Category: Marketing Publisher: Amazon Kindle Direct Publishing
Type: Non-Fiction
Pages: 118
Copyright: March 19, 2019
A thrilling page-turner for every household.
PREFACE
In contemporary business world, Marketing as a discipline is deemed as a two-pronged process. Manufacturers and business people look at Marketing from the Sellers’ world, whilst customers and consumers see marketing from the buyers’ perspective. However, at the centre of the seller-buyer continuum lies the product on offer, which takes the form of either of the following: events, goods, services, experiences, places, persons, organizations, properties, information and ideas. In other words, sellers offer products which meet buyers’ expectations so that the latter in return are willing to offer Consideration in exchange for the product.
Sellers use various marketing techniques to investigate the minds of their target or buyers in order to establish customers buying behaviour and decision patterns. This enables sellers to come out with bespoke marketing strategies necessary to produce profitable sales.
The book “Marketing Management” does not only deal with Buyers’ behavioural patterns and decision making strategies; rather it goes further to explain how manufacturers or sellers manage their marketing strategic decisions in order to reach and delight their target audiences.
The author does not claim ownership of the ideas and thoughts used in this book. Rather he uses knowledge in the public domain to explain in simple finesses the basic marketing tools and principles understandable to even marketing beginners.
The book, “Marketing Management” is a must read asset for professional Marketing and sales personnel, Marketing students at all levels of their educational ladder and the self-tutored as well as academics who wants to use it as a reference book.
It is a great page-turner to know what marketing management is all about, nature and scope of marketing, how to market and brand a product; which encompasses goods and services, marketing mix concepts and approaches and of course, Green Marketing and social concerns. This is a major textbook thriller recommended for every household.
Excerpt
INTRODUCTION TO MARKETING MANAGEMENT
The word marketing is derived from the Latin word “Marcatus’, which means merchandise ware, traffic, trade or a place where business, is conducted.
Marketing is about effective communication of your product to the public. And if you get your communication right, then your customers will make new connections, and their behaviour will become buying behavior
According to Peter F. Drucker, “Marketing is not a function of business, but a view of the entire business, seen as the economic organ to provide goods and services.” In order to understand the role of marketing in an organization, it is essential to understand the meaning of needs, wants and demands.
NEEDS, WANTS, DEMANDS
Marketing thinking starts with the fact of human needs and wants. People need food, air, water, clothing, and shelter to survive. Beyond this, people have a strong desire for recreation, education and other services. They have strong preferences for particular version and brands of basic goods and services. (Refer to Abraham Maslow’s Need Hierarchy).
Need:
A human need is a state of felt of deprivation of some basic satisfaction. People require food, clothing, shelter, safety, belonging, esteem, and a few other things for survival. These needs are not created by their society or by marketers; they exist in the very texture of human biology condition.
Want:
Wants are desires for specific satisfiers of deeper needs. Human wants are continually shaped and reshaped by social forces and institutions, such as churches, schools, families, and business corporations.
Demand:
Demands are wants for specific products that are backed by an ability and willingness to buy them. Wants become demands when supported by purchasing power. Many people want a Mercedes car; only a few are able and willing to buy one. Companies must therefore measure not only how people want their products but, more importantly, how many would actually be willing and able to buy it.
NATURE AND SCOPE OF MARKETING
Marketing is an ancient art and is practiced everywhere. Formally or informally, organizations and people engage in a huge number of activities that could be known as marketing. Good marketing has become an increasingly very important ingredient for business success. We do marketing from the clothes we wear, to the web sites we click on, to the advertisement we see. Marketing deals with identifying and meeting social and human requirements or it can be defined as "meeting requirements profitably".
The American Marketing Association has explained marketing as "an organizational function and a set of procedure for communicating, creating and delivering product to the customers and for managing customers’ relations in ways that benefit the organization and its stake holders.
Again, marketing management is the art and science of selecting target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value.
Others define marketing management as "Delivering a higher standard of living".
From a managerial viewpoint, marketing has been described as "the art of selling products" but people are astonished when they hear that the most essential part of marketing is not selling. Selling is just the tip of marketing iceberg.
Peter Drucker says it in this way that the goal of marketing is to know and understand the customer so well that the service and product fit and sell. In the final analysis, all of these should be required to make the service or the product available at the right place, and time.
For example: success of Tata Indica, the first indigenous-ly designed car by Tata Motors of India. is supported by strong customers’ delight; the company followed up by making another vehicle with luggage space and leg-room and made it available and affordable to the middle class.
Marketing people are concerned in marketing ten kinds of entities. These are events, goods, services, experiences, places, persons, organizations, properties, information and ideas.
From the foregoing analysis, an ideal marketing should result in a customer who is ready to buy. This is called “effective demand”.
Bring the ZING into your marketing and advertising. Be More Successful is a perfect guide for new, aspiring, and established authors. Start using the tips before you finish reading--writing wisdom from Wall Street Journal Bestselling Author
Bring the ZING into your marketing and advertising. Be More Successful is a perfect guide for new, aspiring, and established authors. Start using the tips before you finish reading--writing wisdom from Wall Street Journal Bestselling Author
#4 on the Wall Street Journal Best Seller List -- Successful Authors spill their secrets to getting a book written, published, and having incredible book sales!
