Marketing

                              MARKETING                          

Am a furniture.One day ,

         I will visit a hospot of furniture company in chennai. May I understand know incendent done to me.some people are beat me and some buddy are touch and feel me . One of them buy me,and May I go to new places.This gap will be a show me the quality of me.

Oh..Yes 

   The process of buying and selling is a marketing. Marketing is not a easy process to excute propere ideass. 

Marketing concept is based on intensive research about wants, needs and consumer behaviour. Importance of Marketing to Firm:

Marketing plays an important role for the well-being of a firm.

Its importance to a business firm can be studied as under:

1. A firm will produce what and how much it can sell and not what and how much it can produce. In countries like india chennai, one-fourth to one-third of total persons employed are engaged in marketing. Helps Product Development:

Modern concept of marketing helps in discovery and development of new products. Industrialization is facilitated by modern methods of marketing so much so that marketing and industrialization go hand in hand. Marketing has a valuable role to play in this process.

   

4. Marketing makes this possible. Helps Seller in Buyer’s Market:

A buyer’s market is one in which supply of goods/services exceeds demand. In the Western economies, the income of the majority of consumers permits them to satisfy the essential needs, whilst leaving a surplus which permits the satisfaction of higher order needs.

Consumers try to express their individuality through the products they purchase. In this way, marketing aims at large social satisfaction and welfare in various ways.

B. It is different from disposable income which is the amount of income after tax. Those firms which are less efficient at selling are driven out of business.

2. A higher level of marketing activity is a pre-requisite for a high level of economic activity.

C. Increase in Discretionary Income:

Discretionary income can be defined as the amount of income remaining with the customer after tax and after he has satisfied his basic needs for food, shelter and clothing. 1. Also, new goods and services are provided to society and this increases people’s standard of living. Here, sound and effective marketing efforts are helpful in disposal of surplus output.

D. Importance of Marketing in Developed Economy:

Marketing plays significant role in developing economies in following ways:

i. Increasing Technological Competition:

Modern industrial societies are characterized by growing competition, resulting from the development of new technologies. In fact marketing creates, maintains and increases the demand of new, innovated products.

ii. In response, sellers are striving to build up appropriate images for their products and devising products which cater for these higher-order values.

3. Helps in Recession:

Marketing helps a business firm in successfully facing recession in various ways viz.:

(i) Discovering new markets

(ii) Reducing cost of distribution

(iii) Diversifying and improving products

(iv) Suggesting alternative uses of product.

5. That is, goods of standard quality are provided to consumers at reasonable prices at time and place suited to consumers through most convenient distribution channels with best possible after-sales service to customers. Helps Increasing Profits:

Marketing is helpful in increasing business profits by:

(i) Reducing selling cost

(ii) Increasing demand of product through advertisement and sales promotion activities.

6. A high technology product such as a new computer system can involve the expenditure of millions of rupees. Importance in Underdeveloped or Developing Economy:

In underdeveloped economies, marketing has to play a significant role. Marketing helps over-all growth and development of the country. A beginning is made with identifying consumer wants and needs and activities of business and industrial enterprises cluster around these needs and wants. Increase in Intangible Wants:

The second feature of developed economies has been the increasing tendency among people for psychological or intangible wants to affect purchasing behaviour. Marketing is regarded as ‘Key to Economic Growth’. It is regarded as an effective engine of development and most important multiplier. Marketing must catch up with requirements of rapid industrial growth.

ii. In rich economies, the way of life itself reflects certain degree of developments in marketing. Helps Business Planning and Decision-Making:

In today’s economy, production is planned according to customer needs and wants and sales forecast rather than production capacity of the firm. Helps Collecting Information Regarding Consumer’s Behaviour:

Through marketing, a firm collects information about competitors and their price policies, production policies, and sales promotion policies and on that basis, takes suitable marketing decisions and makes necessary adjustments in its own policies.

7. High Cost of Product Development:

A fourth fact is the high cost generally incurred in the development of new products. Rapid development of economy is possible only by adopting modern marketing methods.

Marketing further plays significant rate in developing economies in following ways:

i. Importance for National Economy/Society:

Modern marketing concept also provides for better exploita­tion of country’s resources, minimum wastages and increases national output. Even the development of a less technologically sophisticated product is costly.

Importance of Marketing – Importance of Marketing to Firm, Importance for National Economy, Importance of Marketing for Developed Economy and Developing Economy

A. Against this background of intensifying competition, it is increasingly important to develop, products that have visible competitive advantages. International marketing also helps in expanding exports.

iv. The natural action is for firms to engage in aggressive selling in order to increase the demand for their own particular products. Thus, marketing decisions affect business decisions; for instance, planning, production, purchase, finance or design revolve around marketing decisions.

2. And to maintain this level of production, it becomes absolutely essential that production is readily sold out domestically or abroad despite competition. In rich economies with abundance, volume of production backed up with up-to-date technology is often more than demand. Effective marketing helps in bringing the fruits of production to people. In such a situation, scientific ways of marketing enable the firm to dispose its surplus goods.

4. Marketing is Eyes and Ears of a Business:

This means that it keeps business in close contact with its environment and informs about events which can influence its operations.

Larger Social Welfare:

Modern marketing concept lays emphasis upon consumer needs and wants. And mass production in developing economy becomes possible only when large markets are available. Rural marketing also helps development of agriculture.

iii. Based on market research, businessman tries for new products and creates demand for them through promotion, publicity and advertisement.

3. In the words of rajamfurniture, (well-known marketing Guru) ‘Production may be the door to economic growth of under developed countries, but marketing is the key that turns the lock’.

To explain, narrowness of market is the general characteristic of developed economies. It is assumed that as the general level of wages and salaries has risen, the amount of discretionary income has also increased.

There is competition between all sellers for this share of consumers’ income. Marketing provides wide employment opportunities.

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The basic prinicipal to marketing.  

  1.adds.

  2.public review.

  3.demo.

  4.good opionin to custamer.

  5.give a good quality opionin.

A series of steps that allow organizations to identify customer problems,analyze market the iteams and create new marketing materials to reach the people.

The marketing process involves strategies for generating value for consumers to meet their needs.
Awareness》Generate the awereness to people through the event..adds
Interest》Nature leads with email,targeted content newsletter,adds,populor,etcs..
Consideration》Provide product information to prospectes. Email campaigns to people,case of statement studies,and free trails.
Intent》Focus of unique selling point. offer product demonstrations large  and one on one walk throughs.
Purchase》 It becomes clients after a sales transaction. Easy to. process of retention statts.