Introduction:

Marketing is a crucial function in any organization. For any product or service to be successful it is important that it is communicated in the right way, to the right people, at the right time, and in the right place. This is the main function of Marketing. Having said that, it is not the only function of Marketing. Marketing also involves an important and critical task of Creating Values for the customers.

How does a Customer choose a product to buy?

Based on the following aspects:

• Availability of items
• Needs and wants
• Best Quality & Less Price.

How does a Vendor/Marketer choose a product to sell?

Depending on the following aspects/factors:

• Cost
• Seasonality/Availability
• Demand of customer

What Are the 4 Ps of Marketing?

• The four Ps of marketing are the key factors that are involved in the marketing of a good or service. They are the Product, Price, Place, and Promotion of goods or services. Often referred to as the marketing mix, the four Ps are constrained by internal and external factors in the overall business environment, and they interact significantly with one another.
• The 4 Ps are used by companies to identify some key factors for their business, including what consumers want from them, how their product or service meets or fails to meet those needs, how their product or service is perceived in the world, how they stand out from their competitors, and how they interact with their customers.

Importance of Marketing:

Marketing is responsible for communicating with customers about products, explaining who is offering them and why they are desirable. Marketing is also responsible for listening to customers and communicating back to the provider about how well they are satisfying customer needs and opportunities for improvement.

What are the 7 functions of Marketing?

• Distribution
• Financing
• Marketing Information Management
• Pricing
• Product and Service Management.
• Promotion
• Selling

How does Marketing happen?

• Marketing is the verb form of Market.
• The market is a gathering of people for the purchase and sale of Products/services and space used for the same.
• Marketing is the operations and activities that are carried out in different markets.
• There is a buyer; there is a seller and both come together to make the marketing happen.

Marketer (Seller): The marketer sells the product to the customer at the required price of the customer thus satisfying the needs of the customer.

Moral of the Story:

The marketer makes his money and the customer buys a product at the required price.

What is Marketing?

Let’s see the Definition by Prof.Philip Kotler - an American Author widely regarded as the “Father of Modern Marketing”.

Marketing is a “Societal Process” by which individuals and groups obtain what they need and want by creating, offering, and freely exchanging products and services of Value with others.

Let’s see the meaning of the words used in this marketing definition.

Societal Process - Series of activities in Marketing

Needs & Wants (Basic necessities) -Specific need satisfiers. Depends on the customers. By want, you will satisfy your needs

Individuals - Different from each other

Groups - Different types of customers

Creating - Creating a product that is not available.

Offering - Whatever is created to be offered. Make customers know about it

Freely exchanging - Both Customer and Marketer have alternatives/options

Buyer/ Customer – Can buy or not buy

Marketer/Seller – Can sell or not sell

Products & Services: Need satisfiers. Anything that satisfies your needs.

Product: Tangible. Can be touched, stored

Service: Intangible. Cannot be touched or stored

Example) Airlines, Spa, Transport, etc.

Value: Utility per cost

• What is the utility that the customers get out of the product & how much do they have to pay for it?
• Customer finds Value in the product or services when the total utility is more than the total cost.

Society: Customers who have their requirement

Marketer: Who identifies the requirement

What are the entities that can be marketed?

• Goods Example) Soap
• Services Example) Electric repair, doctor
• Events Example) Music
• Experience Example) Theme park
• Person
• Places Example) Tourism
• Properties Example) Real estate
• Organization
• Information
• Ideas Example) Smoking kills

Relationship of Marketing with Social System:

• Marketing helps in introducing new products that ease or enrich people’s lives
• It creates new opportunities in the market wherever there are any shortcomings or necessities.
• It helps in creating demand for products & services which in turn creates a job.
• It contributes to improving the economic condition of the lower level of society by converting Social issues into business opportunities thereby creating a Win-Win situation for both organizations and society.
• Marketing drives a consumer economy, promoting goods and services and targeting consumers most likely to become buyers. Higher sales for a business that employs successful marketing strategies translate into expansion, job creation, higher tax revenue for governments, and, eventually, overall economic growth.

Example:

eBay - Online Shopping - Locate items

Redbus.in - Bus ticket platform - Book tickets

Conclusion:

Thus Marketing plays a part in the overall development of society as a whole.

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