# Definition of marketing. (Syllabus item)
Ans:- we define marketing as a social & managerial process by which individuals & groups obtain what they need & want through creating & exchanging products & value with others. Hence, we define marketing as the process by which companies’ create value for customers & build strong customer relationships in order to capture value from customers in return.
#Scope of marketing. (Syllabus item)
Ans:- Marketing is a total system of business activities designed to plan, price, promote & distribute want satisfying product to target markets to achieve organizational goal. About the scope of marketing is discussed widely in below –
1. Marketing activities: - Marketing activities mean different activities accomplished from producer to customer. Mainly include in the activities buying, selling, storage, transportation, grading, risk taking, market information, financing etc.
2. Marketing mix: - The combination of four P’s are called marketing mix. The 4P’s are interrelated & must be balanced into one integrated whole to satisfy some target markets need & preference. All present time marketing mix also recognizes 4C’s. They are customer solution, cost, convenience & communication. The 4P’s are product, place, price, & promotion.
3. Pre-plan of Production: - According to marketing pre-plan of production is the process of collecting industrial goods & pre-goods of production.
Marketing ==> Production ==> Demand ==> Consumption ==> Production.
4. Business activity: - All present any countries business activity is include in marketing activities.
5. Organizational marketing: - Which orgn control & govern the activities of flow of goods that is called orgnal marketing e.g. retailer, broker, T.C.B. etc.
6. Management process: - Marketing is connected with different ethic method of management. The management process, as applied to marketing, consists basically
• Planning a marketing program (develop strategic plan, marketing plan)
• Implementing it & (carry out the plan)
• Evaluating its performance. ( Measurement of result, evaluate the result)
7. Economic process: - Marketing process is governed by economic activity. Marketing is the creation of place, time & possession utilities.
8. Social process: - Marketing is human activity directed at satisfying needs & wants through exchange process.
# Modern functions of marketing. (Syllabus item)
Ans:- Marketing include those business activities to the flow of goods & services between producers & consumers. Marketing activities can be classified in three types-
*. Exchanging function
*. Distribution function
*. Subsidiary function
*. Exchanging function:-
1. Purchase: - An important activity of marketing is purchasing. Ownership of goods, services changed by purchasing process. Marketing activities start by purchasing.
2. Sales: - Most important activity of marketing is sales because other elements of marketing are connected with sales.
3. Propriety transfer: - Transfer of ownership is closely related with propriety transfer.
4. Transfer of risk: - Risk of a good is transferred to buyer on the time of transfer of ownership of goods. Any uncertainty creates risk.
5. Giving advice: - Marketers give advice to buyers about use of goods, quality, plan etc. A good relation is build up among the seller & buyer by this activity.
*. Distribution function: -
1. Standardization & grading: - It is important activity in marketing. The process of setting goods according on its original quality that is called grading.
2. Transportation: - Transportation is another important activity of marketing. It creates place activity.
3. Warehousing: - Warehousing create time utility of a product.
4. Packaging: - Packaging protects quality of the goods & prevent spoilt of the product.
5. Collection of goods: - One type of goods collect from different place & stock in one place that is collection of goods.
*. Subsidiary function: -
1. Financing: - Marketer collects money from different source. It could be long term or short term. This collection of money is called financing.
2. Collection of market information: - To research & analysis market condition collection of market information helps.
3. Fixation of policy: - Another important activity of marketing is fixation of policy.
4. Service given: - Another important activity of marketing is service given. Good service creates good sales.
5. Create market: - Create new market of a good is one of the important tasks of marketing.
# What are the philosophy / concept of marketing?
Ans: - Marketing concept is a customer orientation blocked by integrated marketing aimed at generating satisfaction as the key to satisfying orgnal goal. Marketing activity govern by five concept. They are given below –
1. Production concept: - The production concept holds the idea that customers will favor product that are available & highly affordable.
2. Product concept: - The product concept holds the idea that consumers will favor products, that offer the most in quality, performance, & features & that the orgn should therefore devote its energy to making continuous product improvements.
3. Selling concepts: - Many companies follow the selling concept, which hold the idea that consumers will not buy enough of the firm’s products unless it undertakes a large-scale’s selling & promotion effort.
4. Marketing concept: - The marketing concept holds the idea that achieving orgnal goals depends on knowing the needs & wants of target markets & delivery the desired satisfactions better than competitors do.
5. Societal marketing concept: - A principle of enlightened marketing that holds that a company should make good marketing decision by considering customers wants, the company’s requirements, consumers long- run interests & society’s long-run interests.
# Marketing system & Goals. (Syllabus item)
Ans: - The main goal of marketing is to earn profit through customer satisfaction. Method of marketing doesn’t influenced only buyers & sellers it also influenced different classes of people in society. The goals of marketing system are given below-
• Maximize consumption: -
Main activity of marketing is that reached the customer consumption to raise higher level. Because people expense, buy & consume as much as more & become so happy. Marketing do maximize consumption of consumers by two way->
a) Mass production: - If a product produce in large scale of production cost its cost is redact & its price is also redact. In this condition customer demand also increases.
b) Proper distribution: - Proper distribution of the product creates maximize consumption of the customers.
• Maximize consumer’s satisfaction: -
It is another important target of marketing activities. Maximize consumers satisfactions are discussing below: -
a) Creation new utilities of production: - New utilities of production creates maxim satisfaction of a consumers
b) Adjusting demand & supply: - Marketing maintains balance between demand & supply.
• Maximize Choice: - Main target of marketing should be variation of goods. Because consumers can purchase his goods according on his choice & personality.
a) Expanding Market: - Consumers choice is increasing by create new market of product.
b) Improving standard of living: - Marketing help the people to improve their standard living & it increase maxim choice of product.
• Maximize of life quality: - Marketing help to maximize life quality of people. People’s life quality is increase in this way.
a) Economic development: - Which countries economic condition is so developed that countries people’s life quality is also developed. Which country’s marketing condition developed that country’s economy is also developed.
b) Arranging employee: - Marketing do important task to solve unemployment problem of a country.
# What is the marketing system?
Ans: - Marketing system is the process of reaching goods & services from producer, consumers & internal connection with all related party.
# Marketing Mix. (Syllabus item)
Ans: - Marketing mix is the set of controllable, technical marketing tools that the firm blends to produce the response it wants in the target market. A company designs a marketing mix made up of four factors. They are-
1. Product: - Product means the goods & services combination the company offers to the target market.
2. Price: - Price is the amount of money customers have to obtain the amount.
3. Place: - Place includes company activities that make the product available to target market.
4. Promotion: - Promotion means activities that communicate the merits of the product & persuade target customers to buy it.
# Identify the five core concepts of marketplace.
Ans: - The core marketplace concepts are needs, wants & demands, marketing offers (Products, services & experience), value & satisfaction, exchange and relationship and markets. Wants are the form taken by human needs when shaped by culture & individual personality. When backed by buying power, wants become demands companies address needs by putting forth a value proposition, a set of benefits that they promise to consumers to satisfy their needs. The value proposition is fulfilled through a marketing offer that delivers customer value & satisfaction, resulting in long term exchange with customers.
# What is customer relationship management, customer perceived value & customer satisfaction?
Ans: - Customer Relationship Management: - The overall process of building & maintaining profitable customer relationship by delivering superior customer value & satisfaction.
Customer Perceived Value: - The difference between total customer value & total customer cost.
Customer Satisfaction: - The extent to which a product’s perceived performance matches a buyer’s expectations.
# Describe about marketing strategy.
Ans: - Marketing strategy means the marketing logic by which the business unit hopes to achieve its marketing objectives. Companies know that the can not profitably serve all consumers in a given market at least not at all consumers in the same way. There are too many different kinds of consumers with too many different kinds of needs. And most companies are in a position to serve some segments being better than others. Thus, each company must divide up the total market, choose the best segments, and design strategies for profitably serving chosen segments. This process involves three steps –
1. Market segmentation: - Dividing a market into distinct groups of buyers who have distinct needs characteristics, on behavior & who might require separate products or marketing mixes.
2. Target marketing: - The process of evaluating each market segments attractiveness & selecting one or more segments to enter.
3. Market positioning: - Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
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