SUMMARY)

Marketing Management: Marketing is the social process by which individuals and groups achieve
what they need and want by creating, offering,and freely exchanging value-added items and services
with others.
Marketing: The term market refers to where buyers and sellers meet to make transactions involving
exchanging products and services.
Features of Marketing
1. Need and want
2. Creating a market offering
3. Customer value
4. Exchange mechanism
Various concepts of marketing management:
1. Production concept: Large-scale production to decrease the cost.
2. Product concept: Good quality added features in the product.
3. Selling concept:To sell whatever is produced by using intensive promotional techniques.
4. Marketing concept: Customer satisfaction.
5. Selling concept:Customer satisfaction within the ethical and ecological boundaries of our society.

Marketing Management 307

 ADVANTAGES OF
Functions of marketing. Marketer performs following functBons: Helpsin Product BRAND
1. Gathering and analyzing market information
2. Market Planning
3. Product designing and development point
1.
Helpin Advertising
3, Differential Pricing Dif erentiNAMETO
ation MARKETERS
4, Helpsthe
4. Standardisation and Grading
5. Packaging and labelling
introduction of new product
a

6. Branding ADVANTAGES OF
Helps in product BRAND NAME TO
7. Customer support services
8. Pricing of products
9. Promotion
1.
identification
Helps ensure product quality CUSTOMERS
10. Physical distribution 3. Status Symbol
Packaging:1
11. Transportation
12. Storage or warehousing
Packagingis the process of designing and
Marketing mix Four important variants or tools ofmarketing are called marketing mix: These constructing aa produc's container and wrapping,
are: LEVELS OF PACKAGING
1. Product 1. Primary Package
2. Price
2. Secondary Packaging
3. Place/physical distribution 3. Transportation Packaging
4. Promotion

Product: It means what a seller sells and what a buyer buys. UNCTIONS/FEATURES OF PACKAGING
Product mix: Producd mix refers to all the decisions related to a product such as price, color 1. Protection
size, etc.
2. ldentification
3. Convenience
IMPORTANT COMPONENTS OF PRODUCT MIX 4. Promnotion
1. Branding: It is the process of using a name, term, symbol or design to identify the product 5. Increasing standards of health and sanitation
Some key terms linked to branding: 6. Self-service outlet
() Brand 7. Product differentiation
(ii) Brand Narne 8. Innovational opportunities
(ii) Brandmark Labelling: Alabel is an element of aproduct or atag that is directy or indirectly linked to the product
(iv) Trade Mark and contains information about it or the seller.

FUNCTIONS/FEATURES OF LABELLING
QUALITIES OF GO0D BRAND NAME
1. Short and simple 1. Describe and specify the product's contents
2. Easy to pronounce
2. ldentify the products and brands
3. Suggestive 3. Help in grading
4. Unique and distinctive 4. Promotes sales
by law or legal obligations
5. Meaning in Other Languages OProvides information required service that the buyer passes ontotheesupplier.
Price: Price is the value of a product or
308) Business Studies Volume I Marketing Management 309
 FEATURESOF
FACTORS KEPT IN MIND WHILE FIXING THE PRICE OF ACOMMODITY ORSSERVICE
1. Pricing objectives
PERSONAL SELLING
1. Personalinteraction
2.Two-way communication
2, Product cost 4. Better response
3. Extent of competition in the market ARelationship
4. Government and Legal Regulations 5. Better
5. Product's Demand and Utility convincing
6. Marketing Methods Used
Place/Physical Distribution: Place is a marketing Concept that refers to the process of transferring CALES PROMOTION
goods from the point of production to the point of consumption.
promotion
Sales refers to
customerr's interest to any
TYPES OFCHANNELS DISTRIBUTION a
Public Relations:
purchaseshorta-term in.centives or other promotional l activity designed to spark
Public Relations product
1. Direct Channel(zero level) establish and
maintain mutual refers to an
2. Indirect channels:
() One-Level Channel
() Two-Level Channel
understanding withoritsganipublzatiioc.n's deliberate and sustained efforts to
TOOLSOF PUBLIC
(ii) Three-Level Channel
1. News
RELATIONS
DECISIONs IN PHYSICAL DISTRIBUTION/COMPONENTS OF PHYSICAL 2. Speeches
DISTRIBUTION 3. Events
1. Order Processing 4. Written materials
2. Transportation
3. Warehouses 6. Public service activities
4. Inventory Control
Factors that determine inventory levels àre as follows:
1. Customer Service Policy
2. Accuracy in Sales Forecasts
3. Distribution System Responsiveness
4. Inventory Cost
Promotion: Promotion mix refers to the combination of promotional tools used by an organization
to achieve its communication objective.
Advertisement: Advertising refers to any paid non-personal presentation and promotion of goods
and services by an identified sponsor.
FEATURES OF ADVERTISEMENT
1. Reach
2. Choice
3. Legitimacy
4. Expressiveness
5. Economy
6. Enhancing customer satisfaction and confidence
Personal Selling: It is the process of informing and persuading
personal communication. customers to buy products using
310) Business Studies Volume I Marketing Management (311
 MIND MAP
to all the
lnrefers
to
the promotion decisionssalesrelated
of
It is a soCial
productsand services, of
ress here eonle inteact Trnsfer peos om e
with others, & obtain what thev ared and want Meaning: The amount of mohey
that place
through cTeating. offering &freely is paid by a
consumer to fnaiiy sSed
products and services with others echnging obtain a product. Fixing the nriee
of a commodity.
1, Needs and Wants
2. Cresting a Market
Offering Meaning Price
Promotion PlDiacest/rPlhbrutysilocnal
3. Custorer Value
4. Exchange Mechanism
Features of Factors Affecting Prlce
ADVERTISING
Features of advertisÍng Components
Physical of
Distributiom Channels of
It refers to plarm1ng Marketing Determination Paid Fom Distribution
ú) ImperSOnality
organising. directing & (i) Identified Sponsor
controllmng activitics hat Marketing . Order Processing
facilrtate the exchange of
goods and serices
Management Marketing 1. Product cost
2. The Utility and
Demand
Merits of advertising
o Mass Reach
Marketing |2. Transporation
3. WarehouSIg
3. Extent of i) Enhancing Customer 4. Lnventosy contol
. The Production
Marketing Competition
the Market
in Satisfaction and Confidence
Concept Management (i) Expressiveness
2. The Product Concept 4. Govemment and Legal
Philosophies i) Economy
3. The Sellng Concep Regulations
. Direct Channel (Zero level:
4. The Marketing 5. Pricing Objectives Objections To Advertising
Concept
S. The Societal
Functions of Marketing 6. Marketing Methods Used () Adds to Cost
(iD Undemines Social Values
2. Indrect Channel:
) One Level Channel:
Mautace-Castomer
Marketing Concept
Marketing Mix (4Ps)
Ci) Confuses the Buyers (ii) Two Level Channel: Maufacturer-Retaile- Customet.
(v) Encourages Sale of Inferior Reailer ’ Customer. MamchgWholesale ’
1. Gathering and AnalysingMarket Information Products tü) Three Level Channel:
2. Marketing Piann1ng ) Produet: Those decisions, activities, and procedures which are Manufacu’Aget’
Wholesaler -’ Retailer’Customes.
3. Product Design and Developnent related to the product such as features, quality, packaging, etc.
4. Standardisation and Grading (i) Príce: Those factors which are considered while determining
S. Packaging and Labelling the price of the product. PERSONAL SELLING
6. Branding (iü) Place: Those activities which are related to the movement of SALES PROMOTION PUBLIC RELATIONS
Features of Personal selling Merits of Sales Promotion
7. Customer Support Services goods from the manufacturers to the consumers and thus create Role of Public Relations
(0 Personal Form () Attention Value
8. Pricing of Product place utility.
(i) Development of Relationship (Ei) Useful in New Product Launch
0 Develop Goodwill
9. Promotion
(iv) Promotion: Those techniques are utilized to create (iD Afsct public opinion
product Merits of Personal selling (i) Synergy in Total Promotional Eforts
10. Physical Distribution awareness amongst the potential target customers and persuade () Department performs
11. Transportation (0 Flexibility Limitation of Sales Promotion (iv) Improve Reputation
them to purchase the product. Like as, advertising, sales
12. Storage or Warehousing promotion, etc.
(i) Direct Feedback () Reflects Crisis FunctionsTools of Public
(i) Minimum Wastage () Spoils Product Image Relations
Role Of Personal Selling Commonly used sales Promotion (0 Publicity
activities: Rebate, Discount, Refunds, ü) Press release
) Importance to Businessmen (ii) Corporate communication
Product combinations, Quantity gifts,
() Importance to Customers Instant Draws and Assigned Git, Lucky (iv) Lobbying
|(i) Importance to Society Draw, etc. (v) Counselling

312) Business Studies Volume I Marketing Management 313

 Produets

ndusterial Products
Consumer Products
Classification of Industrial CGoods
CIassification of roducts

Materials
Capital Supplies and
Durab1litN Basis Shopping Efforts Involved Items Business Services
and Parts

Convenience Shopping Speciality Manufactured

Non Durable Services Raw Installations Equipments
Durabie Products Products Products Material Material and
Parts

Mantanenence Operating
Natural and Repair items Supplies
Branding Farm
Products
Products
Component Component
Parts
The process of giving a unique name, Material
sign, symbol, or term for the identification
of a product. Product Mix

Important Terms relating to branding

1. Brand - Name, term, sign, symbol, design, etc 1. Describe the Product and specify its
contents
2. Brand Name - That part of a brand, which can Marketing 2. Identification of the Product
or brand
be spoken. Like,Reebok, etc.
3. Grading of Products
3. Brand Mark - It is the form of a symbol, 4. Helps in Promotion of
Products
design, distinct colour scheme, or lettering. Law
5. Providing Information Required by
4. Trade Mark - Part of a brand that is given
legal protection.
Features of Labelling
Packaging
Meaning:
Meaning: Process of developing, designing, & Putting identification marks on the package.
producing a container or wrapper of a product. Product Like -the name of the product, name of the
manufacturer, expiry and manufacturing date,
Levels of Packaging weight, general information for use, Etc.

Labelling

() Product Identification
(ii) Product Protection
Transportation
Primary Secondary ) Rising Standards of (üi) Facilitating Use of the Product
Packaging Packaging
Packaging Health and Sanitation
Lévels of Packaging (iv) Product Promotion
(ii) Self Service Outlets

Importance of (iün) Innovational Opportunity Functions of Packaging

(iv) Product Differentiation
Packaging

314) Business Studies Volume I u