 Marketing starts with the identification of a specific need on part of the consumer and ends with the satisfaction of that need.  The consumer is found both at the beginning and the end of the marketing process.

 Marketing is a total system of interacting business activities designed to plan, promote and distribute need satisfying products and services to existing and potential consumers.

 Is the process of obtaining a desired product from some one by offering something in return.  At least two parties involved  Each party has something that might be of value to the other party  Each party is capable of communication and delivery  Each party is free to accept or reject the exchange offers  Transaction  Transfer

 Good  Services  Events  Experiences  Persons  Places  Properties  Organizations  Information  Ideas

 A marketer is someone who seeks a response ( attention, a purchase, a vote, a donation) from another party.  The first party is Marketer  The second party is the prospect.  Marketing managers are responsible for demand management  They seek to influence the level, timing, and composition of demand to meet the organization’s objectives.

Negative demand  Consumers dislike the product and may even pay a price to avoid it Non existent demand  Consumers may be unaware or uninterested in the product Latent demand  Consumers may share a strong need that cannot be satisfied by an existing product. Declining demand Consumers begin to buy the product less frequently or not at all. Irregular demand Consumer purchases vary on a seasonal, monthly, weekly, daily, or evenly hourly basis. Full demand Consumes are adequately buying all products put into the market place Overfull demand More consumers would like to buy the product that can be satisfied. Unwholesome demand Consumers may be attracted to products that have undesirable social consequences.

 Market is a collection of buyers and sellers who transact over a particular product or product class.

Consumer markets  Companies selling mass consumer goods and services such as  Soft drinks, cosmetics, athletic shoes  Much of the brand's strength depends on developing a superior product and packaging.

Business markets  Companies selling business gods and services often face well trained and well informed professional buyers who are skilled in evaluating competitive offerings

Global Market  Companies selling goods and services in the global market place, these markets face additional decisions and challenges.  They must decide which countries to enter, how to enter ( as an exporter, licenser, joint venture partner, contract or solo manufacturer.)

Non profit and governmental markets  Companies selling their goods to non profit organization such as churches, universities, charitable organizations, Govt. agencies,  Must price their products carefully

Selling  Starts with seller. Seller is the centre of activity Marketing Starts with the buyer and focuses constantly on the needs of the buyer.

Selling  Emphasizes on saleable surpluses available within the corporation  Seeks quickly to convert products in to cash Marketing  Emphasis on identification of a market opportunity seeks to convert customer ‘ needs’ into ‘Products” emphasizes on fulfilling the needs of the customers.

Selling  Costs determine price Marketing  Consumer determines price : price determines costs

Selling  The firm makes the product first and then determines out how to sell it and make profits Marketing  What is to be offered as product is determined by the customer, the firm makes the total product offering that would match and satisfy the needs of the customers, the product is the consequence of the marketing efforts.

 There are popularly 5 Ps of Marketing 1. Product 2. Price 3. Place 4. Promotion 5. People

 The product is the total package of benefits the customer receives when he buys it.

Features:  A product means more than the physical commodity.  People associate meaning with the products  They derive satisfaction from the non-utility aspects of a product as well.  Products have an identity or a personality of their own.  The brand name, the package, the labeling, the manufacturer’s name and prestige all go into the personality build up of the product.

 The core or the basic constituents  The Associated features  The Brand name  The Package  The label

Fragrance of sandal Oval Shape Sandal Color Distinctions in colors Shapes and sizes

 A brand is defined as a “name, term, symbol, or design or a combination of them which is intended to identify the goods and services of one seller or groups of sellers and to differentiate them from those of competitors.”  A trade mark is a brand that has been given legal protection thus ensuring its use exclusively by one seller.

The package performs two essential roles  Gives protection to the product  Adding to the aesthetic and sales appeal of the product- tool to sales promotion.

 A label provides written information about the product  To understand the nature of the product  Its distinctive features  Its composition,  Its performance

A group of related products constitutes a product Line.

It is the complete set of all products offered for sale by a company.

 What are policies of pricing?  Levels of prices  Levels of margins  Discounts and rebates  Payments terms  Terms of delivery  Installments facility  Credit terms

 Channels of Distribution  Types of intermediaries  Channel design  Location of outlets  Channel remuneration  Dealer-principal relationship  Physical distribution  Transportation  Warehousing  Inventory levels  Order processing

 Personal Selling  Advertizing  Sales promotion efforts  Public relations

 Target Audience  Segmentation  Customer variables 1. No. of customers 2. Location 3. Purchasing power 4. Buying behavior 5. Habits of purchase 6. Personality traits 7. Lifestyle 8. Brand awareness