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Define Marketing And Process Of Marketing

Question 1: Explain the marketing from social and managerial point of view.

Answer: Marketing is the total process by which companies create value for customers and build strong customers relationship in order to capture value from customers in return.

From a social point of view marketing is the link between a society’s material requirements and its economic patters of response. Marketing identifies the individuals that have influence over potential buyers and orients marketing activities around these influence.

From a managerial point of view, marketing has been described as the art of selling product but people are surprised when they think hear that the most important part of marketing is not selling

Need Want Demand

Communication

Mail, Letter, E-mail, Land Phone and Internet.

Business man: Land phone.

Student: Cell phone. Executive: Cell phone,

Fax and E-mail.

Question No 02: Compare and contrast need, want and demand. Answer: Need, want and demand these are the base of marketing.

Need: Human need is a state of felt deprivation. Needs are the parts of human make up.Want: When need is shaped by culture and individual personality is called want.Demand: When want is backed by buying power is called demand. Personality comes from – Incomes, Profession and Education. Culture comes from- Country and region. Contrast: Here need is communication but way of communication is different such as.

Question No 03: Discuss the core concept of marketing. Answer: (1) Need, want and demand.

Need: Human need is a state of felt deprivation. Example: when we required basic deprivation needs for food, clothing.

Want: When need is shaped by culture and individual personality is called want. Example: An Indian needs food but want a bowel rice and fish, American needs food but wants a burger or pizza.

Demand: When want is backed by buying power is called demand. Example: A person need a vehicle for transportation upper class people buy care, and lower class people buy bike.

(2) Products, services and experience.

Products: Product is the solution of customer problem. Example: Television, air condition etc.

Service: Services are intangible in nature seller gate profit from services. Example: Salon, Beauty parlor, Banking etc.

(3) Value, Satisfaction and quality.

Value: The ability of product to satisfy customers need value.Satisfaction: Satisfaction the difference between what a customer except and what they want. Example: If a person buy a product at 20 take get those type benefit he will satisfied.Quality: Customer satisfaction can be real through they prevents of product quality on reducing price.

(4) Transaction, Exchange and Relationship.

Transaction: Transaction is a tread of value between two or more parties.Exchange: Exchange is the act of obtain a desired product by offering something in .Relationship: Treating someone individually it’s called relationship.

(5) Market: Market is the set of all actual and potential buyers of a product or services.

Question No 04: Discuss different marketing management philosophies.

Answer: There are five philosophies.

1.The production concept: Production concept hold that consumers will favor products that over available and high affordable. Example: Computer maker Lenovo dominate the high competitive, price-sensitive Chinese PC market through high production efficiency and mass distribution.

2.The product concept: The idea that consumers will favor products that offer the most quality, performances and features that the organization should therefore devote its energy to making continuous product improvement. Example: Some manufactures believe that if they can “ build a better masse trap the world that beat a path to their door. But buyer maybe looking for a better solution to masse problem but necessary for a better masse tap.

3.The selling concept: Selling concept holds that consumers will not buy enough of the firms product unless it undertake a large scale selling a promotion effort. Example: Insurance or blood donation industries must be good at tracking down prospects and selling them on products benefit.

4.The marketing concept: The marketing concept hold that achieving organizational goals depends on knowing the needs and want of target market and delivering the desired satisfaction better the competitors do. Example: If the Bata company follow marketing concept on they must be aware a customer needs and satisfaction.

5.Social marketing concept: Holds that company’s marketing decisions should consider consumers wants, the company’s requirement consumer’s long run interest and society’s long run interest. Example: A mineral water company produce bottle and water for earning profit and customer satisfaction. As well use write on the bottle. After use crash the bottle so it can’t polite the environment.

Question no 05: Differentiate marketing concept from selling concept.

Answer: Marketing concept:- Marketing concept holds that achieving organizational goals depends on knowing the needs and want of target marketer and delivering the

desired satisfaction better then competitor do. Example: If the company follow marketing concept on they must be aware customer needs and satisfaction.

Selling concept: Selling concept holds that consumer will not buy enough of the firm product unless it undertake a large scale selling and promotion effort. Example:

Insurance or blood donation industries must be good at tracking down prospects and selling them on product benefit.

The Marketing Concept:

Customer Integrated Profits Through

Market

Needs Marketing Satisfaction

The Selling Concept:

Existing Selling Profits Through

Factory

Products Promoting Sales Volume

The marketing concept, customers focuses on satisfying customer needs as a path of profits. If yields profits by creating lasting relationships with the right customers based on customers satisfaction. On the other hand, the selling concept takes an inside out of view that focuses on existing products and heavy selling and promotion to obtain profitable sales.

Question No 06: Differentiate societal marketing concept from marketing concept.

Answer: Societal marketing concept holds that a company marketing decision should consider consumers the company requirement consumers long run interests and society long run interests.

Society

(Social Welfare)

Consumers Company

(want Satisfaction) (Profit)

Marketing concept:

Marketing concept holds that achieving organization goals depends on knowing the needs and wants of targets marketers and delivering the desired satisfaction better then competitor do.

Starting Point Focus Means End Point

Market Customers Needs.

Integrated marketing.

Profit through customer satisfaction.

Question No 07: As a marketer how will you match 4Ps with 4Cs?

Answer: The 4Ps concept takes the sellers view of market not the buyer’s view. From the buyer’s view point in this age of the 4Ps might be better described as the 4Cs.

4Ps 4Cs

Product Customer Solution

Price Customer cost

Place Convenience

Promotion Communication

Product: Product related with customer solution:- The goods and services combination the company offers to target market.

Price: Related with customers cost:- The amount of money customer have to pay to obtain the product.

THE END

Place: Related with convenience:- Place is a company’s available to target consumers.

Promotion: Related with communication:- Activities that communication the merits of the product and persuade target customers to buy it.