importance of marketing notes

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 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. among them marketing play an important role in the generation of the income. In the stage of barter system ,people had to travel different places for buying necessary goods for exchange. 106 Pages. In Modern Concept, the function of marketing starts before the production of goods and continues even after the final sale. of the consumer which in turn helps the organization in planning and decision-making process. Other similar terms used are environmental marketing and ecological marketing. Marketing is everything that a company does to acquire a customer and maintain the relation with customers. Some people make the mistake of confusing marketing with selling. According to Gerrard Tellis, it is the importance of advertising that … E-Marketing Meaning. So, this concept of exchanging goods and services was developed in the human society which is known as a barter system. Study of distribution channel is important in marketing. Your email address will not be published. A successful marketer is one, who can over time; adapt to the changed situation. Importance of Modern Marketing Concepts. Marketing can be classified into two aspects: they are a narrow and broad concept where narrow concept refers to the physical transfer of goods and services from the producer to the consumers and broad concept refers to the functions before production to after sales services which facilitate the transfer of ownership. It is embedd So, this stage is known as self-sufficiency stage of human being. 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. Various Concepts of Marketing . Koirala, Dr. Kundan Dutta. Nowadays, good or services are produced in mass scale. It produces goods or services according to the needs of the people, supplies to them and improves their living style. The companies use Product Packaging to drive more customers as the packaged products are considered safe to use by the consumers. Marketing is one of the single most important reasons for any organisation’s success. It is also a very important component of a marketing plan as it determines your firm’s profit and survival. Consumer Satisfaction. 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. Effective Utilisation of Resources. 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. Thapa, Gopal, Dipendra K. Neupane and Dilli Raj Mishra. It is the first and the most important step in the development of any marketing plan. Marketing audit helps in analysing and evaluating the marketing strategies, activities, problems, goals, and results. No notes for slide. The organization has to gather the four P’s of marketing in appropriate combination. Share: Share on Facebook Share on Twitter Share on Linkedin Share on Google Share by email. Importance to the Society. Its present and future existence, profits, image, and positioning depend on its internal and external environment. 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. Marketing Helps in Transfer, Exchange and Movement of Goods: Marketing is very helpful in … E-marketing planning: 1.Introduction: i. At present various international organizations such as GATT, UNCTAD, ITC is established for institutional development of trade. Marketing Objectives (Revision Presentation) Study presentations. 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 provides information for planning and decision-making or a different issue. Good marketing has become an increasingly vital ingredient for business success. If a firm or business not accounting this aspect, it hampers their profit level. 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. 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. This note covers the following topics: Importance of Marketing, Role of Sales business, Concept of Market, Basic concept of Sales and selling, Understanding customer and consumer, Activities in Sales and Marketing. 3. 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. 7. The importance of marketing are as follows:-Importance of Marketing to Consumer. 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. The ‘marketing concept‘ is not very old. Marketing Mix (Basic 4P's) Study notes… People are the most unpredictable resource employed by an organisation, as the contribution of any individual can vary from day to day, or … Basis of organization’s Existence: When customers are satisfied from the firm’s goods and services then only success of any business is determined. Notes - … | Organizational Behavior, Key elements of Organizational Behavior | Organizational Behavior, Business Environment in Nepal - Old Question Paper 2017 | Semester : Fall. It includes advertising, selling and distributing products to the people. Market analysis is the thorough process of data collection to … (1) Marketing Helps in Transfer, Exchange and Movement of Goods: Marketing is very helpful in transfer, exchange and movement of goods. Importance of Marketing  Financial Success often depends on marketing ability  All business functions will not really matter if there is no sufficient demand for products and services  Companies at greatest risk are those that fail to carefully monitor their customers and competitors  Skillful marketing is a never-ending pursuit - 3. 8 Notes. This site uses Akismet to reduce spam. Marketing plays an important role in the economic development of any country. There can be more than one community in a society. Important Features of Marketing 1. 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. The concept of the market is product oriented as well as it involves the exchange of goods and services for money. Elementary Marketing. Product or Service Comparisons. Marketing Research: The marketing research is helpful in analyzing the customer’s behavior, popularity of product, effectiveness of advertising, pricing policy, etc. Minutes are important details that you can’t ignore if you … This is inherently a touchy area though. 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. In the beginning, it was linked with the number of closely associated factors for achieving volume sales. Marketing is all around us. The term 'marketing management' consists of two different words, 'marketing' and 'management'. Marketing Mix: Introduction to Promotion. It is one of the primary components of business management and commerce. TV spots are just one example of traditional marketing. 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. You can download the file in 44 seconds. Adaptation: Marketing enables a firm to adapt to the changing business environment. IMPORTANCE OF GREEN MARKETING IN INDIA Buying Process of Individual Buyers and Institutional Buyers . They note that the situation has been of great concern to the government, citizenry, operators, and practitioners. 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. 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. It is why the importance of culture has kept growing. Goods and services are made available to customers through various intermediaries’ viz., wholesalers and retailers etc. What is Marketing? Introduction to Marketing. So, culture holds a distinct and important value in marketing. 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. It increases more demand in the market. So, culture holds a distinct and important value in marketing. Corporate Objectives. The process of Planning & Executing the conception, pricing, promotion and distribution of ideas, goods and services to create … E-marketing is referred to those strategies and techniques which utilized online ways to reach target customers. Meeting minutes offer legal protection. You can find us in almost every social media platforms. E-marketing is referred to those strategies and techniques which utilized online ways to reach target customers. Levels: AS, A Level; Exam boards: AQA, Edexcel, OCR, IB; Print page. Importance of Marketing Environment. Marketing refers to activities a company undertakes to promote the buying or selling of a product or service. Through sales forecasting, formulation of marketing programmes, and marketing strategies, the management can plan and achieve their objectives. On this note, marketing implementations that are set to attain profitable undertakings must be executed accordingly. The similar type of goods or services produced by different companies can be found in markets. Formally or informally, people & organizations engage in a vast number of activities that could be called marketing. Marketing creates and increases the form place, time, possession and information utility of a product. 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. Nature, scope and importance of marketing: Marketing is an ancient art and is everywhere. The activity of buying and selling goods or services is called marketing. The Importance Of A Marketing Strategy For Business. The success of any business depends on the satisfaction of its customers. 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