Introduction to Marketing by fariha

  Marketing Functions                    As explained earlier that Marketing is human action for human satisfaction ; Now there are some actions and functions that are to be undertaken in order to maximize the human satisfaction. In this blog we will learn about the major classification of marketing functions and their sub classification. So lets get started with our Today's blog. Marketing Functions Classification The functions of marketing a broadly classified in 3 categories. They are as follows:- I. Marketing Exchange Functions      1)    Buying     2) Selling II. Marketing Physical supply Functions     1) Transportation    2) Warehouse and Storage  III. Marketing Facilitating Functions      1) Financing     2) Risk Bearing     3) Market Information     4) Standardization & Grading         Le...

  Marketing Environment                         Marketing environment is the combination of all internal and external forces which affect the company's ability to establish a relationship and serve its customers.                        According to Philip Kotler - "Marketing environment is the totality of forces and entities  that surround and potentially affect the marketing of a particular product." Components or Elements of Marketing Environment The elements or components of marketing environment are broadly classified into two types. They are internal environment and external environment. And further the external environment is divided into Micro environment and Macro environment. I. Internal Environment                  The internal environment of the business includes all the forces and factors inside the org...

  Marketing Channel Functions                 Not only the marketing channel performs many tasks but the members in the marketing channel perform a number of functions and participate in the flow of marketing. Let us discuss these functions in great detail  1) Information Provider                 Since middlemen are close to the customer they can provide information about market like entry of new competitor, changes in cust -omer preferences and demography are some of information that all manufacturers want. They can provide this at no additional cost.  2) Price Stability              Many a time the middleman observe an increase in the price of the products and continue to charge the customer the same old price. This is because of the intra - middlemen competition. The middleman also maintains the price stability by keeping his overhead low.  3) Promoti...

      Marketing Mix                      The concept of marketing mix was created by E. Jerome  McCarthy in 1960.                       Marketing mix is a tool used by businesses and marketers to help determine a product or brands offerings. 4Ps of Marketing 1) Product  2) Price 3) Place 4) Promotion              Let  us understand  each P  (Product, Price, Place and Promotion) in detail. 1) Product                 Product refers to a physical product or service or an experience or anything that a marketer provides to customer. A product is the soul of marketing activity it should provide physical and psychological satisfaction to customers. 2) Price                           Price is th...

  Marketing Concepts                      The Marketing Concepts are also known as  the History of  Marketing are also known as the Marketing Philosophies . The concept is also taken as the way of thinking .It is looking at the marketing activity on the philosophy in the mind of those who are in the field.  Therefore there are five alternative concepts under which organisations conduct the marketing activities. Types of Concepts:  1) Production concept  2) The product concept  3) The selling concept  4) The Marketing concept  5) The societal concept  Let us discuss these five concepts with which marketing strategies can be designed:- 1) Production Concept - Supply creates Demand    ➡The production concept is the idea that consumers will favour products that are available and affordable.  ➡ Here the concentration is on improving production and distribution.  ➡ In s...

          IMPORTANCE                       The Significance or Importance of Marketing can be highlighted through the benefits enjoyed by consumers, business firms and Society in general. Let us discuss these under separate heads:- I. Benefits to Consumers ➡ Promotes product Awareness                     Through different marketing activities companies  promote their products and services. This creates awareness among the consumers about different brand and features of the products available in the market. ➡ Provides Quality product                     Through increasing competition consumers get easy access to the information about the products and services. It creates moral pressure on the business to provide good quality to the consumers. ➡ Provides Variety of Products         ...