Marketing is the process by which firm or companies create customer awareness or interest in product or services
While Market is a set up where two or more parties engage in exchange of goods, services and information
(ii) Product concept
(iii) selling concept
(iv) Marketing concept
(i) Production concept: The production concept is the idea that a firm should focus on in relation to those products that it could produce most efficiently and that the creation of a supply of low cost products would in and of itself create the demand for the product
(ii) Product concept: This concept assumes that customers will favor those products that offer the most quality for the price and therefore it is important for companies to produce quality products
(iii) selling concept : Under selling concept, companies would not only produce the products, but they would also try to convince customers to buy them through advertising and personal selling. The goals simply was to beat the competition to the sale with little regard to customer satisfaction
(iv) Marketing concept : This concept lays emphasis on marketing management with the twin goals of customer orientation and profitable sales volume. The marketing concept relies upon marketing research to define market segment, their size and their needs.
(5ai) (i)there are usually few buyers and sellers
(ii)price discrimination may exist
(iii)entry and exit are restricted
(iv)there is no free flow of information
(5aii) (i)Buyers purchase directly from suppliers
(ii)Business buyers purchase infrequently but their purchase orders are large
(ii)Extended length of negotiations are common
(iv)Heavy demand for service
(5b) Psychological Factors; Human psychology is a major determinant of consumer behavior. These factors are difficult to measure but are powerful enough to influence a buying decision.
(ii)Social Factors; Humans are social beings and they live around many people who influence their buying behavior. Human try to imitate other humans and also wish to be socially accepted in the society.
(iii)Personal Factors; Factors that are personal to the consumers influence their buying behavior. These personal factors differ from person to person, thereby producing different perceptions and consumer behavior.
International Marketing is the application of marketing principles to satisfy the varied needs and wants of different people residing across the national borders.
(i) Utilize productivity capacity
(ii) Synergies between domestic and over sea operation
(iii) entering market before competitor
(iv) it creates employment opportunity
(i) Involves high risk and challenges: International marketing with its own advantages is also prone to different and tangible risks and challenges.
(ii) Large-scale operation
Large-scale operations involve relative amount of labor and capital to cater to the needs such as transportation, and warehousing.
(iii) International restrictions The international market needs to abide by different tariff and non-tariff constraints.
(i) Transaction is an activity in which goods, services or money is passed from one account or person to another; n act of doing business; an agreement, exchange, contract that takes place between two parties and establishes a legal obligation.
(ii)Mass marketing is a market strategy in which a firm decides to ignore market segment differences and appeal the whole market with one offer or one strategy, which supports the idea of broadcasting a message that will reach the largest number of people possible
(iii) Demand is an economic principle referring to a consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service.
(iv) Impulse goods are those products or goods which are bought by a customers on impulse or without significant thought process as opposed to staple or essential goods.
(v) Shopping goods are consumer goods that are usually purchased only after the customer has compared price, quality, and style in more than one store
Market research is defined as the process of evaluating the feasibility of a new product or service, through research conducted directly with potential consumers.
(i)Identification and Defining the Problem
(ii)Statement of Research Objectives
(iii)Planning the Research Design
(iv)Planning the Sample
- Importance -
(i)It helps businesses strengthen their position.
(ii) It minimises any investment risk.
(iii)It identifies potential threats and opportunities.
(iv) It assists businesses to stay ahead of the competition.
(v) It provides revenue projections.
(vi)It focuses on customer needs and demands.
- Limitation -
(i)Problem of Trust and Accuracy
(ii)Problem of Rapid Change and today’s market is characterized by tremendous changes
(iii)To conduct marketing research systematically is a luxury.
(iv)Systematic marketing research project needs more time
(v)Extraneous means external and uncontrollable factors.
Selling is a transaction where a good or service is being exchanged for money. It also refers to the process of persuading a person or organization to buy something.
(i) The Assumptive Close.
(ii) The Puppy Dog Close.
(iii) The Backwards Close.
(iv) The Hard Close.
As the popular saying goes, two heads are better than one.
Communication is the foundation of success in business, negotiation and relationships.
When carrying out negotiations, there will always be problems to be solved.
(i) Convenience Products:
Convenience Products are usually low priced, easily available products that customer buys frequently, without any planning or search effort and with minimum comparison and buying effort.
Example : salt, sugar, milk
(ii) Shopping Products:
Shopping products are high priced (compared to the convenience product), less frequently purchased consumer products and services.
Example : Cars, air conditioners, cars, furniture,
(iii) Speciality Products:
Speciality Products are high priced branded product and services with unique features and the customers are convinced that this product is superior to all other competing brands with regard to its features, quality and hence are willing to pay a high price for the product.
(iv) Unsought Products:
Unsought product is consumer products that the consumer either does not know about or knows about but does not normally think of buying.
Example : cemetery plots, blood donation to Red Cross,
marketing mix' is a foundation model for businesses, historically centered around product, price, place, and promotion.
Product refers to a good or service that a company offers to customers. Ideally, a product should fulfill an existing consumer demand.
Price is the cost consumers pay for a product. Marketers must link the price to the product's real and perceived value, but they also must consider supply costs, seasonal discounts, and competitors' prices.
When a company makes decisions regarding place, they are trying to determine where they should sell a product and how to deliver the product to the market.
Promotion includes advertising, public relations, and promotional strategy. The goal of promoting a product is to reveal to consumers why they need it and why they should pay a certain price for it.