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28 Apr 2016

Consumer Needs

What are the Consumer Needs?

The basic step that needs to  be taken by a firm in order to implement the marketing concept is to focuss all its attention on the consumer needs. Although marketing is about meeting needs profitably, understanding customer needs and wants is not always a simple task. Some customers have needs of which they are not fully conscious. So it should attempt to ascertain consumer needs and desires before committing its resources to produce an distribte products and services. Customer - oriented thinking requires the company to define customer needs from the customer's point of view. Every buying decision involves trade - offs, and management cannot know what these are with out researching customers. Some companies think that they are getting a measure of customer satisfaction by tallying the number and types of customer complaints they receive each period. But in fact 95 percent of dissatisfied customers don't complain, many may just stop buying, Hence management must think of itself not as producing products but as providing customer creating value satisfactions.

Importance of Marketing

Why Marketing is Required?
Present day business world. has assumed much importance of Marketing.
The success or failure of any organisation - profit maing or non-profit making depends on marketing. As the economy develops, the imporance of marketing increases. As the economy develops the equation of the demand and supply changes. leading to marketer to think how sell ofe products. In these conditions marketers are forced to sell the product according to the needs and wants of the customer. The importance of marketing is discussed on the following points:-
  • Customer Satisfaction
  • Increase Employment Opportunities
  • Increase National Income
  • Effective Packaging
  • Maintain Economic Stability
  • Improved product availability
  • Improving Quality of products
  • Creation of utilities
  • Generate Revenue
  • Basis for making decisions
  • Helps the top mangement
  • Increase International Cooperation
  • Uplifts the living standards

26 Apr 2016

Concepts of Marketing Management

Always The marketing thinking starts with the consumer's demand supply equation. Now the demand is less than supply just reverse to the past times situation. Today each marketer want to retain and satisfy the customer because of the intense competitor. There are several Key cconcepts rests with the marketing. The various core concepts of marketing are as follows;-

1) Needs & Wants;-

The Concept of Marketing starts with human needs and wants. Huan need is a state of felt deprivation of some basic satisfaction. The basic necessities like food, cooking, shelter ensure our survival. Beyond these basic needs, we aspire to have better services. The basic needs are not created by marketer but they are the un-separable  part of human Biology. Wants are desires for specific satisfiers of our basic needs. While our basic needs are few, our wants are many. Our wants are shaped continuously by the environment in which we live. and the institutions with which we interact. Demands are wants for specific products that are backed by an ability and willingness to buy them. Marketers thus basically concentrate on demand management, How many people have the ability and willingness to buy the products. Marketers try to influence the demand by offering a suitable product at an affordable price and make it available to people who demand it. the marketers create needs.

2) Products:-

People satisfy their needs and wants with goods and services.The key idea in this situation is that consumers are buying more than a set of a physical attributes. So the product enompasses not only physical products, but also all other media through which our needs and wants are satisfied.

3) Value, Cost & Satisfaction:-

The people select that product which give them relatively more satisfaction than the competitors product. So a wise marketers sell product benefits rather than just a product. Today cost is not the only consideration is selecting and purchasing the product but also customer value and want satisfaction are more important. Each and every product is valued in terms of its customer value.

4) Exchange Offers:-

The essence of marketing is a transaction and exchange to satisfy human needs and wants through exchange. Exchange is the act of obtaining a desired product from some one by offering some thing in return. Exchange is a social concept of marketing. Whether exchange actually takes place depends upon whether the two parties are agreed to the terms and conditions of exchange. When the exchange is completed it is called as transaction. When the money is offered as consideration for a product in transaction, it is called a monetrary transaction.

23 Apr 2016

Definition of Marketing

Meaning and Definition of " MARKETING "

           The term 'Market' has its origin in Latin Word "Mercatus', it means = to trade.
Marketing starts well before production, commences and ends only after rendering after sale - satisfaction. Marketing means knowing and understanding current customers and markets and just as important, constantly learning about potential new markets - and how to serve them.Marketing is an exciting, dynamic and contemporary field.

Use of Technology in Marketing :-

      Now a days technology makes it easier to gather market information and target specific segments of that market. Marketing consists of individual and organisational activities that facilitate and experdite satisfiying exchange relationships in a dynamic environment through the creation, distribution, promotion, and pricing of goods, services and ideas.

Marketing Definition :-

         " The performance of business activities that direct the flow of goods and services from producer to consumer or user"

          "Marketing is a social and Managerial Process by which individual and groups obtain what they need and want through creating, offering and exchanging products of value with others"
                                                                                                                                    - Philip Kotler.

          "Marketing is the response of business men to the need to adust production capabilities to the requirements of consumer demands"                                                                   -Jerome Mc Carthy.

          "Marketing is the business process by which products are matched with markets and through which transfer of ownership effected."                                                                     -Cundiff.

          "Marketing is a total system of business activities designed to pln, price, promote and distribute want satisfying goods and services to present nd potential customers".                      -WJ. Stanton.