Professional Documents
Culture Documents
According to Kotler (2000) - "A societal process by which individuals and groups obtain what they
need and want through creating, offering, and freely exchanging products and services of value with
others."
Nature of Marketing
1. Marketing is an Economic Function
Marketing embraces all the business activities involved in getting goods and services , from the hands
of producers into the hands of final consumers. The business steps through which goods progress on
their way to final consumers is the concern of marketing.
2. Marketing is a Legal Process by which Ownership Transfers
In the process of marketing the ownership of goods transfers from seller to the purchaser or from
producer to the end user.
3. Marketing is a System of Interacting Business Activities
Marketing is that process through which a business enterprise, institution, or organisation interacts
with the customers and stakeholders with the objective to earn profit, satisfy customers, and manage
relationship. It is the performance of business activities that direct the flow of goods and services
from
producer
to
consumer
or
user.
organisations which are making attempt to create value for and satisfy needs of customers. In
marketing process the situation is analysed to identify opportunities, the strategy is formulated for a
value proposition, tactical decisions are taken, plan is implemented, and results are monitored.
The Company
1. Top Management
2. Finance
3. R&D
4. Manufacturing
5. Purchasing
6. Sales Promotion
7. Advertisement etc
Macro Environment
Demographic Environment:
This is very strongly associated with income and education. The type of work one does
and the tastes of individuals influence ones values, life-style etc. Media preferences,
hobbies and shopping patterns are also influenced by occupational class.
Age:
Demographic variables help in distinguishing buyers, that is, people having homogenous
needs according to their specific wants, preferences and usages. For instance, teenagers
usually have similar needs. Therefore, marketers develop products to target specific age
groups.
The youth are being targeted through advertisements and promotional campaigns, stores
are being designed with youthful features, youth events are being sponsored, and even
new technology is developed with their tastes in mind.