Marketing in a nutshell -[1] :P

Marketing is an interesting subject area if you are working on a business. In my case it is not. But what it persuaded me to dig on this topic is that we have a course module on fundamentals of marketing in my University curriculum .  :(

anyway in this series I will be talking about ,

• Marketing mix
• 4 P's
• value proposition
• product dimensions
• positioning
• targeting
• brand value and some more briefly.

Bear with me if there was any mistake, since I'm not a commerce student and feel free to comment on the post.

So what is marketing??

Marketing has been defined in many ways. but the final idea carried out by all of them is, providing benefits to the customer continuously, while satisfying needs.

    Philip Kotler, father of marketing as many have identified, has defined it in this way.

"Satisfying needs and wants through an exchange process." 

  Charted Institute of Marketing defines marketing as,

"The management process responsible for identifying, anticipating and and satisfying customer requirements profitably." 

  however definitely it is not about providing products or services. but providing changing benifits to changing needs and demands of the customers.

Why all businesses are not successful??

Even though nowadays almost all the businesses put consumers at first place more than anything else, the scenario was totally different sometime back. There were different concepts or orientations when presenting a product to the customers.

production orientation-     

  the needs of the customer was not focused. instead they thought of reducing the cost  of the product by producing in large quantities.(mass production)

  product orientation-        

company has a strong feeling that the consumers like their product because their product is the superior one with features like quality etc.

sales orientation

the focus is to produce the item and sell it to the target market somehow. sometimes consumers may not like what is being sold to them.

Marketing orientation 

put the customer at the forefront of the business. such businesses try to understand the the needs of the customers by effective market researches and fed back to the organization for further improvements of the product. all the activities of the organization is woven around the customer. So we can say in this approach..the customer is crowned.

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