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MARKETING

MARKETING. S. MAHALINGAM M.B.A., M.PHIL., M.COM., KURUMANDUR, GOBI TK ERODE DT. Padasalai. MEANING OF MARKET. MARKET MEANS A PLACE WHERE GOODS ARE BOUGHT OR SOLD. CLASSIFICATION OF MARKETS . A. ON THE BASIS OF GEOGRAPHICAL AREA 1. FAMILY MARKET 2. LOCAL MARKET 3.NATIONAL MARKET

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MARKETING

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  1. MARKETING S. MAHALINGAM M.B.A., M.PHIL., M.COM., KURUMANDUR, GOBI TK ERODE DT Padasalai

  2. MEANING OF MARKET MARKET MEANS A PLACE WHERE GOODS ARE BOUGHT OR SOLD.

  3. CLASSIFICATION OF MARKETS • A. ON THE BASIS OF GEOGRAPHICAL AREA • 1. FAMILY MARKET • 2. LOCAL MARKET • 3.NATIONAL MARKET • 4. WORLD MARKET • B. ON THE BASIS OF COMMODITIES/GOODS • 1. PRODUCE EXCHANGE MARKET • 2. MANUFACTURED GOODS MARKET

  4. 3. BULLION MARKET • CAPITAL MARKETS • 1. MONEY MARKET • 2. FOREIGN EXCHANGE MARKET 3. THE STOCK EXCHANGE MARKET C. ON THE BASIS OF ECONOMICS 1. PERFECT MARKET

  5. 2. IMPERFECT MARKET • D. ON THE BASIS OF TRANSACTION • 1. SPOT MARKET • 2. FUTURE MARKET • E. ON THE BASIS OF REGULATION • 1.REGULATED MARKET • 2. UNREGULATED MARKET

  6. F. ON THE BASIS OF TIME • 1. VERY SHORT PERIOD MARKET • 2. SHORT PERIOD MARKET • 3. LONG PERIOD MARKET • G. ON THE BASIS OF VOLUME OF BUSINESS • 1. WHOLESALE MARKET • 2. SECONDARY MARKET • 3. TERMINAL MARKET

  7. OBJECT OF MARKETING • BARKER AND ANSHEN SAY, “ THE END OF ALL MARKETING ACTIVITIES IS THE SATISFACTION OF HUMAN WANTS.” • AIMS OF MARKETING • 1. INTELLIGENT AND CAPABLE APPLICATION OF MODERN MARKETING POLICIES • 2. TO DEVELOP THE MARKETING FIELD • 3. TO DEVELOP GUIDING POLICIES AND THEIR IMPLEMENTATION FOR A GOOD RESULT

  8. 4. TO SUGGEST SOLUTIONS BY STUDYING THE PROBLEMS RELATED TO MARKETING • 5. TO FIND SOURCES FOR FURTHER INFORMATION CONCERNING THE MARKET PROBLEMS • 6. TO REVIVE EXISTING MARKET FUNCTION, IF SHORT COMINGS ARE FOUND • 7. TO TAKE APPROPRIATE ACTIONS IN THE COURSE OF ACTIONS

  9. IMPORTANCE OF MARKETING TO THE SOCIETY • 1. MARKETING IS A CONNECTING LINK BETWEEN THE CONSUMER AND THE PRODUCER • 2. MARKETING HELPS IN INCREASING THE LIVING STANDARD OF PEOPLE • 3. MARKETING HELPS TO INCREASE THE NATION’S INCOME • 4. MARKETING PROCESS INCREASES EMPLOYMENT OPPORUTUNITIES • 5. MARKETING CREATES MODERN CULTIVATORS • 6. MARKETING REMOVES THE IMBALANCES OF SUPPLY BY TRANSFERRING THE SURPLUS TO DEFICIT AREAS.

  10. 7. MARKETING HELPS TO MAINTAIN ECONOMIC STABILITY AND RAPID DEVELOPMENT IN UNDERDEVELOPED OR DEVELOPING COUNTRIES • 8. MARKETING INCLUDES ALL ACTIVITIES IN THE CREATION OF UTILITIES – FORM, PLACE, TIME AND POSSESSION.

  11. Goods: • A. Consumer’s Goods: • (i) Convenience goods: • (ii) Shopping Goods: • (iii) Specialty Goods: • B. Industrial Goods: • (i) Rawmaterials: • (ii) Fabricated materials:

  12. (iii) Component parts • (iv) Installation • (v) Accessories • Services: • Services are intangible activities. For ex: consulation, banking etc. • Services may be of two types: • Personal • Business services

  13. Is marketing a science or Art? • Art: The art refers to the practical application of knowledge. Art involves the exercise of systematic knowledge to a good result. • Science: Science means a systemized body of knowledge.

  14. APPROACH TO THE STUDY OF MARKETINGCLASSIFIED: • 1. Product of Commodity Approach • 2. Institutional Approach • 3. Functional Approach • 4. Management Approach • 5. System Approach • 6. Societal Approach • 7. Legal Approach • 8. Economic Approach

  15. 2. MODERN MARKETING CONCEPT • Factors influencing marketing concept: • 1.Population growth • 2. Increasing house holds • 3. Disposal of Income • 4.Surplus Income: (discretionary income) • 5. Technological development • 6. Mass communication media • 7. Credit purchases

  16. 3.MARKETING SYSTEM, MARKETING MIX, MARKETING FUNCTION • Definition: • Marketing mix is the term coined by Neil H. Borden. It consists of four P’s namely, product, place, price and promotion. Marketing mix is the tool a firm uses to achieve the desired response from the market. • Definitions of marketing mix • According to stanton, “Marketing mix is the term used to describe the combination of the four inputs which consititute the core of a company’s marketing system-the product, the price structure, the promotional activities, and the distribution system”.

  17. A brief description of the four elements of marketing mix (Four P:s) is: • Product: • Price • Promotion • Distrbution (place)

  18. Companies should view the four Ps in terms of the customer’s four Cs. • Four Ps Four Cs • Product Customer needs • Price Cost to the customer • Place Convenience • Promotion Communication

  19. Controllable Factors • 1.Product Planning • 2.Price • 3.Branding • 4.Personal Selling • 5.Sales Promotion • 6.Physical Distribution • 7.Market Research

  20. 8.Internal Competition • Uncontrollable Factors • 1.Consumer’s Buying Behaviour • 2.Trader’s Behaviour • 3.Competitor’s Behaviour • 4.Governmental Behaviour

  21. Marketing process: • Introduction: • The marketing process involves three major activities viz, • Concentration • Dispersion • and 3. Equalisation

  22. Concentration: • Small lot output • Assembly of parts • To facilitate regular supply • Dispersion • Equalisation

  23. Marketing Functions • According to Clark and Clark marketing function as follows: • Functions of Exchange: • a. Buying: • b. Assembling • c. Selling • Functions of physical supply: • a) Transportation: • b) Storage and warehousing

  24. Facilitating Function: • a) Financing: • b) Risk –bearing • c) Standardisation and Grading • d) Market Information • e) Promotion

  25. 4.BUYING, ASSEMBLING AND SELLING • The persons who buys the product is called the buyer. • Kinds or Classes of Buyers: • Classified: • Manufacturers and Businessmen • Middlemen • Consumers

  26. Problems of Buying: • What to buy? • How much to buy? • When to buy? • Where and how to buy? • How to negotiate prices and terms?

  27. Elements of buying (or) Sub functions of Buying: • 1.Planning of purchases • a. preparation of Budget • b. Fixing the rate of turnover c.Accounting for changes in Fashion and prices • i.Changes in fashions • ii. Changes in price • 3.Contactual

  28. 4. Assembling • 5. Negotiation • 6. Contractural (Contract of purchase) • Purchasing Methods or methods or kinds of buying • 1.Concentrated buying: • 2. Diversified buying • 3. Reciprocal buying • 4. Hand to mouth buying (conservation buying) • 5. Forward buying (speculative buying) • 6. Contract buying

  29. 7.Buying by inspection • 8. Buying by samples • 9. Buying by description • 10. Period buying • 11. Buying by requirements • 12. Open market buying • Assembling: • Assembling starts after purchase of goods. Assembling means bringing together goods of the same type from various sources of supply to a particular place.

  30. Advantages of Assembling: • Economy in the cost of transportation • Helps standardization and Grading • Helps bulk sale • Wider markets • Cheaper warehousing • Economic processing • Variety of products • Essentials of assembling: • To know the source of supply • To know the quality of goods • To select the suitable centre for assembling • To have specialized market middlemen • To have market intelligence service

  31. Selling: • Selling is defined as “the personal or impersonal process of assisting or persuding a prospectrive customer to buy a commodity. • According to Pyle, “Selling comprises all personal and impersonal activities, finding securing and developing a demand for a given product or service and in consummating the sale of it”.

  32. Definition: • Selling is the personal or impersonal process assisting and perusing a prospective customer to buy a goods and service and to act favourably upon an idea that has commercial significant to the seller. American Marketing Association.

  33. Elements of Selling: • Product planning and development • The contractual • Demand creation • Negotiation • The contractual • I. Product Planning • a) Decision Regarding Variety • Decision Regarding Quality • Decision Regarding Diversification or Simplification of Product Lines • Decision Regarding Branding • Packing of Products

  34. . The Contractual • a) Limited or Wider Markets • b) Large Versus Small Buyers • c) Finding out the Customers • d) Establishing Contacts • III. Demand Creation • (i) Personal selling (ii) Advertising and (iii) Sales promotion.

  35. Personal Selling: A I D A S formula (Attention, Interest, Desire, Action and Satisfaction). • Advertising • Sales Promotion • IV. Negotiation • V. Contractual Function

  36. Kinds of Sales: • 1. Sale by Inspection • 2. Sale by sample • 3. Sale by Description

  37. 5.TRANSPORTATION • Functions of Transport • 1. It Encourages Large – Scale Production • . It Increases the Mobility of Factors of Production • It Encourages Specialization and Division of Labour • . It Helps in Stabilising Price • It Provides Employment Opportunities

  38. It Strengthens the Defence of a Nation • It Reduces the Danger of Shortage • It Helps in the Transformation of the Economy • It Transforms Social and Cultural Structures • It Increases Demand for Goods

  39. Classification of Transport • TRANSPORT • ROAD TRANSPORT • (a) Pack animals • (b) Bullock carts • (c) Motor lorries and buses • (d) Tramways • (e) Railways • WATER TRANSPORT • (a) Canal and river transport • (b) Ocean transport

  40. Choice of mode of transportation: • Factors: • Usefulness or combination of modes • Specific carriers • Own or Lack transportation • The management or the marketer must consider the following points: • Suitability • Speed • Cost • Safety • Flexibility • Regularity and punctuality • Availability

  41. ECONOMIC SIGNIFICATION OF TRANSPORT • Transport and Production • Transport and Consumption • Transport and Exchange • Transport and Distribution • Transport and Utility • Transport and Industries • Transport and Employment • Transport and Agriculture • Transport and Planned Economy • Transport and Price Stabilisation

  42. MARKETING INFORMATION AND RESEARCH • He must be able to evaluate the up-to-date information pertainting to: • The customers’ expectation regarding the product • The degree of competition to be faced • Government policies • Channel of distribution • Defects of rival products • Buying motives of the customers • Supply,demand and price of similar products • Size of the market to be covered • Customers’ opinion about the product – size, shape,tyhpe etc • Satisfactory inflow of information

  43. Importance of Market Information • Successful marketing of the products greatly depends upon “sound knowledge of the market” • Risk bearing can be minimized by collecting timely information • Mass products followed by mass distributions are based on consumer demand in anticipation. • Technical progress and innovations appear quite often. • The marketing information is a major tool to be used by the mgt in solving problems to relating to marketing and taking decisions.

  44. Marketing Information System • Philip kotler says, “ A marketing information system is a continuing and interacting structure of people, equipments and procedures to gather and sort, analyse, evaluate and distribute pertinent, timely and accurate information for use by marketing decision makers to improve their mkting planning, execution, and control”.

  45. Marketing Research • “The systematica gathering, recording and analysing of data about problems relating to the marketing of goods and services. Such research may be undertaken by impartial agencies or by business firms for their agencies for the solution of their marketing problems and the inclusive term which embrace all research activities carried on in connection with the management of marketing work”-American Management Association

  46. MARKETING RESEARCH is the systematic design, collection, analysis, and reporting of data and finding relevant to a specific marketing situation facing the company. • Marketing Research is defined as, “The systematic, objective and exhaustive search for the study of the facts relevant to any problem in the field of marketing”.

  47. Market research and Marketing research: • Market research is important for introduce new market, known about competitors, changes of technology, customers tastes and preferences, demand. • Research gets the facts needed to solve a problem. Research is the process of gathering, recording, and analyzing of critical and relevant facts with regard to any problem in any branch of human activity.

  48. “Marketing research” may be defined as “the systematic gathering , recording and anlysing of data about problems relating to the marketing of goods and services under essentially non-recurring conditions”-Ronald.

  49. In modern method of marketing, it is necessary for a producer or manufactuer to possess exact and accurate information relating to: • The type of goods needed by customers. • The time when they want the products • The means of transport • The rival products available in market • Competions if any • The quantity wanted • The actual buyers • The reason for requiting a particular product • The size of the market • The price acceptable by the buyers

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