Marketing management class 12 project: For a layman, marketing is to go to a Marketplace, pay money for the product, buy the product. But it is a misconception, marketing is a process that begins much before even the product has been manufactured.
Table of content
- What is marketing
- Features of marketing
- Functions of marketing
- Process of marketing
Marketing management class 12 project
Marketing, according to Philip Kotler, is a social process because it involves the interaction of people, a social process by which individual groups obtain what they need creating offerings, and freely exchange products and services of value.
The Features Of Marketing
- Identifying the needs and wants
- Creating market offerings
- Customer value
- Exchange mechanism
Identifying the needs and wants
The work of a marketer is to identify the needs and wants of a customer and then convert this need into want. The difference between need and want is explained by this example …. I need to have food because I am hungry(identified as need) and I want to have a McDonald’s burger (this is a want).
Creating A Market Offering
Identify the needs of the target customer based on creating the best offer which will fulfill their needs and wants.
The customer will be ready to pay only that amount for a product which he thinks is going to have enough benefit or it’s worth spending that much money.
Exchange is defined as the essence of marketing. Products can be exchanged through various middlemen at different levels of distribution. Exchange is where the real deal between marketer and customer takes place.
Functions of marketing
- Marketing research
- Product design
- Promotion of sales
- Physical distribution
- Personal selling
- Customer relationship management
- After self-service
Marketing research is a process that consists of Systematic gathering recording and analyzing data about marketing problems it helps to design effective marketing two main areas of marketing research are one consumer research to find out preferences likes and dislikes buying behavior of the consumer to dealer research to get feedback from the dealers about forms product-wise wise that of competitors.
Need to come up with new product designs Or models to cater the customer satisfaction introduction of new product designs helps to generate goodwill and to get competitive age in the market it helps to expand business forms in pharmaceuticals engineering electronics etc need to allocate a good amount of funds towards research and development.
Effective pricing policy is vital to the success of the product in the market the price should neither be too high not too low If it is too high buyer may think twice before paying for the product if it is too low buyer may consider the product quality as inferior while fixing the price the marketer must consider certain factors :
- cost of production and distribution
- competition in the market
- corporate image
- channel of distribution
- customer nature
Promotion of sales
Sales promotion involves various tools to induce the customer to buy the Product the sales promotion tools include banded or combo products coupons or cash vouchers discounts and exchange offers etc.
It includes the channels and the place of distribution to make the product available at consumers convenient place and on time the marketer may select either direct or indirect channels the factors influencing channel selection are the nature of the product and consumers corporate image Of the form channels adopted by competitors object your form and area coverage etc point number.
Personal selling is an important area of marketing. Personal selling makes a big difference not only in promoting the product but also to generate goodwill of the form personal selling can be made effective with proper selection of salesforce training to the sales force to develop knowledge, attitude skills and social behavior Motivating sales force to achieve sales target.
Customer relationship management
Nowadays professional forms emphasize CRM. It is concerned with managing detailed information about individual customers and all customer touchpoints. The purpose of CRM is to enhance customer loyalty therefore four must emphasize most valued customers.
Effective after-sales service promotes corporate image. It is vital especially in the case of office equipment machinery and consumer durables the form must be proactive in after self-service management to delight customers effectively after cell service requires selection of right employees training through the employee’s motivation.
In large business firms marketing managers how to manage Marketing information systems, systematic business forms to gather analyze, and distribute accurate information to marketing decision-makers four components of mas are:
- Internal records about cost sales, profits, etc
- Marketing intelligence system for information of competitors marketing trends, etc
- Marketing research to solve specific marketing problems and
- Marketing decision support system
Marketing Process: 5 Steps of Marketing Process
Significance of marketing management
The importance of marketing management can never be overemphasized as it provides the understanding you need about the economic structure of your industry. It also helps in identifying segments within your market. It identifies the marketing strategy, which best fits your company. It also works in identifying your target market and finally helps in conducting marketing research.
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