WHAT IS MARKETING ? Marketing is the basic function of all business firms. The organization starts marketing before the production of goods and it continues after the sales, which is known as after sales service. As per Philip Kotler, “ Marketing is social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others”.

NATURE OF MARKETING 1. Marketing is consumer oriented. 2. Marketing is a system. 3. Exchange process is the essence of marketing 4. Marketing is goal oriented. 5. It is dynamic in nature. 6. It is an integrated model. 7. It relates to selling goods and services.

BENEFITS OF MARKETING 1. It helps in decision making. 2. It recognize the fact that ‘customer is king’. 3. It makes the firm more adaptive towards the external factor. 4. It helps in earning profit. 5. It makes firm competitive in nature. 6. It increases the std of living of people by providing them with wide variety of goods & services. 7. Marketing makes the customer , increase their knowledge, make them more responsible.

DIFFERENCE BETWEEN SELLING & MARKETING 1. Selling involves around the needs & interest of sellers. 1. Marketing revolves around the needs & interest of buyers. 2. Selling concerns existing products & its undertakes the task of pushing the sale of existing product. 2. Marketing concerns customers & it undertakes the task of identifying market needs and converting customer’s need into products. 3. Selling seeks profit by pushing the existing products on customers. 3. Marketing seeks profit by making the org to select product, price & method of distribution and promotion to satisfy customer’s need. 4. In selling the firm makes the product first and then decides how to sell it to make profit 4. In marketing the firm first identifies customer’s need & then manufacture the product which customer buys for their own interest. 5. In selling costs determine price. 5. In marketing price determined cost.

ELEMENTS OF MARKETING MIX (4 P’s) 1. PRODUCT ( Quality , Features & Reputation ) 2. PRICE ( List Price, Discount, Allowances, Credit facility) 3. PROMOTION ( Ad, personal selling, sales promotions, packaging ) 4. PLACE ( physical distribution, transportation, storage)

The BCG Growth-Share Matrix The BCG Growth-Share Matrix is a portfolio planning model developed by Bruce Henderson of the Boston Consulting Group in the early 1970's. It is based on the observation that a company's business units can be classified into four categories based on combinations of market growth and market share relative to the largest competitor, hence the name "growth-share". Market growth serves as a proxy for industry attractiveness, and relative market share serves as a proxy for competitive advantage. The growth-share matrix thus maps the business unit positions within these two important determinants of profitability.

MARKETING ENVIRONMENTS Marketing environments can be classified into two ways : MACRO ENVIRONMENT. MICRO ENVIRONMENT.

MACRO ENVIRONMENT 1. ECONOMIC ENVIRONMENT. 2. GOVERNMENT ENVIRONMENT. 3. LEGAL ENVIRONMENT. 4. TECHNOLOGICAL ENVIRONMENT. 5. POLITICAL ENVIRONMENT. 6. SOCIAL ENVIRONMENT. 7. GEOGRAPHICAL ENVIRONMENT. 8. INTERNATIONAL ENVIRONMENT.

MICRO ENVIRONMENT 1. MARKET FACTOR. 2. COMPETITION FACTOR. 3. SUPPLIERS FACTOR. 4. SUBSTITUTE FACTOR.