, the health … Marketers can direct their product to other businesses (B2B marketing… Good marketing has become an increasingly vital ingredient for business success. Marketing Objectives (Revision Presentation) Study presentations. Hence, any increase in the efficiency of the marketing process which result in a lower cost of distribution or production of the goods and services and lower prices to consumers will increase the national income. The management then collects and coordinates the means necessary to implement the organizational plan. Performance of all these activities generates adequate revenue to the company, which is the main source of its survival. In order to operate and stay in the market for long, one has … Marketing refers to activities a company undertakes to promote the buying or selling of a product or service. If a firm or business not accounting this aspect, it hampers their profit level. The national income of the country is composed not of money, but of the goods and services which money can buy. Increasing competition has also bolstered the importance of culture. Marketing helps to decrease the poverty prevailing in the society.In the lack of marketing neither agricultural products can be sold out easily nor the major sectors of the economy like agriculture and industry cann be developed properly. LOGO MARKETING LECTURE NOTES Dimitris Drosos Lecturer Technological Education Institute of Piraeus Business School Management Information System & New Marketing Research - Sampling. Abstract The role and importance of various marketing activities within a company is a function of numerous internal and external factors, including those … Only marketing has the role in effective selling and distribution of such mass scale production. Management Notes Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. Marketing occupies an important place because it takes responsibility to create, improve and raise living standard of human society. At present various international organizations such as GATT, UNCTAD, ITC is established for institutional development of trade. It is also a very important component of a marketing plan as it determines your firm’s profit and survival. The marketing budget sets out how much money is allocated to the marketing function and how it is intended to spend it. Product or Service Comparisons. The main aim of marketing is to meet the needs of society. Marketing manager should meet the demand from different markets and also match the competition in the market by delivering satisfaction to the customer. | Operations Management, Types of Bankruptcy Laws – What is Bankruptcy Law ? Marketing Management Interview Question (i) Distribution channel is an important element of marketing mix of a firm and other elements are closely related with interdependence on the distribution channel. Channels. The importance of marketing can be addressed from the 4Ps (Price, Product, Promotion, and Place). In Modern Concept, the function of marketing starts before the production of goods and continues even after the final sale. 2. In the beginning, it was linked with the number of closely associated factors for achieving volume sales. 106 Pages. Learn how your comment data is processed. Adaptation: Marketing enables a firm to adapt to the changing business environment. Product planning and development creates from a utility, exchange creates possession utility, transportation creates place utility and research and promotion create information utility of products. Marketing is enveloping trend in modern competitive world as it contributes greatly for the productivity of firms. Consumers can get necessary information or messages about different companies about their product or services quality using the method only with the help of marketing. Let’s just consider the importance of product packaging or a good for the consumer. Marketing is very important to consumer. 8 Notes. Customer service is no longer simply an afterthought to … Increasing competition has also bolstered the importance of culture. Although, every activity has its own role in earning a profit marketing play a vital role. Market analysis is the thorough process of data collection to … Pairs Game Click Here Market Segmentation Activity Click Here Market Segments Activity Click Here Marketing Revision Cards Click Here Niche vs Mass Marketing Activity Kahoot Quiz Click Here. Marketing - Definition & Importance, Concepts & Marketing Management Tasks 1. The importance of marketing are as follows:-. ", According to Kotler & Armstrong ,"Marketing is a social and managerial process by which individuals or companies create value for customers and build strong customers relationships in order to capture value from customers in return. Buying Process of Individual Buyers and Institutional Buyers . Basis of organization’s Existence: When customers are satisfied from the firm’s goods and services then only success of any business is determined. The concept of the market is product oriented as well as it involves the exchange of goods and services for money. Marketing is helpful to both producers and consumers. The Importance Of A Marketing Strategy For Business. Importance of Marketing Environment. Goods and services are made available to customers through various intermediaries’ viz., wholesalers and retailers etc. No notes for slide. 1. Now, the sales team loves the content we're creating, and they regularly offer up how our brainstorms are some of their favorite and most productive meetings they have. Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. It is a distribution process so far as busi­nessmen are concerned. Marketing is necessary for day to day life as marketing helps in consumers satisfaction, gives product information provide selection facility and raise in living standard of people. Distribution of product: Marketing helps organizations to provide products and services to their targeted/potential customers in an effective and efficient way which helps in smooth functioning of the organization. Promotion includes personal selling, sales promotion, and advertising. With the help of agriculture, hunting and cattle farming they had to fulfill their basic and additional needs and wants. The objective of this note is to have the basic concepts of Marketing … In the stage of barter system ,people had to travel different places for buying necessary goods for exchange. in the process of transferring goods or services from producers to consumers. The activity of buying and selling goods or services is called marketing. Its present and future existence, profits, image, and positioning depend on its internal and external environment. Well, the following was a bigger surprise when only the first quarter of 2017 marked for 8 lakh job opportunities. E-marketing planning: 1.Introduction: i. You can download the file in 44 seconds. The Class 12 Marketing Notes enlist the functions of marketing, its role in the development of an economy in terms of society, firms, and consumers. Importance of Marketing  Financial Success often depends on marketing ability  All business functions will not really matter if there is no sufficient demand for products and services  Companies at greatest risk are those that fail to carefully monitor their customers and competitors  Skillful marketing is a never-ending pursuit - 3. (Approved October 2007) The Chartered Institute of Marketing (CIM) says: among them marketing play an important role in the generation of the income. A reduction in the cost of marketing is a direct benefit to the society by making the goo… Marketing is an economic process by which the commodities and … Marketing is the art of selling right products to right customers at a right time. They note that the situation has been of great concern to the government, citizenry, operators, and practitioners. A marketing background and training together with hands on experience in researching, analysing and writing marketing plans is really important – practice does start to make perfect! According to Gerrard Tellis, it is the importance of advertising that … The term 'marketing management' consists of two different words, 'marketing' and 'management'. Importance of Marketing Environment. Some people make the mistake of confusing marketing with selling. Cultural and religious values are important because going very far from them is not possible for consumers. Occupation, Business & Technology Education, Meaning, Evolution and Importance of Marketing, Customers-Concept and Classification of buyers, Concept and Classification of Buyers Motives, Buying Process of Individual Buyers and Institutional Buyers, Factors affecting Individuals Buying Decisions, Concept of Needs, Wants and Demands in Marketing, Factors affecting Institutional Buyers Decision, Concepts, Types and Characteristics of Market, Meaning, Importance, Types & Qualities of Branding, Meaning, Function, Types, Importance & Features of Packaging, Meaning, Types, Functions and Importance of Labelling, Meaning, Objective & Importance of Pricing, Pricing Discounts and Allowances & Factors Affecting Pricing, Meaning, Elements & Channel of Distribution, Personal Selling, Types and Qualities of Salesperson, Sales Process: Meaning & Process of Indoor & Outdoor Sales, Meaning, Importance & Components of Promotion, Meaning, Importance& Methods of Sales Promotion, Meaning, Features, Types & Importance of Advertising, Tele Marketing, Televised Marketing and Network Marketing. Some people make the mistake of confusing marketing with selling. Formally or informally, people & organizations engage in a vast number of activities that could be called marketing. Importance 5. Marketing is all around us. they get satisfaction from this. For maximum sales and profit goods are required to be distributed to the maximum consumers at minimum cost. The companies use Product Packaging to drive more customers as the packaged products are considered safe to use by the consumers. The development of the marketing concept, in fact, is the outcome of political, technological, social, economic and business pressures. Importance of marketing can be studied as follows: (1) Marketing Helps in Transfer, Exchange and Movement of Goods: Marketing is very helpful in transfer, exchange and movement of goods. Marketing, as a business strategy and strategic tool, provides new techniques and teaches us to adapt to the changed situation according to the need of change. Marketing & Buyer Behaviour - the Decision-Making Process. It is one of the primary components of business management and commerce. There are millions of Internet users that daily access different websites using a variety of tools like computers, laptops, tablet and smart or android phone devices, and the number of internet users are increasing very rapidly. Marketing plays a vital role in society and nation to perform business activities as it is important in employment generation, poverty alleviation, utilization of natural resources etc.The various importances are listed below: Marketing is necessary for generating employment opportunities in the society. It is embedd Marketing plays a decisive role in eliminating poverty. The organization has to gather the four P’s of marketing in appropriate combination. The business environment is one of the most dynamic aspects of the business. Marketing is very important to consumer. Factors affecting … To create and execute a successful marketing plan, it’s important to use the 4Ps to analyze the specific challenges and opportunities for that product or service. Who’s working in the organization and on what is very important for the successful implementation of any marketing plan? Information for Planning and Decision Making: Marketing helps to maintain a suitable marketing information system within the firm, this collects, sorts, analyses and maintains the most valuable and reliable information necessary for suitable planning, organizing, supervising directing and controlling the marketing activities for the betterment of the firm. What is Marketing? They are two types of marketing concept they are an old concept and Modern concept. Segmentation leads to the more effective utilisation of marketing … This component of the marketing mix is especially important: • when goods offered are considered to be homogeneous by customers • for services, which are intangible and therefore have to be differentiated in an effective manner. The process of Planning & Executing the conception, pricing, promotion and distribution of ideas, goods and services to create … Every business, no matter how big or small, operates within the marketing environment. It is one of the primary components of business management and commerce. Required fields are marked *. Needs and wants: Satisfaction of the needs and wants of individuals and organizations. Cultural and religious values are important because going very far from them is not possible for consumers. The communication between a company and the consumer audience that aims to increase the value of the company or its merchandise or, at its simplest, raises the profile of the company and its products in the public mind is called Marketing. Other marketing decisions like pricing, promotion and physical distribution are highly affected by this. Marketing is one of the single most important reasons for any organisation’s success. Marketing gives employment to many people and so it helps to reduce the rate of employment. Section 5 - Marketing Revision Notes. Marketing plays an important role in the economic development of any country. Marketing is helpful to both producers and consumers. The year 2016 took the industry by surprise with over 1.5 lakh job opportunities in the Digital Marketing domain. So, culture holds a distinct and important value in marketing. Marketing helps us to select goods or services according to our need, interest and wants. In traditional concept, the function of marketing starts only after the production of goods and it automatically ends when they are sold out. By determining standards, evaluating marketing performance, and adapting the plan as the situation arises, the management can employ control over the market and be more effective in implementing the marketing plan. Lecture Notes On Marketing Management. The similar type of goods or services produced by different companies can be found in markets. The ‘marketing concept‘ is not very old. Marketing Mix: Introduction to Promotion. Meaning, Evolution and Importance of Marketing. Ltd, 2014. Corporate Objectives. E-marketing is referred to those strategies and techniques which utilized online ways to reach target customers. | Business Law, Employee and Independent Contractor – Differences and Examples | Business Law, Types of Contract – Express and Implied Contract | Business Law, Importance of Organizational Behavior - What is OB? Every business, no matter how big or small, operates within the marketing environment. Importance of Marketing – To the Society and Individual Business Enterprises. | Organizational Behavior, Key elements of Organizational Behavior | Organizational Behavior, Business Environment in Nepal - Old Question Paper 2017 | Semester : Fall. In order to adapt to the changed situation, he needs to innovate new strategies, technology, and processes. Author(s): Central Board of Secondary Education, India. Intellectual Property Rights (IPR) – Copyright Infringement and Patent Infringement | Business Law, VSM – Why Value Stream Mapping (VSM) is important ? Marketing is necessary for day to day life as marketing helps in consumers satisfaction, gives product information provide selection facility and raise in living standard of people. 7. Meaning and concept of Marketing Management: Marketing management means management of the marketing functions. 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