Something that is desired, wished for or aspired to. Needs can be objective and physical, such as the need for food, water and shelter; or subjective and psychological, such as the need to belong to a family or social group and the need for self-esteem.
The extent to which a product allows consumers to express themselves or feel better. Situation Analysis — where are we now?
The basic underlying concept of value in marketing is human needs. The key to marketing success is the satisfaction of the customer. Therefore, an important function of marketing i. The production department would then start to manufacture the product, while the marketing department would focus on the promotion, distribution, pricing, etc.
Labelled, branded, packed, promoted etc. In other words, different kinds of finances are short-term, medium-term, and long-term finance. When it delivers high value at low price, the perceived value may be high.
It involves making plans for increasing production and sales, promotion of product etc. Nonetheless, it is recommended that they be carried out by any company that wants its marketing systems to function successfully.
For example, if a product has become popular in Punjab, the target of an organization should be to make it popular in rest of North India first, followed by remaining states. For example, product designing for a color television includes shape, size, quality standard, technology etc.
Value changes based on time, place and people in relation to changing environmental factors. Specifically Kotler and Armstrong note that the production philosophy is "one of the oldest philosophies that guides sellers Strategy — how are you going to get there?
Tactics — what are the details of the strategy? The basic human needs may include food, shelter, belonging, love, and self expression.
The so-called production era is thought to have dominated marketing practice from the s to the s, but other theorists argue that evidence of the production orientation can still be found in some companies or industries.
As no-one has to buy goods from any one supplier in the market economy, firms must entice consumers to buy goods with contemporary marketing ideals.
A firm in the market economy can survive by producing goods that persons are willing and able to buy. He also tries to understand the motive behind this purchase i. Societal marketing A number of scholars and practitioners have argued that marketers have a greater social responsibility than simply satisfying customers and providing them with superior value.
The product element consists of product design, new product innovation, branding, packaging, labelling. The amount of money which a customer is required to pay for purchasing the product is known as product price.
Risk bearing in marketing means the financial risk invested in the ownership of goods held for an anticipated demand, including the possible losses because of fall in prices and the losses from spoilage, depreciation, obsolescence, fire and floods or any other loss that may occur with the passage of time.
A marketing focused business starts with the consumer and tried to figure out what they want to buy. On the basis of all this information and analysis, the product is designed. Pricing of Products 9. Some product focused businesses are very successful but it is generally accepted that a marketing focus provides a greater chance of success.
Marketer tries to understand what do customers want to buy and when, in what quantity and at what price etc.? It is a creative energy exchange between people and organizations in our marketplace.
This means building up an accurate picture using the resources that are available. Grading is very essential for raw materials; agricultural products like fruits and cereals; mining products like coal, iron and manganese and forest products like timber. The only sound foundation on which marketing decisions depend is timely and correct market information.
Grading means classification of standardized items into certain well defined classes or groups. Assessment of the quantitative importance of the different attributes and benefits. It is a customer-centric approach that involves a firm basing its marketing program around products that suit new consumer tastes.
The price is the cost that a consumer pays for a product—monetary or not. Product Designing and Development: Methods of setting prices are in the domain of pricing science.Major Functions of Marketing Management. Selling is groomed by means of personal selling, advertising, publicity and sales promotion.
The importance of this facilitating function of marketing has been recently marked. The only sound foundation on which marketing decisions depend is timely and correct market information.
Marketing Management Functions – Marketing is one of most frequently used word in business lexicon but perhaps not fully understood by the common man.
Most people tend to confuse it with sales or think it is a superlative function of selling. All of which (a personal opinion) leads to other functions such as production, financial, administrative, etc. It is therefore essential that any marketer knows what is the depth of the marketing function and what are its main functions, in order to properly use it to satisfy the needs and desires of the target market and for the benefit of the business or.
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a plan for the optimal use of the elements of promotion: advertising, public relations, personal selling, sales promotion, and social media main function is to convince target customers that the goods and services offered provide.
Watch video · Controlling is the final function of management in which the manager, once a plan has been carried out, evaluates the results against the goals. If a goal is not being met, the manager must also.Download