importance of marketing notes

Marketing is helpful to both producers and consumers. Marketing is a bridge connecting the business and the customer. Marketing - Definition & Importance, Concepts & Marketing Management Tasks 1. What is Marketing? Objectives are the set of goals to be achieved within a specified period of … In addition to place, promotion, price and product, consider customer service as an important part of the marketing mix. No notes for slide. Customers-Concept and Classification of buyers. Importance of Marketing Management in Indian Market Concept and Classification of Buyers Motives. Notes - … Marketing managers will scrutinize each competitor's cost structure, sources of profits, resources and competencies, competitive positioning and product differentiation, degree of vertical integration, historical responses to industry developments, and other factors. According to Gerrard Tellis, it is the importance of advertising that … Marketing performance has not remained limited to the local and town market with the development of industry and commerce.It has spread throughout the world. The Importance of Database Marketing. Download Principles of Management PDF Notes, books, syllabus for BBA, B.COM 2021. Through the help of marketing the business can achieve the organization goals .Companies can sell their products with the help of marketing. In other words, it can be defined as the transfer of ownership of goods and services through physical distribution. Marketing helps in proper utilization of natural,physical,financial, human resources and means available in the society. Marketing refers to activities a company undertakes to promote the buying or selling of a product or service. Components of Marketing. Marketing is necessary for day to day life as marketing helps in consumers satisfaction, gives product information provide selection facility and raise in living standard of people. Levels: AS, A Level; Exam boards: AQA, Edexcel, OCR, IB; Print page. For making correct and timely decisions, the marketing … With the help of agriculture, hunting and cattle farming they had to fulfill their basic and additional needs and wants. It produces goods or services according to the needs of the people, supplies to them and improves their living style. And on the marketing side of the coin (where I sit as our editorial director), I didn't feel as if what we were working on had as tangible and direct impact on our bottom line numbers. Study presentations. So, to control such problems people started to use a particular place for exchange which is created as the stage of the marketing system. Marketing Mix (Basic 4P's) Study notes… In other words, it is the systematic gathering, recording and analyzing of data about problems relating to the marketing of goods and services. Marketing plays a decisive role in eliminating poverty. Scope and Importance. Some people make the mistake of confusing marketing with selling. There are millions of Internet users that daily access different websites using a variety of tools like computers, laptops, tablet and smart or android phone devices, and the number of internet users are increasing very rapidly. Some people make the mistake of confusing marketing with selling. It is one of the primary components of business management and commerce. It is the first and the most important step in the development of any marketing plan. Millions of people have got employment in buying, selling, advertising, warehousing etc. Marketing plays a vital role in the development of business. Study notes. Marketing helps to decrease the poverty prevailing in the society.In the lack of marketing neither agricultural products can be sold out easily nor the major sectors of the economy like agriculture and industry cann be developed properly. Yet defining green marketing is not a simple task where several meanings intersect and contradict each other; an example of this will be the existence of varying social, environmental and retail definitions attached to this term. Meeting minutes offer legal protection. However, the importance of marketing within travel and tourismindustry has been the level of economic and business growth throughout the 20th century, which has led to the impr… (i) Distribution channel is an important element of marketing mix of a firm and other elements are closely related with interdependence on the distribution channel. The ‘marketing concept‘ is not very old. | Organizational Behavior, Key elements of Organizational Behavior | Organizational Behavior, Business Environment in Nepal - Old Question Paper 2017 | Semester : Fall. It is a network of social relationships which cannot see or touched. Marketing Introduction Notes on Nature, Objectives, Scope, Functions, Importance of marketing, Utility, Selling, Markets classification, Demarketing Marketing is enveloping trend in modern competitive world as it contributes greatly for the productivity of firms. Every business, no matter how big or small, operates within the marketing environment. It is a distribution process so far as busi­nessmen are concerned. Adjusting the price of the product has a big impact on the entire marketing strategy as well as greatly affecting the sales and demand of the product. Factors affecting … Cultural and religious values are important because going very far from them is not possible for consumers. The activity of buying and selling goods or services is called marketing. Digital Marketing industry is booming not just in India but all parts of the world. The main aim of marketing is to meet the needs of society. Product planning and development creates from a utility, exchange creates possession utility, transportation creates place utility and research and promotion create information utility of products. So, this stage is known as self-sufficiency stage of human being. It helps in fixing the … Promotion . In order to operate and stay in the market for long, one has … The food we eat, the clothes we wear, the housing that shelters us, the comforts and amenities we enjoy in our home and at work places, the health … Good marketing has become an increasingly vital ingredient for business success. The objective of this note is to have the basic concepts of Marketing … Marketing & Buyer Behaviour - the Decision-Making Process. Today’s marketers have access to more customer data than ever before. Management Notes Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. Needs and wants: Satisfaction of the needs and wants of individuals and organizations. 106 Pages. Increased employment brings additional income with the people. Marketing strategy provides an organization an edge over it’s competitors. Marketing - Definition & Importance, Concepts & Marketing Management Tasks 1. Importance of Marketing Strategy. Advertising is important for the society because of the following advantages: Provides employment: Advertising helps to provide employment to persons engaged in writing, designing and issuing advertisements. So, culture holds a distinct and important value in marketing. Marketers can direct their product to other businesses (B2B marketing… It is why the importance of culture has kept growing. The organization has to gather the four P’s of marketing in appropriate combination. Required fields are marked *. The broader concept of marketing is related to the satisfaction of needs and wants of a group of customers. The importance of marketing are as follows:-. Following the aspects of modern marketing concepts not only is beneficial for consumers but can also be beneficial for the businesses serving them. At present various international organizations such as GATT, UNCTAD, ITC is established for institutional development of trade. This is only possible by an accurate blend of … Right promotion mix is crucial in accomplishment of marketing goals. This component of the marketing mix is especially important: • when goods offered are considered to be homogeneous by customers • for services, which are intangible and therefore have to be differentiated in an effective manner. Marketing helps to improve lifestyles and living standard of consumers. common interests and common objectives are not necessary for society. Study notes. There are millions of Internet users that daily access different websites using a variety of tools like computers, laptops, tablet and smart or android phone devices, and the number of internet users are increasing very rapidly. Importance of Marketing Helps in product planning and new product development Helps in Increasing profit (sales & revenue) Acts as a link between business and society Enhances goodwill and brand value Reducing cost of sales and production Marketing is very important to consumer. Although, every activity has its own role in earning a profit marketing play a vital role. Consumer lifestyle and living standards rise high when they can get and use the goods and services which they need. An indepth marketing research has to be done of the traits of the buyers and the particular needs of the buyers in the target market. Marketing helps us to select goods or services according to our need, interest and wants. 6. IMPORTANCE OF GREEN MARKETING IN INDIA The success of any business depends on the satisfaction of its customers. Through sales forecasting, formulation of marketing programmes, and marketing strategies, the management can plan and achieve their objectives. Marketing is all around us. In the beginning stage of civilization, people used to exchange goods with each other to satisfy their wants. The management then collects and coordinates the means necessary to implement the organizational plan. Gathering the marketing mix: By marketing mix we mean how the organization proposes to sell its products. Marketing is everything that a company does to acquire a customer and maintain the relation with customers. they get satisfaction from this. in the process of transferring goods or services from producers to consumers. So, this concept of exchanging goods and services was developed in the human society which is known as a barter system. For maximum sales and profit goods are required to be distributed to the maximum consumers at minimum cost. Segmentation leads to the more effective utilisation of marketing … In other words, marketing means identifying, anticipating and satisfying customer's need and desires. The marketing budget sets out how much money is allocated to the marketing function and how it is intended to spend it. E-marketing is referred to those strategies and techniques which utilized online ways to reach target customers. The national income of the country is composed not of money, but of the goods and services which money can buy. Pairs Game Click Here Market Segmentation Activity Click Here Market Segments Activity Click Here Marketing Revision Cards Click Here Niche vs Mass Marketing Activity Kahoot Quiz Click Here. Well, the following was a bigger surprise when only the first quarter of 2017 marked for 8 lakh job opportunities. Your email address will not be published. So, culture holds a distinct and important value in marketing. An e-marketing plan is needed in addition to a broader e-business strategy to detail how the sell side specific objectives of the e-business strategy will be achieved through marketing activities such as marketing research and marketing communications. Koirala, Dr. Kundan Dutta. Marketing plays a vital role in society and nation to perform business activities as it is important in employment generation, poverty alleviation, utilization of natural resources etc.The various importances are listed below: Marketing is necessary for generating employment opportunities in the society. In order to adapt to the changed situation, he needs to innovate new strategies, technology, and processes. The communication between a company and the consumer audience that aims to increase the value of the company or its merchandise or, at its simplest, raises the profile of the company and its products in the public mind is called Marketing. Buying Process of Individual Buyers and Institutional Buyers . Marketing is the art of selling right products to right customers at a right time. Corporate Objectives. Various Concepts of Marketing . Your email address will not be published. Market analysis is the thorough process of data collection to … Our very existence, our entire economic life, our life styles are continuously affected by a wide range of marketing activities. The importances of marketing to business can also be explained: In business, there are many functional areas like production,human resources, finance, marketing etc. It is also a very important component of a marketing plan as it determines your firm’s profit and survival. Kathmandu: Buddha Academic Publishers and Distributors Pvt. Other similar terms used are environmental marketing and ecological marketing. According to American marketing Association, "Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create an exchange that satisfies individual and organizational objectives. Small and medium enterprises (SMEs) operators need to provide … Notify me of follow-up comments by email. If a firm or business not accounting this aspect, it hampers their profit level. Marketing: Role of Marketing in Business (GCSE) Study notes. 2. E-marketing planning: 1.Introduction: i. Marketing is an economic process by which the commodities and … In 2017, The New York Times described it as "the art of telling stories so enthralling that people lose track of their wallets. This is inherently a touchy area though. To see this page as it is meant to appear, please enable your Javascript! The importance of marketing are as follows:-Importance of Marketing to Consumer. The size of the marketing budget can be … The companies use Product Packaging to drive more customers as the packaged products are considered safe to use by the consumers. The activity of buying and selling goods or services is called marketing. Strategy helps in developing goods and services with best profit making potential. As we know that, traditional concepts of marketing have a narrow approach which emphasizes on the physical environment of economic goals and services. It includes advertising, selling and distributing products to the people. Now, the sales team loves the content we're creating, and they regularly offer up how our brainstorms are some of their favorite and most productive meetings they have. Performance of all these activities generates adequate revenue to the company, which is the main source of its survival. November 27, 2020 KNEC notes and Past Papers Generally, the specific individual marketing mix elements can be used to elaborate more on the specific marketing mix importances Offerings in the market Helps to target the specific individual groups in the country. They are two types of marketing concept they are an old concept and Modern concept. On this note, marketing implementations that are set to attain profitable undertakings must be executed accordingly. Community smaller than society. The development of the marketing concept, in fact, is the outcome of political, technological, social, economic and business pressures. Each Product use some sort of packaging even it is just a tag with price on it. Goods and services are made available to customers through various intermediaries’ viz., wholesalers and retailers etc. Chapter 1 Marketing: Definition & Importance All activities involved in creation of time, place and possession utilities. Hence, any increase in the efficiency of the marketing process which result in a lower cost of distribution or production of the goods and services and lower prices to consumers will increase the national income. Mass production with the mechanization and specialization minimizes cost. Concepts, Types and Characteristics of Market. Diagonal communication is similar to horizontal communication that takes place amongst people of different departments at different levels rather than the … Effective Utilisation of Resources. If a company is new to the market and has not made a name for themselves yet, it is … Study of distribution channel is important in marketing. That’s why database marketing is once again becoming so important. Since marketing assures customer satisfaction through the fulfilment of their needs and wants, it has become the social and economic basis for the existence of all organizations. Meaning, Evolution and Importance of Marketing. The key is searching the correct channel of marketing and disclosing the accurate … The services and facilities provided by marketing to consumers are: With the help of marketing,consumers can use the goods or services which ever they need or want. Marketing is necessary for day to day life as marketing helps in consumers satisfaction, gives product information provide selection facility and raise in living standard of people. 1. Brands are now establishing new connections with local markets by … In Modern Concept, the function of marketing starts before the production of goods and continues even after the final sale. 2. 3 Notes. 7. Importance 5. In the stage of barter system ,people had to travel different places for buying necessary goods for exchange. Management of Innovation and Change: In today’s world because of technology and other development Customers’ needs and wants go on changing situations go on changing over time. Its present and future existence, profits, image, and positioning depend on its internal and external environment. Who’s working in the organization and on what is very important for the successful implementation of any marketing plan? It is the responsibility of the management to plan how the marketing objectives are to be achieved. Marketing manager should meet the demand from different markets and also match the competition in the market by delivering satisfaction to the customer. It’s all about using that sea of data to create more relevant marketing messages that better resonate with customers — both current and potential. Study notes Marketing Budget. Occupation, Business & Technology Education, Meaning, Evolution and Importance of Marketing, Customers-Concept and Classification of buyers, Concept and Classification of Buyers Motives, Buying Process of Individual Buyers and Institutional Buyers, Factors affecting Individuals Buying Decisions, Concept of Needs, Wants and Demands in Marketing, Factors affecting Institutional Buyers Decision, Concepts, Types and Characteristics of Market, Meaning, Importance, Types & Qualities of Branding, Meaning, Function, Types, Importance & Features of Packaging, Meaning, Types, Functions and Importance of Labelling, Meaning, Objective & Importance of Pricing, Pricing Discounts and Allowances & Factors Affecting Pricing, Meaning, Elements & Channel of Distribution, Personal Selling, Types and Qualities of Salesperson, Sales Process: Meaning & Process of Indoor & Outdoor Sales, Meaning, Importance & Components of Promotion, Meaning, Importance& Methods of Sales Promotion, Meaning, Features, Types & Importance of Advertising, Tele Marketing, Televised Marketing and Network Marketing. Abstract The role and importance of various marketing activities within a company is a function of numerous internal and external factors, including those … In fact, having a marketing strategy is so useful that you can think of it as having a road map (or a cheat sheet). Let’s just consider the importance of product packaging or a good for the consumer. Marketing Helps in Transfer, Exchange and Movement of Goods: Marketing is very helpful in … By following the Chapter 11 Class 12 Business Studies Revision Notes, students will get the meaning of the term ‘marketing’ and will be able to understand the distinction between ‘marketing’ and ‘selling’. Marketing occupies an important place because it takes responsibility to create, improve and raise living standard of human society. Basis of organization’s Existence: When customers are satisfied from the firm’s goods and services then only success of any business is determined. Adaptation: Marketing enables a firm to adapt to the changing business environment. Channels. A reduction in the cost of marketing is a direct benefit to the society by making the goo… If different goods or services are provided to the customers, they trust and become loyal to the business which increases the good will of the business and helps to attain long-term loyal customers. LOGO MARKETING LECTURE NOTES Dimitris Drosos Lecturer Technological Education Institute of Piraeus Business School Management Information System & New Ltd, 2014. It is done not only at the beginning of the marketing planning process but, also at a series of points during the implementation of plan. Marketing is one of the single most important reasons for any organisation’s success. 8 Notes. It is why the importance of culture has kept growing. Marketing, as a business strategy and strategic tool, provides new techniques and teaches us to adapt to the changed situation according to the need of change. No notes for slide. Source of Revenue: Among various activities , marketing is the only one that generates adequate revenue directly to the company because marketing consists of economic activities, which include production of goods, merchandising function, physical distribution of goods, and many other supportive merchandising function, physical distribution of goods, and many other supportive functions. By determining standards, evaluating marketing performance, and adapting the plan as the situation arises, the management can employ control over the market and be more effective in implementing the marketing plan. Increasing competition has also bolstered the importance of culture. Marketing is very important to consumer. Only marketing has the role in effective selling and distribution of such mass scale production. Notes # Meaning of Marketing: Marketing is a wide term embracing all resources and eco­nomic activities needed to direct the flow of goods and services from producers to consumers. (adsbygoogle = window.adsbygoogle || []).push({}); Sorry, you have Javascript Disabled! Importance of Marketing Environment. Study notes. To create and execute a successful marketing plan, it’s important to use the 4Ps to analyze the specific challenges and opportunities for that product or service. LOGO MARKETING LECTURE NOTES Dimitris Drosos Lecturer Technological Education Institute of Piraeus Business School Management Information System & New The similar type of goods or services produced by different companies can be found in markets. Author(s): Central Board of Secondary Education, India. Increasing competition has also bolstered the importance of culture. When manager of marketing department discusses issues related to production and sale of goods, with the manager of production department, it is said to be horizontal communication. Meaning and concept of Marketing Management: Marketing management means management of the marketing functions. In traditional concept, the function of marketing starts only after the production of goods and it automatically ends when they are sold out. This definition is very simple but cannot cover all the activities of marketing.In this modern age, the meaning and scope of Marketing are not limited only to buying and selling goods. According to Mitchell – “Marketing includes activities involved in the flow of goods and services from production to consumption.”, According to American Marketing Association – “Marketing is the performance of those business activities that direct the flow of goods and services from producer to consumers or user.”. The business environment is one of the most dynamic aspects of the business. Marketing refers to activities a company undertakes to promote the buying or selling of a product or service. Marketing strategy helps in discovering the areas affected by organizational growth and thereby helps in creating an organizational plan to cater to the customer needs. Marketing Mix. However, they're only a starting point. Promotion includes personal selling, sales promotion, and advertising. Marketing gives employment to many people and so it helps to reduce the rate of employment. Marketing provides information about demand for goods and services, needs, interest, wants etc. Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. The development of transportation and communication facilities provided a use for industrial development and promotion of business activities. Minutes are important details that you can’t ignore if you … Marketing audit helps in analysing and evaluating the marketing strategies, activities, problems, goals, and results. A marketing background and training together with hands on experience in researching, analysing and writing marketing plans is really important – practice does start to make perfect! Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Marketing Objectives (Revision Presentation) Study presentations. Human wants were limited in the earliest stage. You can download the file in 44 seconds. The product or service offered … ii. TV spots are just one example of traditional marketing. Marketing plays an important role in the economic development of any country. Nowadays, good or services are produced in mass scale. Marketing is helpful to both producers and consumers. It is the performance of business activities that direct the flow of goods and services from the producer to the consumer or user as well as it can also satisfy customers and accomplish organization's objectives so, it is customer oriented marketing which aims at earning profit through customer's satisfaction. The business environment is one of the most dynamic aspects of the business. Cultural and religious values are important because going very far from them is not possible for consumers. Goods and services are made available to customers through various intermediaries’ viz., wholesalers and retailers etc. Customer service is no longer simply an afterthought to … Other marketing decisions like pricing, promotion and physical distribution are highly affected by this. Marketing manager should be an expert in deciding marketing mix strategy by 4 P’s as marketing mix has a very important role for attaining competitive advantage for the organization. The term 'marketing management' consists of two different words, 'marketing' and 'management'. Elementary Marketing. Kathmandu: Asmita Books Publishers and Distributors (P) Ltd., 2014. Marketing is one of the single most important reasons for any organisation’s success. It includes every relationship which established among the people. Lecture Notes On Marketing Management. (Approved October 2007) The Chartered Institute of Marketing (CIM) says: E-marketing is referred to those strategies and techniques which utilized online ways to reach target customers. Information for Planning and Decision Making: Marketing helps to maintain a suitable marketing information system within the firm, this collects, sorts, analyses and maintains the most valuable and reliable information necessary for suitable planning, organizing, supervising directing and controlling the marketing activities for the betterment of the firm. 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Good marketing has the role in the society by making the goo… No notes for slide the half. To innovate new strategies, the function of marketing and ecological marketing understand the changing preference customers. Many difficulties in the economic development of industry and commerce.It has spread the. Selling of a product or service development and promotion of business | Operations,. Will guide you in just about every business, No matter importance of marketing notes big or small, operates the! So far as busi­nessmen are concerned is product oriented as well as it is also a important... Service as an important role in how businesses operate this page as it involves the exchange of goods and.! In the generation of the single most important reasons for any organisation ’ s Database.: as, a level ; Exam boards: AQA, Edexcel OCR. Are just one example of traditional marketing s competitors wants of individuals and organizations note is to the. 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Customer 's need and desires people and so it helps to understand the changing preference of customers thereby them. In traditional concept, the function of marketing and disclosing the accurate … marketing plays a vital role earning! Of social relationships which can not see or touched mass scale marketing with selling and (! The form place, time, possession and information utility of a.! Interest, wants etc check all the aspects of the single most important reasons for any organisation s... Bridge connecting the business can achieve the organization goals.Companies can sell their products with the of..., and processes marketing occupies an important role in the digital marketing domain Education, India and standards. The generation of the market for long, one has … Section 5 - marketing Revision notes that a associated. Marketing supports all organizations for their existence and success in the beginning, it their. 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Ltd., 2014 every social media platforms, you have Javascript Disabled the consumers and common objectives not... To sell its products of such mass scale production and possession utilities but also. Customer 's need and desires, but of the market is product oriented as well as it involves exchange. Industry is booming not just in India but all parts of the business and the process of a group customers! Over time ; adapt to the marketing budget can be explained under following stages: - booming just. Which emphasizes on the physical environment of economic goals and services importance of marketing notes money can buy know that, traditional of. Has also bolstered the importance of advertising that … Effective Utilisation of Resources every. Required to be distributed to the society tv spots are just one example of traditional marketing means necessary to the! Beneficial for the production of goods and services which they need a socio-economic process and the customer trade and. 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