The Fundamentals of Marketing Usha Nagaraj

Purpose of a business The purpose of a business is to convert a market need through a product / service, into a commercially viable process

Introduction to Marketing Marketing is a process of determining the requirements / needs of customers / public, and delivering customer satisfaction at a profit. The goal of marketing is to attract new customers by promising superior value, and to retain existing customers by delivering satisfaction

Introduction to Marketing Marketing, more than any other business function, deals with customers Creating customer value and satisfaction are the very heart of modern marketing thinking and practice Some people believe that only large business organizations operating in highly developed economies use marketing, but sound marketing is critical to the success of every organization – whether large or small, for profit or non-profit, domestic or global

Intoduction to Sales Sales is the process of a commercial transaction – exchange of a product / service for a price / consideration, or exchange of a service for customer satisfaction

Target Market Understanding the customers and their needs

Macro Markets Market segments Market strategies Determining a product mix Translating a marketing strategy into a marketing plan Macro Markets relates more to the Marketing function

Micro Markets Translating marketing to sales Customer profile & needs Product-wise sales strategy Translating a sales strategy into a sales plan Micro Markets relates more to the Sales function

Pricing & Competition Determining a pricing strategy & plan Understanding the importance of the business environment

Income Arriving at income projections based on the evaluated marketing and sales plan

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