INTRODUCTION
A market-focused, or customer-focused, organisation first determines what its potential customers desire, and then builds the product/service. Marketing theory and practice is justified in the belief that customers use a product/service because they have a need, or because a product/service has a perceived benefit.
Two major factors of marketing are the recruitment of new customers(acquisition) and the retention and expansion of relationships with existing customers(base management).
Once a marketer has converted the prospective buyer, base management shifts the marketer to building a relationship, nurturing the links, enhancing the benefits that sold the buyer in the first place and improving the product/ service continuously to protect the business from competitive encroachments.
Marketing methods are informed by many of the social sciences, particularly psychology, sociology and economics. Anthropology is also a small, but growing influence. Market research underpins these activities. Through advertising, it is also related to many of the creative arts.
For a marketing plan to be successful, the mix of the four "p's" must reflect the wants and desires of the consumers in the target market. Trying to convince a market segment to buy something they don't want is extremely expensive and seldom successful. Marketers depend on marketing research , both formal and informal, to determine what consumers wants and what they are willing to pay for it. Marketers hope that this process will given them a sustainable competitive advantage. Marketing management is the practical application of this process . The offer is also an important addition to the 4p's theory.
Within most organisations, the activities encompassed by the marketing function are led by a
vice president or Director of marketing. A growing number of organisations, especially large US companies, have a chief Marketing Officer position, reporting to the Chief Executive Officer.
HISTORY
The practice of marketing is almost as old as humanity itself. A Market was originally simply a gathering place where people with a supply of items or capacity to perform a service could meet with those who might desire the items or services , perhaps at a pre-arranged time.
Such meetings embodied many aspects of today's marketing methods , although sometimes in an informal way .Sellers and buyers sought to understand each other's needs , capacities ,and psychology,all with the goal of getting the exchange of items or services to take place.
The rise of agriculture undoubtedly influenced markets as the earliest means of 'mass production' of an item, namely foodstuffs . As agriculture allowed one to grow more food than could be eaten by the grower alone ,and most food is perishable ,there was likely motivation to seek out others who could use the excess food, before it spoiled ,in exchange for other items.
In 1960 Theodore Levitt wrote a journal article called Marketing Myopia . This is said to have really begun the marketing craze . In it he discussed that the big manufacturing industries at the time were misinterpreting what industry they were part of .He stated that until you fully understood the industry you were part of you were likely to fail . For example the rail industry was not in the business of rail transport but in the industry of transport in general they were still competing with the like of cars and public transport .
Levitt is said to be one of the founders of the marketing discipline, and contributed to the making of the 4ps framework that transactional marketing is based around.
relationship marketing is a form of marketing that evolved from direct response marketing in the 1960 s and emerged in the1980s , in which emphasis is placed on building longer term relationships with customers rather than on individual transactions. It involves understanding the customer's needs as they go through their life cycles. It emphasizes providing a range of products or services to existing customers as they need them .
Phillip kotler introduced 1917 societal marketing which is an enlightened concept that holds that a company should make good marketing decisions by consumers'wants, the company's requirements and society long run interests . These efforts now known as corporate social Responsibility.
Once a marketer has converted the prospective buyer, base management shifts the marketer to building a relationship, nurturing the links, enhancing the benefits that sold the buyer in the first place and improving the product/ service continuously to protect the business from competitive encroachments.
Marketing methods are informed by many of the social sciences, particularly psychology, sociology and economics. Anthropology is also a small, but growing influence. Market research underpins these activities. Through advertising, it is also related to many of the creative arts.
For a marketing plan to be successful, the mix of the four "p's" must reflect the wants and desires of the consumers in the target market. Trying to convince a market segment to buy something they don't want is extremely expensive and seldom successful. Marketers depend on marketing research , both formal and informal, to determine what consumers wants and what they are willing to pay for it. Marketers hope that this process will given them a sustainable competitive advantage. Marketing management is the practical application of this process . The offer is also an important addition to the 4p's theory.
Within most organisations, the activities encompassed by the marketing function are led by a
vice president or Director of marketing. A growing number of organisations, especially large US companies, have a chief Marketing Officer position, reporting to the Chief Executive Officer.
HISTORY
The practice of marketing is almost as old as humanity itself. A Market was originally simply a gathering place where people with a supply of items or capacity to perform a service could meet with those who might desire the items or services , perhaps at a pre-arranged time.
Such meetings embodied many aspects of today's marketing methods , although sometimes in an informal way .Sellers and buyers sought to understand each other's needs , capacities ,and psychology,all with the goal of getting the exchange of items or services to take place.
The rise of agriculture undoubtedly influenced markets as the earliest means of 'mass production' of an item, namely foodstuffs . As agriculture allowed one to grow more food than could be eaten by the grower alone ,and most food is perishable ,there was likely motivation to seek out others who could use the excess food, before it spoiled ,in exchange for other items.
In 1960 Theodore Levitt wrote a journal article called Marketing Myopia . This is said to have really begun the marketing craze . In it he discussed that the big manufacturing industries at the time were misinterpreting what industry they were part of .He stated that until you fully understood the industry you were part of you were likely to fail . For example the rail industry was not in the business of rail transport but in the industry of transport in general they were still competing with the like of cars and public transport .
Levitt is said to be one of the founders of the marketing discipline, and contributed to the making of the 4ps framework that transactional marketing is based around.
relationship marketing is a form of marketing that evolved from direct response marketing in the 1960 s and emerged in the1980s , in which emphasis is placed on building longer term relationships with customers rather than on individual transactions. It involves understanding the customer's needs as they go through their life cycles. It emphasizes providing a range of products or services to existing customers as they need them .
Phillip kotler introduced 1917 societal marketing which is an enlightened concept that holds that a company should make good marketing decisions by consumers'wants, the company's requirements and society long run interests . These efforts now known as corporate social Responsibility.
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6 months industrial training in Chandigarh
6 weeks industrial training in Chandigarh