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1. What is Market?
Ans. Market is a set of actual and potential customers or buyers of a product or service.
2. What is Marketing?
Ans. Marketing is managing profitable customer relationships.
Marketing means satisfying customer needs.
Marketing means influencing the behaviour of people.
3. What is product?
Ans. Solution of customer’s problems.
4. Types of product:
Two types: Goods and Services.
5. What is Goods?
Ans. Goods are tangible products which can be touched and seen.
Solutions of customer’s problems and that can be touched, seen and felt.
6. What is Services?
Ans. Services are intangible products which cannot be touched and seen.
Solutions of customer’s problems and that can be touched, seen and felt.
Service is a one kind of product which cannot be touched and seen.
10 Entity of product:
1. Goods: Tangible- pen, chair etc.
2. Service: Intangible benefits.
3. Event: Cricket Match (BPL, OLYMPIC), Concert, Event etc.
4. Experience: Selling Experience like west world.
5. Person: Advertisement model, Celebrity etc.
6. Place: Tourism Marketing (Any place tourist, tourism marketing.)Investor can
invest.
7. Information: Google, Newspaper, Magazine etc.
8. Organization: An university (Total university is a product) (CSR-increase.)
9. Property: Real State.
10. Idea: Social Marketing, NGO (Population Control, Dowry, Corruption- these
idea are promoting is called Social Marketing.)
Marketing Myopia:
The mistake of paying more attention to the specific products a company offers
than to the benefits and experiences produced by these products.
Many sellers make the mistake of paying more attention to the specific products
they offer than to the benefits and experiences produced by these products. These
sellers suffer from marketing myopia.
Exchange:
The act of obtaining a desired object from someone by offering something in return.
Marketing occurs when people decide to satisfy needs and wants through exchange
relationship. Marketing is called Exchange Relationship. Exchange is the act of
obtaining a desired object from someone by offering something in return. Exchange is
only one of many ways people can obtain a desired object.
For example, hungry people can find food by hunting, fishing or gathering fruit. They
could beg for food or take food from someone else. Finally, they could offer money,
another good or a service in return for food.
Exchange is the core concept of marketing. For an exchange to take place, several
conditions must be satisfied. Of course, at least two parties must participate and each
must have something of value to offer the other. Each party must also want to deal with
the other party and each must be free to accept or reject the other's offer. Finally, each
party must be able to communicate and deliver. These conditions simply make
exchange possible. Whether exchange actually takes place depends on the parties
coming to an agreement.
Marketing Management:
Arts and science of managing profitable customers relationship.
[The art and science of choosing target markets and building profitable relationship
with them.]
Price =
Cost =
Value = (Benefit-Cost)
Value Proposition:
Means a set of benefit.
[ A company’s value proposition is the set of benefits or values it promises to deliver to
customers to satisfy their needs.]
Marketing Orientation/ Marketing Concept/ Marketing Management Orientation: